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n Online payments to billers increased nearly 10%, to 657.3 million transactions, compared to the same quarter in 2010. These are transactions handled under the ACH’s WEB application, which for some time now has been the network’s biggest e-check category. They represent payments consumers make on the Web sites …
Read More »A NACHA Proposal, out for Comment, Calls for Networkwide Same-Day ACH
The automated clearing house network took a crucial step toward faster transaction movement last Friday when NACHA, the network’s governing body, distributed a request for comment on a proposal for same-day settlement. NACHA sent the 22-page document, which sets out a proposed system called Expedited Processing and Settlement (EPS), …
Read More »Pressing Its Patent, Tiny LML Taps Financial Titans for More Than $40 Million
In the course of a three-year legal war over a patent related to automated clearing house processing, LML Payment Systems Inc. has wrung at least $40.5 million out of some of North America’s biggest financial institutions, including Citigroup Inc., PayPal Inc., and HSBC Holdings PLC, and reinforced its claim on …
Read More »U.S. Treasury Electronic-Benefit Campaign Gears up As Checks Dwindle
Nearly nine months after introducing a rule requiring recipients of Social Security and certain other benefits to switch from checks to electronic deposit, the U.S. Treasury Department says the number of check recipients has dipped below 9 million for the first time in decades. The agency is now in …
Read More »U.S. Bank Adds to the Roster of Secure Vault Payments Acceptors
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Read More »Prospects Brighten for Same-Day ACH As Software Emerges And NACHA Eyes Rules
Faster clearing and settlement of automated clearing house transactions, hampered by a host of issues and limitations, could be picking up some momentum, albeit slowly. Software is emerging to allow both large and small financial institutions to take advantage of a nearly 1-year-old Federal Reserve service that clears transactions …
Read More »Blaming the Fed’s Durbin Rule, Tempo Payments Prepares to Shut Down
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Read More »In a P2P Play, Fiserv Snaps up CashEdge for $465 Million in Cash
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Read More »S1, Fundtech Agree to Merge in Deal That Hinges on ‘Transaction Banking’
n In the merger, Fundtech shareholders will receive 2.72 shares of S1 common stock for each Fundtech share, leaving S1 shareholders with a 55% stake in the combined entity. The new company will be rechristened Fundtech Corp. and will be based at S1’s headquarters in Atlanta. Reuven BenMenachem, chief …
Read More »Wells, BofA Walk Away from Pariter, Their Joint ACH Processing Platform
Three years after introducing a joint venture aimed at processing automated clearing house transactions between the two banks, Wells Fargo & Co. and Bank of America Corp. have abandoned the operation, which they called Pariter. “It will shut down over the next few weeks,” a Wells spokesperson tells Digital …
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