Innovation: High-Fidelity ACH
Category: Payments
First Internet Bank was one of the first online-only banks; it was founded in 1999. The bank, which is headquartered in Fishers, Indiana, decided last year it wanted to be able to offer its business customers reliability, timeliness and visibility into their ACH transfers.
The $5.9 billion-asset bank worked with Increase, a provider of an API-centric banking core, to develop a system in which the bank sends out canary transfers, so it knows when files are being received and distributed by the Federal Reserve. Customers are given a dashboard that tracks the progress of every ACH file and its expected settlement time. Check and Ramp are among customers who have reported that they now know precisely when payments will clear.
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