Thursday , March 28, 2024

Automated Clearing House

With Checkbook, a Payments Veteran Creates a Souped-Up Engine for Check 21 Clearing

The United States remains one of the world’s last bastions of the paper check, a situation a startup called Checkbook Inc. sees as a massive opportunity. The Sunnyvale, Calif.-based company has been working for the last two years on a system that it says allows businesses and individuals to use …

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FIS Reports 43.5% Revenue Increase and other Digital Transactions News briefs

• Q2 Holdings Inc., a vendor of virtual-banking solutions to regional and community financial institutions, announced its plan to begin supporting the origination of same-day automated clearing house transactions on Sept. 23, the day the first phase of a three-phase introduction of same-day ACH is set to begin, as determined …

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Visa’s Scharf Feels No Love for the ACH, But Is His Sentiment Based on the Facts?

Visa Inc.’s disdain for the automated clearing house as a competing payments network has been a given for years, but never did it come into focus more than it did last week when the giant card network announced its wide-ranging agreement with PayPal Holdings Inc. The deal smoothed over a …

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In the Face of the National ‘Pays,’ Some Small Institutions Hedge Their Bets

Few observers are surprised big banks like Capital One Financial Corp., JPMorgan Chase & Co., and Wells Fargo & Co. are getting into the mobile-wallet market, but what about smaller financial institutions like credit unions and community banks? While some might figure the small players will fall into the arms …

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MasterCard to Buy U.K. ACH and Faster-Payments Operator VocaLink for $920 Million

Confirming months of speculation, MasterCard Inc. announced Thursday that it has a definitive deal to acquire VocaLink Holdings Ltd., operator of the United Kingdom’s automated clearing house and faster-payments systems, for £700 million, or approximately $920 million, in cash. London-based VocaLink operates BACS, the U.K.’s ACH network, as well as the …

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Hard Rock Hotel & Casino Finds Malware and other Digital Transactions News briefs

• Noodles & Co. reported that malware led to the compromise of an undisclosed number of customers’ credit and debit cards between Jan. 31 and June 2 at 407 locations in 27 states and the District of Columbia representing 80% of its 507 total stores; the fast-casual restaurant chain began …

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Hard Rock Hotel & Casino Finds Malware and other Digital Transactions News briefs

• Noodles & Co. reported that malware led to the compromise of an undisclosed number of customers’ credit and debit cards between Jan. 31 and June 2 at 407 locations in 27 states and the District of Columbia representing 80% of its 507 total stores; the fast-casual restaurant chain began …

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COMMENTARY: Helping Banks Deliver a U.S. Real-Time Payments Scheme

Real-time payments have existed in various models for a long time. In fact, they’re probably most familiar to consumers as card payments, something that has been embedded in consumer culture for decades. However, in the United States, the development of real-time payments has lagged behind some areas of the world, a …

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Financial Executives Worry About More Fraud With Same-Day ACH

The coming of same-day settlement of automated clearing house transactions to the U.S. next September has many bank and credit-union executives excited about the prospect of faster payments. But fears about more fraud are rising, too. A recent survey of approximately 60 financial institutions by New York City-based fraud-control firm …

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The Fed’s Faster Payments Task Force and McKinsey Get Set to Weigh Industry Proposals

With just five days remaining, organizations developing so-called faster-payments systems are submitting proposals for evaluation by a consulting firm retained by the Federal Reserve Board’s Faster Payments Task Force. On Monday, The Clearing House Payments Co. LLC, which is building a real-time payments system with Fidelity National Information Services Inc., …

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Digital Transactions