Automated Clearing House function cuts transaction costs for lenders
ATLANTA, Oct. 25, 2010 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, today announced at MBA’s 97th Convention and Expo that it 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 for mortgage bankers to provide loan-level detail of accounting transactions.
The ACH application was created in response to the growing use of electronic payments. With the feature, lenders are able to cut costs by eliminating 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. Dallas, Texas-based PrimeLending, a PlainsCapital Company, is Advantage Systems’ first customer leveraging the application.
“The ACH function works very effectively for PrimeLending,” said Diane Hallford, controller at PrimeLending. “It has streamlined our processes, cut labor costs, and enabled us to pay vendors more timely and efficiently.”
“Lenders are seeking ways to decrease expenses in all areas of business, even in how they pay bills,” said Brian Lynch, president of Advantage Systems. “In speaking with customers, we found that some were spending significant amounts mailing thousands of checks each month. With the ACH application, they can easily send electronic payments and maintain security for all parties involved. We build each addition to AMB with our customers in mind, taking steps to increase their business efficiency and making accounting, which affects all portions of the company, as simple as possible.”
The AMB system provides general ledger, accounts payable and report writing capabilities. A Web-based branch reporting module is also available for branch managers along with a module to calculate commissions, bonuses and overrides.
CONTACT: Bevin Rochester
Media contact for Advantage Systems
678-781-7215