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An Internet payments processor founded early this year is looking to tap into underserved niche markets like schools, service companies, and other small businesses with what it bills as an inexpensive and easy-to-use application. My Payment Network Inc., Corte Madera, Calif., just began operation in August but hopes to be …
Read More »Amazon.com Could Start Accepting WEB ACH Payments This Month
Internet retailing giant Amazon.com Inc. will likely begin accepting payments cleared through the automated clearing house from at least a portion of its customer base, possibly by the end of this month, says a source familiar with the matter. This source, who asked to remain anonymous, says the move would …
Read More »Wal-Mart Says POP a Success, but Uncertainty from Fee Holds It Back
Contrary to the misgivings of some retailers regarding the automated clearing house's point-of-purchase electronic check application, Wal-Mart Stores Inc. says its experience with POP has been largely positive. At the same time, however, a new fee proposed by NACHA, the rules-setting organization for the ACH, and intended to discourage unauthorized …
Read More »One Year After Check 21, Image Exchange Still Relies Heavily on IRDs
Nearly a year after the Check Clearing for the 21st Century Act (Check 21) took effect, sparking a steady build-up in check-image exchange volume, more exchanges are being settled on paper documents than some observers expected. The reason is that many paying banks are unprepared to settle on images and …
Read More »‘Aggressive’ About Image Exchange, National City Watches Volume Climb
A $36-million in image-exchange technology is beginning to bear fruit for National City Corp. The Cleveland-based bank began trading digital check images in April on a network operated by SVPCO and has seen volume climb from a few hundred daily files to the current rate ranging from 10,000 to 70,000, …
Read More »Hannaford Finds PIN Debit Is Now As Expensive As Checks
Despite the vaunted efficiencies of electronic transactions, at least one regional supermarket chain has found its cost to accept PIN debit transactions is running close to its acceptance costs for paper checks. As a result, says Bryan Croteau, senior business analyst for Hannaford Bros. Co., Portland, Me.,”I don't want to …
Read More »New Viewpointe CEO Buglioli Hints at Services Beyond Image Sharing
The new chief executive of Viewpointe Archive Services LLC is a payments-industry veteran who says he sees big potential in check-image exchange and hints there may be services the massive image archive can render beyond electronic check processing. “I joined Viewpointe because of the great opportunities,” says former banker and …
Read More »UATP Opens Its Network to Third-Party Internet Payments Processors
Universal Air Travel Plan, which processes corporate travel payments for some 200 accepting airlines around the world, is opening its network to third-party Internet transaction processors as part of a strategy that could significantly boost network volume and bring consumer transactions through its settlement system for the first time. Ralph …
Read More »SVPCO Gears for Growth with New Automated Settlement Service
New York-based SVPCO, architect of an image-exchange network serving some of the nation's largest banks, this week switched on a new service that allows users of its network to clear check images automatically. The new automated settlement function, which comes about a year after the network began flowing images, effectively …
Read More »Fiserv Gains New Bill-Payment Assets in $350-Million BillMatrix Deal
Fiserv Inc. is buying electronic bill-payment processor BillMatrix Corp. in a $350-million deal expected to close by Sept. 30. Dallas-based BillMatrix processes payments on cards and through the automated clearing house for more than 120 clients, among them utilities, insurers, lenders, and phone carriers. It is a pioneer in the …
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