Advantage Systems, a provider of accounting and contract management tools, has added an Automated Clearing House (ACH) processing function to its Accounting for Mortgage Bankers (AMB) system. AMB is an accounting system that was specifically designed to provide loan-level detail of accounting transactions.
The ACH application was created in response to the growing use of electronic payments, Advantage Systems says, adding that the feature allows lenders to eliminate check processing and postage fees. The payment file created by the system is generated in the National Automated Clearing House Association (NACHA) format. As such, the file can be read by any bank supporting the NACHA format, the company explains.
Dallas-based PrimeLending, a PlainsCapital company, is Advantage Systems' first customer to use the application.
"The ACH function works very effectively for PrimeLending," says Diane Hallford, controller at PrimeLending. "It has streamlined our processes, cut labor costs, and enabled us to pay vendors more timely and efficiently."
SOURCE: Advantage Systems