Friday , March 29, 2024

Electronic Checks

Small Company Sues Big Banks, Wins Big in Check 21 Technology Cases

In a move that could have widespread implications for the fledgling business of check-image exchange, a small, privately held company holding patents on key elements of check imaging and processing filed patent-infringement suits today against four major banks. The federal suit, filed by Melville, N.Y.-based DataTreasury Corp. against Bank of …

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Star Plans to Extend Check Conversion to Bill Payments Later in ’05

Star Systems Inc. will begin processing bill payments through its electronic check-conversion service, Star Chek Direct, by the end of the year, according to officials at the network. In the bill-payment scenario, consumers will be able to pay billers in certain low-risk industry categories, such as insurance and utilities, by …

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Eyeing a Big Opportunity, ReD Expands into Bill Payment with ARC

Eyeing what it sees as a huge opportunity in processing bill payments, U.K.-based Retail Decisions PLC's U.S. processing unit this month will begin offering the fastest-growing form of electronic check now available: accounts-receivable conversion, or ARC. Retail Decisions USA Inc., which has built its business providing a card-based risk-management and …

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CheckFree Will Pilot PIN Debit for Walk-in Bill Payments

CheckFree Corp. will begin piloting PIN-based debit transactions in its extensive walk-in bill-payment network before the end of the year. The Atlanta-based processor is also investigating the possibility of adding a PIN-less debit feature to its online and telephone-based bill-payment network for so-called biller-direct transactions, though it has no definite …

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Following Synovus, Viewpointe Expects More Banks to Sign Soon

Viewpointe Archive Services, a check-image archive and exchange owned by some of the nation's largest banks, has signed its second client for its non-archive exchange service, called Pointe2Pointe. Columbus, Ga.-based Synovus Financial Corp., a holding company for 41 southeastern banks, follows Compass Bank, which signed up with Viewpointe early last …

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Electronic Transaction Inroads Force Another Fed Check Closure

Facing an unrelenting decline in paper check volume, The Federal Reserve said today it will shutter yet another check-processing operation in late 2006. Check processing will cease at the Federal Reserve Bank of New York's East Rutherford operations center and its check volume will shift to the Federal Reserve Bank …

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Certegy Sells 14,000-Merchant Portfolio to Nova Information Systems

Nova Information Systems says it is acquiring Certegy Inc.'s the merchant portfolio. Terms of the deal were not disclosed. The conversion of the Certegy portfolio, which consists of 14,000 merchants generating about $3 billion in annual credit and debit card volume, to Nova's platform is expected to be completed by …

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The Fed Says Its Check Volume Will Drop Again in ’05?by 15%

The Federal Reserve Board of Governors expects the volume of checks the Fed processes to drop 15% this year, a sharp acceleration in the long-term decline in check volume that the central bank attributes to continuing movement by consumers and businesses to electronic transaction channels. The drop would send Fed …

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Could Back-Office ACH Conversion Slow Consumer Check Decline?

A proposed method by which retailers could take checks they accept at the point of sale and convert them in a back office into electronic transactions on the automated clearing house could hinder an encouraging trend among consumers away from writing checks and toward electronic transaction channels, such as credit …

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NACHA at Work on Blueprint for Back-Office E-Checks for Merchants

NACHA, the Herndon, Va.-based organization that establishes rules for automated clearing house transactions, is working on a business case for a new payment type that would allow merchants to collect all consumer checks they receive and convert them into electronic funds transfers in a back room or other central location. …

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