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In an effort related to a broader initiative to tighten risk management in the automated clearing house network, NACHA this week announced its voting membership has approved a rule that requires companies that originate transactions to identify themselves with names their customers will recognize. The new rule, which goes into …
Read More »Hy-Vee Gives Thumbs up to BOC, Works on Chainwide Rollout
In a major vote of confidence for an 11-month-old form of electronic payment, Hy-Vee Inc., a 224-unit supermarket chain based in West Des Moines, Iowa, has installed back-office conversion (BOC) in 21 of its stores in the Des Moines area since last August and plans to roll out the system …
Read More »With Alogent, Goldleaf Steps onto the Remote-Deposit Escalator
Brentwood, Tenn.-based Goldleaf Financial Solutions Inc., a technology-services provider for 2,800 community financial institutions, on Thursday took a big leap into the fast-growing niche of remote deposit capture by announcing its $42.5 million acquisition of Alogent Corp., a prominent purveyor of remote-deposit software. Until now, Goldleaf's core business has been …
Read More »A Big BOC Processor Looks for Big Growth for the E-Check in 2008
Introduced only last March, the back-office conversion (BOC) e-check application is poised for a big year in 2008, according to a check-services vendor that is processing more than one-third of all BOC volume. “We think there's going to be big growth for BOC in 2008, and we're going to be …
Read More »Free of E-Wallets, ECHO Goes to the Altar with Intuit Once Again
Intuit Inc.'s agreement to buy Electronic Check Clearing House Inc. (ECHO) for $131 million in cash, announced on Wednesday, came about largely because of ECHO's move to shed its gambling-related electronic-wallet business earlier this year, an Intuit executive tells Digital Transactions News. It was that business, in which ECHO processed …
Read More »The FTC and Seven States Sue Processor for Aiding Suspect Merchants
In its seventh action against a payment processor since 2004, the Federal Trade Commission along with seven state attorneys general announced this week they are suing a Lake Mary, Fla.-based check and automated clearing house processor that extracted millions of dollars from consumers by processing fraudulent payments for a suspect …
Read More »PIN Debit And the ACH Among the Big Gainers in Fed Payments Study
PIN debit transactions are growing significantly faster than signature debit payments. Checks processed electronically are approaching half of all checks paid. And transactions on the automated clearing house are growing faster than any other form of payment. These are among the more surprising results of the Federal Reserve's tri-annual payments …
Read More »Back Office Conversion Growth Strong, But Big Gains May Come in ’08
Growth in the new back-office conversion, or BOC, electronic-check code far outpaced growth of all other automated clearing house transaction categories in the third quarter, but don't get too excited yet. BOC only went live March 16, so its 238% increase to 840,743 transactions came off a very small base …
Read More »NACHA Rule Targeted at Cap One’s Decoupled Debit Card, Sources Say
A clarification of a rule regarding transaction aggregation, announced last week by NACHA, was driven chiefly by banks that intended to hamper a new PIN debit card being introduced by Capital One Financial Corp., sources tell Digital Transactions News. The new card, which came to light late this spring (Digital …
Read More »NACHA Tightens Risk Management, Restricts Payment Aggregation
NACHA, the rules-setting body for the automated clearing house network, this week announced membership approval of a rule amendment that will raise fines for unauthorized transactions and cut off ACH access for companies that enter too many such payments into the network. NACHA has also issued a rules clarification that …
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