Peerless Offers Software for Clearing-House Payment Messages
Peerless Systems Inc. has introduced software to let banks send and receive automated clearing house payment messages over telephone lines.
The software, called ACH Express, is written to be run on a personal computer linking a bank's AS/400 or System/36 midrange computers from International Business Machines Corp. to the payment system.
ACH Express can take the place of paper files or computer-tape methods of processing ACH transactions, Peerless officials said.
Banks can also use the software to obtain ACH items for transmission to the Federal Reserve, the company said. On Jan. 1 the Fed will increase fees for accepting ACH items on paper or tape. The central bank is scheduled to convert in 1993 to an all-electronic ACH transaction system.
ACH Express costs $4,000 to $5,000, depending on configuration.
Peerless also announced "householding" capabilities for its customer information system, Compete, which runs on the AS/400. The new feature would help banks analyze customer information and target products to specific groups on the basis of household demographics.