We want to be the best source for business banking in Austin. To help us accomplish this goal, we’re rolling out a collection of treasury management services to go alongside our brand-new commercial banking service. In this article, we’ll discuss how our free ACH origination platform will replace external transfers in online banking, and how this change will help our businesses make and receive payments with an extra level of confidence.

Key Takeaways:

• Beginning on August 1, all external business transfers will be processed through our new Automated Clearing House (ACH) origination platform.
• Business accounts will no longer be able to set up new external transfers in online banking. Scheduled external transfers will remain active.
• Business accounts will be enrolled in our ACH origination platform at no additional cost.
• Contact our team at commercialbanking@goamplify.com to discuss how these changes may impact your business.

What is prompting this change?

As part of our upcoming commercial banking launch, Amplify will be introducing a new suite of free treasury management services to our business members. This new ACH origination platform is designed to replace one-time transfers in online banking with a more secure alternative.

Can my business add new external account transfers?

Once Amplify launches our ACH origination platform, we will disable external account transfers in online banking for business accounts. If you have concerns about how this might impact your organization, contact our team at commercialbanking@goamplify.com to discuss next steps.

Will scheduled external transfers be cancelled?

No. At this time, only the functionality to set up new external transfers will be disabled on August 1. It is recommended that organizations who utilize this feature today contact our bankers at commercialbanking@goamplify.com to determine how best to proceed with ACH origination in the future.

What are the types of ACH origination?

There are three main categories of ACH transactions.

• Direct deposits for employee payroll.
• Direct payments to vendors or suppliers.
• Consumer payments for one-time or recurring payments from your customers.

Organizations can use ACH origination to complete these transaction on an individual or recurring basis.

What are the benefits of ACH origination?

Our ACH origination platform offers an additional level of transaction security for organizations of every size – from small businesses to enterprise-level companies. Here are a few of the benefits you will unlock with free ACH origination from Amplify:

• Extra security. ACH originations are subject to strict security protocols, ensuring only verified payments are made to or from your business accounts.
• Extra efficiency. Recurring ACH transactions can be scheduled ahead and are processed electronically, cutting down on manual effort and paperwork for business members.
• Extra support. Our business banking team is available every step of the way to help you authorize and complete your ACH transactions.

You can contact our team at commercialbanking@goamplify.com to learn more.

How do I sign up for ACH origination?

Our team will be sending out more information in July to prepare our business members for this transition. In the meantime, please feel free to contact us at commercialbanking@goamplify.com if you would like to learn more.