Optimizing ACH Transfers through Workflow Automation: Achieving Seamless and Secure Transaction Processing

Authors: Saikrishna Garlapati

DOI: https://doi.org/10.37082/IJIRMPS.v12.i1.232597

Short DOI: https://doi.org/g9q4bf

Country: USA

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Abstract: Automated Clearing House (ACH) transfers are widely used and required in the financial industry because of its pivotal role in actualizing innumerable amounts of credit and debit transactions on a daily basis. However, despite the laudable functions of ACH, the traditional processes involved in its operation come with sundry challenges bordering on latency, error possibility, security concerns, as well as lack of adequate transparency in transfers. This paper aims to underscore the significance of employing workflow automation ideals to enhance ACH transfers, using existing technologies including robotic process automation (RPA), artificial intelligence (AI), and blockchain to offer better accuracy, speed, regulatory compliance, and fraud prevention among others. To achieve this, a thorough and exhaustive investigation is conducted on ACH architecture, pinpointing its current challenges, achievable automation processes, demonstration of existing cases, and implementation methods. The paper also discusses the implications of the proposed paradigm shift on security and regulatory compliance – highlighting how higher degrees of transparency can enhance adequate adherence to laws and rules, and ultimately alter how financial transactions are performed.

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Paper Id: 232597

Published On: 2024-02-03

Published In: Volume 12, Issue 1, January-February 2024

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