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Driven by fast growth in “native payments” that dispense entirely with paper checks, total automated clearing house network volume increased 4.4% in the first quarter over the year-earlier period, the ACH network’s highest quarterly increase since 2008’s fourth quarter. Michael Herd, managing director of network rules at ACH governing body …
Read More »A ‘Hard Core’ of Check Users Likely to Resist Inducements to Convert to E-Payments
For years, the growth of electronic payments has been fueled by the conversion of check writers into card users at the point of sale, but now those days may be coming to an end. Research, as well as the experience of one major retail chain, indicates the check writers who …
Read More »Consumer-Capture Pioneer Chase Rolls out Smart-Phone Capture for Businesses
JPMorgan Chase & Co. on Tuesday introduced what appears to be the first commercially available mobile remote deposit capture service for corporate entities. Widely known in electronic-payments circles for its TV ads for its consumer-based mobile check-capture product, Chase is now seeking new clients for its Image Deposit Direct Mobile …
Read More »Bill Payments by Paper Check Fade As ACH Bill Pay Continues Its Growth Spurt
New data from automated clearing house governing body NACHA reaffirm the continuing gains of electronic bill payment and the long-term decline in consumer check writing to pay bills. NACHA’s report for 2011’s fourth quarter says that transactions under the so-called WEB standard entry class code for Internet bill-payment debits grew …
Read More »An FTC Settlement Highlights Regulators’ Concerns with Third-Party Risk
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Read More »The Planets Align for a Boom in Mobile Remote Deposit Capture
Only a handful of the nation’s 13,000 financial institutions today offer remote deposit capture to consumers, but, riding the wave of smart-phone popularity, the number is poised to mushroom, according to new research findings from Celent LLC, Boston. Some 66% of 187 banks and credit unions Celent surveyed in …
Read More »After Revamping Its Process, PCI Council Unveils New Interest Groups
n n n n n n n n n Besides generating recommendations and advice applicable immediately, Russo expects the SIGs will develop insights that find their way into the next major update of the existing PCI version 2.0. Version 3.0 will be unveiled in late 2013 and take effect …
Read More »ACH E-Checks Post a Mixed Record of Growth for the Second Quarter
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 »Unfazed by a Patent-Office Rebuff, LML Soldiers on with Infringement Case
n “It’s not final by any means,” vows Patrick H. Gaines, chief executive of Vancouver, British Columbia-based LML. The company is preparing an appeal of the patent office’s action, he says, and has also applied for its own re-examination, which could allow it to add or amend claims. “Certain …
Read More »How Mobile Deposit Capture Is Expanding with Large And Small Banks Alike
Two very different financial institutions are adding or expanding their mobile remote deposit capture services to meet what they say is growing customer acceptance of the new banking channel that removes paper from the payments system and hitches banks and credit unions onto the rising smart-phone star. On the …
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