Electronic Payments Network
The Electronic Payments Network is an electronic automated clearing house (ACH) that serves as the sole ACH for the private sector in the United States. The Electronic Payments Network handles numerous types of credit transfers, such as payroll payments, dividends, etc., as well as debit transfers, such as loan payments and insurance premiums.
EPN has been responsible for the most important ACH innovations over the past 35 years, including the creation of the first all-electronic environment, and its new risk management services.
- 1981: The Clearing House pioneered the use of evening processing cycle to permit overnight delivery of time-critical corporate ACH debits, providing earlier funds availability and served to replace depository transfer checks.
- 1983: Streamlined return item procedures, reducing risk and improving accuracy and efficiency by converting ACH return items into electronic format on-site using online retrieval system.
- 1985: Implemented the system security measure via message authentication using ANSI X9.9standard. First ACH Operator to secure its network using this standard.
- 1987: Embarked on 3-year program to become the first ACH Operator in the country to exchange files with all its participants electronically via data transmission.
- 1987: TCH became the first Operator to install high-speed dial-up 56KB lines for its high-volume participants.
- 1994: Three private operators (EPN included) formed the private ACH exchange (PAX).Established to enable the private operators to exchange transactions without using the Reserve Banks, thereby eliminating the inter-regional fees that the Reserve Bank charged the customers of private-sector operators.
- 1999: National Net Settlement with improved finality to ensure that settlement finality occurs onthe settlement day for all ACH transactions thus reducing risks to all participants
- 2002: EPN develops the Universal Payment Identification Code as an enhancement to the ACHproduct to secure the account number
- 2003: Internet and Fraud reporting – EPN delivers high-speed PCAIMS connection service viathe Internet and EPN WATCH fraud detection reporting service.
- 2004: EPN launches EPN WATCH - risk management services including: ACH Fraud Detection Service, Employee Fingerprint Service, Centralized OFAC Screening Service, and Universal Payment Identification Code.
- 2005: UPIC adoption rate grew 1800%, as US companies in all types of industries embraced the UPIC strategy and started reaping the benefits.
- 2006: The EPN launches the industry's first centralized OFAC screening solution for financial institutions originating and receiving cross-border ACH transactions.
- Electronic Payments Network Services. The Clearing House.
- Electronic Payment Network Debuts Web-Based Solution. BNET.