IBM reported that it has been selected by Federal Reserve Bank of Atlanta's retail payments office to modernize its automated clearing house (ACH) processing platform. When conducting ACH operations, the Federal Reserve serves as the central operator ensuring electronic payments (direct deposit, bill payments) clear and settle between commercial banks. The Federal Reserve operates ACH and check clearing systems in the country based out of the Atlanta retail payments office.

To process the billions of ACH and check payment transactions that electronically flow through its systems annually, the Federal Reserve will implement IBM's financial transaction manager, allowing it to input, process, clear, settle and provide billing/accounting functions for all ACH payments in all 12 districts across the Federal Reserve system.