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These include increased security, robust controls, and real-time remittancedata for more efficient reconciliation. From paying for and scheduling a procedure to reserving corresponding travel, transportation and lodging, patients will be able to confidently manage every aspect of their journey within the same platform.
Return and correction procedures Following NACHA standards, financial institutions and other network participants must adhere to precise returns and error correction procedures to ensure seamless payments and regulatory compliance within the ACH network.
The main drivers behind CPA’s ISO 20022 initiative are to provide the Canadian financial community with enriched, robust remittancedata, to enhance domestic and cross-border interoperability and to increase efficiency,” said Mark Brule, director of the CPA’s payments innovations operations.
Remittancedata is one of the strongest factors driving suppliers’ continued preference for checks, Reed explained, so any technology that aims to digitize payment cannot afford to ignore its importance. But addressing payee needs is just as critical to easing the digital migration.
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