Aptys Solutions LLC last week introduced Active Archive, a platform that enables financial institutions to manage all saved payments data in a single location. Active Archive supports automated clearinghouse transactions, mobile payments, wire funds transfers and check-image exchanges.
The Rockwall, Texas-based start-up in April also launched PayHub, now called PayLogix, a service designed to enable community banks with multiple business clients to process payments within one infrastructure (see story).
Active Archive differs from PayLogix in that PayLogix is the actual payment-processing engine, while Active Archive offers longer-term combined archival and second-day subsequent processing such as returns, adjustments and analytics, Sean Pennock, Aptys Solutions president, tells PaymentsSource. Additionally, Active Archive, which financial institutions may implement with or without PayLogix, works to simplify a financial institution’s archiving process by inputting all payment data within one channel.
Because financial institutions have too many payment “silos,” through Active Archive “all the data lives together in one data set,” Pennock says. By merging all payments data into one area, financial institutions are able to pull both correspondent (the financial institution) and respondent (community bank) payment analytics, he says.
Financial institutions may benefit from using Active Archive because if a bank needs to locate data to return an item, the software “creates one return item cash letter that is then forwarded to the Federal Reserve,” Pennock says. Financial institutions interact with the software, but it is easier than retrieving returns from each payment file “because the institution can act on it all in once place,” he explains.
Active Archive uses Microsoft 64-bit technology, which enhances search performance and stores and supports extensive volumes of data for an unlimited time period. It also meets industry compliance and reporting requirements.
Financial institutions use Active Archive via a Web browser, such as Internet Explorer, Firefox or Google’s Chrome, Pennock says. The software also enables financial institutions to look at analytics, consumer habits and fraud issues.
Aptys Solutions bases the fee for Active Archive on the size of the financial institution and whether the institution will offer it to community banks, Pennock explains. Financial institutions also may purchase a software license fee or outsource the platform through Aptys, Pennock says.
Implementation usually takes about 60 to 90 days, and one financial institution thus far has installed Active Archive but has not yet gone live, Pennock says. Aptys Solutions declined to name the institution.
What do you think about this? Send us your feedback. Click Here.