FIS said that the Terminated Originator Database has been designed for financial institutions to use as part of their risk management due diligence process.
According to the FIS, the Terminated Originator Database allows ODFIs to follow the recommendations included in the NACHA Board Policy Statement on Use of a Terminated Originator Database, effective 1 March 2011.
With this database, the financial institutions can have the ability to contribute to and search the database for originators and third-party senders who have been terminated for cause by other financial institutions.
NACHA president and CEO Janet Estep said that FIS’ long-term industry presence, financial stability and innovative products were key factors in the decision to join with FIS to bring the Terminated Originator Database to market.
FIS Financial Solutions Group executive vice president Anthony Jabbour said that this is a key milestone for the industry.
The Terminated Originator Database will be available to any ODFI that processes transactions through the ACH Network.
According to NACHA, the number of ACH transactions processed annually currently exceeds 19.4 billion.
The database will be offered by FIS through a preferred provider partnership with NACHA — The Electronic Payments Association.
