Clear2Pay presents new Tax Data Service product

Sunday, Clear2Pay introduced its Tax Data Service (TDS) product on the opening day of NACHA Payments 2010.

TDS automates and streamlines the formatting and routing of tax payments, replacing a traditionally manual and resource intensive process.

TDS addresses the complex issue of processing tax payments in the US: tens of thousands of different tax type codes to hundreds of tax authorities need to be made with the correctly formatted addenda record in the CCD+ payment and the matching payment routing instructions for the respective tax authority and type.

The TDS represents a hosted and web-service enabled solution that empowers customers to retain ownership of their ACH origination channels while leveraging an industry utility for the time consuming and manual process of maintaining tax format and routing data.