Thursday , March 28, 2024

Electronic Checks

NACHA Mulls Recurring TEL Debits, Other E-Check Changes

NACHA, governing body of the automated clearing house, is considering rules changes that could add volume to the ACH. Among them: allowing recurring payments under the TEL code for telephone-authorized electronic-check conversions; raising the dollar limit to $50,000 for three major e-check codes, and eliminating opt-out notification requirements on two …

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The Emerging Case for a Rules Change to Force Same-Day ACH

With the Federal Reserve set to begin offering on Monday same-day clearing of automated clearing house transactions (Digital Transactions News, July 13), some industry observers are starting to push for a rules change that would mandate banks’ participation in this or a like service. “We either need a core [of …

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Same Day ACH Will Be a Boon for Web And Mobile–But How Soon?

Now that same-day clearing is coming to the automated clearing house network, payments players are starting to parse the impact the faster settlement time will have on emerging payment methods that rely at least in part on the ACH. While many payments executives are enthusiastic about the change, some experts …

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Chase Weighs in With Its Remote Capture App for the iPhone

JPMorgan Chase & Co. burst onto the consumer mobile remote deposit capture stage in a big way last week when it unveiled an updated online-banking app for Apple Inc.’s iPhone and iPod touch that facilitates remote capture and, for added measure, person-to-person payments. The application makes Chase the biggest bank …

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A Dedicated Code for Mobile ACH Is Still on the Table

While NACHA’s members officially signed off this week on using the existing WEB transaction code for mobile payments that use the automated clearing house network, the working group that recommended using WEB is already at work on further developments for mobile—including the issue of whether these payments should have their …

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Software House Behind Mobile Capture Gets into the Black

After rolling out its flagship mobile remote deposit software product in mid-2009, Mitek Systems Inc. is harvesting a bit of a profit. The company last week reported net income of $7,000 for its fiscal 2010 second quarter ended March 31. That’s close to break even, but much better than the …

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Mobile Capture’s Profile Rises As Smart Phone Adoption Climbs

Remote deposit capture by means of smart phones, a technology that seemed futuristic only a year ago, is rapidly taking root, but questions remain about smart-phone adoption, security, and the type of financial institution for which it makes sense. Two recent studies, one of which was released this week, document …

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The ACH Bucks a Soft Economy As Transaction Volumes Rise

A soft economy didn't prevent automated clearing house transaction volumes from growing last year, though the rate of increase slowed, according to new data from NACHA?The Electronic Payments Association. The Herndon, Va.-based governing body of the ACH reports total transactions rose 2.6% to 18.76 billion from 18.29 billion in 2008. …

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DataTreasury’s Trial Victory Doesn’t Bring Legal Marathon to an End

The jury verdict rendered Friday in favor of a small software company that says big banks and processors are trampling on its electronic-check patents may have boosted that company's cause but it hardly brings down the curtain on what has been a costly legal marathon for the payments industry. “We're …

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All-Digital Checks Get a Boost from an ‘Outsider’ Technology Startup

The concept of an all-digital check, which surfaced in a paper published in November by the Federal Reserve Bank of Chicago, could move from theory to reality in a matter of months now that a technology startup in Atlanta has won a pair of patents covering applications of the idea. …

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