Electronic Payments Provider to Power Pay-By-Phone Service to Assist UMassFive Members Pay Loans Via ACH, While Helping The Credit Union With the Collections Process

CHATTANOOGA, TN – August 31, 2010 – ACH Federal, a provider of Web-based ACH processing services to both banks and businesses, has been selected to provide UMassFive College Federal Credit Union, an independent not-for-profit cooperative financial institution, with pay-by-phone Automated Clearing House (ACH) processing services for its valued members.

ACH Federal will provide the back-end ACH technology and support to give UMassFive College Federal Credit Union members the ability to pay their various loans in real-time, via one simple phone call. Through this enabling technology, ACH Federal is offering an easy, safe and secure payment method for consumers to pay their loans. ACH Federal’s pay-by-phone method is the most popular way that UMassFive Federal Credit Union garners collections from its members.

UMassFive Federal Credit Union chose ACH Federal as a result of the company’s advanced technology platform, ease-of-use and its commitment to top-tier customer service. It allows UMassFive Federal Credit Union to save time and resources, and enables it to spend less time on collection calls by securing payments from members in an expedited manner.

“As a leading financial institution for thousands of UMASS facility and staff as well as students, it is crucial that we are able offer a wide array of payment methods and options for our members,” said Jon Reske, Vice President of Marketing for UMassFive College Federal Credit Union. “ACH Federal offered us a great value-add tool and an ideal solution with its pay-by-phone option. In addition to being an immediate collections tool, this service is a preventative measure to keep our members out of the collections process by setting up a regular payment schedule. In today’s difficult economic climate, this is a very important service for our members.”

While there is a nominal service charge for ACH processing, it is a much more cost effective method for consumers to pay their loans than incurring a late charge and the possibility of damaging their credit reporting and score. UMassFive College Federal Credit Union credits ACH Federal’s pay-by-phone service as a terrific resource for helping its members to say active and current with their loans. It gives their members a further financial tool to ensure fiscal stability with their loans and payments. In addition to a collections method, UMassFive Federal College Credit Union uses ACH Federal’s solution allows its members to pay all types of loans.

In addition to pay-by-phone ACH processing, ACH Federal offers its customers a streamlined Web-based platform to securely process ACH transactions through a terminal that connects directly to the Federal Reserve utilizing the financial institution’s routing number. ACH Federal assists a wide array of financial institutions to mitigate risk, reduce costs and drive better organizational efficiency. The Web platform meets the highest security standards; dual file approval systems, multi-factor authentication and top-of-the-line data encryption technology for all transactions.

“ACH Federal recognizes the mission critical need for UMassFive College Federal Credit Union to maintain positive relationships and offer its members an entire spectrum of payment options,” said Russ Scudder, president of ACH Federal. “Our pay-by-phone solution is one of many ACH processing methods that we offer our customers as a way of meeting their daily payment challenges in a complex and often turbulent economy.”

About UMassFive College Federal Credit Union

As an independent not-for-profit cooperative financial institution, UMassFive College Federal Credit Union is owned by and operated exclusively for the benefit of its members. Members include employees, students, and family members of the University of Massachusetts and the Five College systems. It also serves several smaller local educational and service organizations. For more information, visit https://secure.umassfive.org/

About ACH Federal

ACH Federal provides a simple and secure Web-based solution for banks and businesses to reduce the risk associated with electronic payments, while decreasing costs and increasing efficiency. ACH Federal was founded in 2007 by three accredited ACH professionals with vision for providing better ACH solutions and customized services to banks and small businesses. Today, the company’s expert management team has more than 80 years of combined ACH industry experience including six Accredited ACH professionals (AAPs). For more information, visit www.achfederal.com.