Clear2Pay Launches Tax Data Service at NACHA Payments 2010

Today on the opening day of NACHA Payments
2010, Clear2Pay, the international technology provider of next
generation payment solutions for financial institutions, announces
the launch of its Tax Data Service (TDS) product. TDS automates
and streamlines the formatting and routing of tax payments,
replacing a traditionally manual and resource intensive process.

The Tax Data Service (TDS)
addresses the complex issue of processing tax payments in the
United States: tens of thousands of different tax type codes to
hundreds of tax authorities need to be made with the correctly
formatted addenda record in the CCD+ payment and the matching payment
routing instructions for the respective tax authority and type. The
maintenance of this data has to date been a manual and laborious
process for banks and their customers, prone to human error and
requiring code-based updates to installed applications. The TDS,
in contrast, is a hosted and web-service enabled solution that
empowers customers to retain ownership of their ACH origination
channels while leveraging an industry utility for the time
consuming and manual process of maintaining tax format and routing

Matt Ellis, General Manager of Clear2Pay Americas
states, “The Tax Data Service can be accessed on its own or in
combination with Clear2Pay’s ACH origination software. Our team of
dedicated data analysts and our cutting edge technology guarantee
that changes to existing formats or new tax formats are available
to banks, companies and payment processors within 24 hours of
notification and verification. Banks, corporations and software
providers spend hundreds of thousands of dollars per year
collecting and updating tax format information. Inaccurate formatting or
routing information exposes companies to material late fees and
penalties. The Tax Data Service will help customers lower costs and
manage risk.”

Rob Unger, Senior Director of NACHA’s Council for
Electronic Billing and Payment, continues, "NACHA recognizes the
importance of having accurate information for paying taxes through
the Automated Clearing House Network. Services that help to
simplify the existing models for provisioning this data are an
important step forward for the market"

Schmidt, Research Director, Global Payments at TowerGroup
concludes: “Banks and payment processors realize now more than ever that
they need to offer their corporate customers true value-added
services that reduce costs, increase efficiency, and provide
greater payments visibility. Services that greatly reduce the
effort and cost of routine, obligatory compliance activities –
like paying taxes – allow banks and payments processors to quickly
add value to their corporate customers and free these customers
to create greater value themselves.”


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