EFT Network Applies to Expand Fed Forward Service

EFT Network, Inc. (www.redeposit.com), a leading provider of ACH and Check Processing Solutions, has announced its application for a Federal Reserve issued Electronic Identification Number (Fed EIN) for Fed Forward service. With this new Fed EIN, EFT Network can now expand Fed Forward service in conjunction with EFT Network’s ARC Check 21 solution as a complete package in response to the growing demand from banks and financial institutions to incorporate electronic check processing technologies into their in-house application and infrastructure.

EFT Network can now transmit multiple Image Cash Letters inside of a single master file to the Federal Reserve for clearance by the Fed on behalf of each financial institution EFT Network processes. EFT Network will offer Bankers Banks with the ability to leverage Fed Forward service to their clients enabling Bankers Banks with the benefits of electronic check processing services. This would be achieved by EFT Network transmitting a master file containing the Bankers Bank’s EIN to the Fed in place of EFT Network?s EIN. Fed Forward service would allow Bankers Banks to continue to be charged by the Fed for the file charges and clearing costs associated with the receipt and clearance of their client banks checks.