Electronic Checks

Mitek Systems Inc., whose software allows users to create check images with their camera phones and then use the handsets to send the images to banks for deposit, signed its biggest processor to date this week for the six-month-old technology. Milwaukee-based Fiserv Inc. agreed to adopt Mitek's Mobile Deposit product …

Merchants that are good prospects for accepting remote deposit capture services have different needs from many credit and debit card-accepting merchants, but independent sales organizations that do their remote capture homework will be rewarded. That was the word on Wednesday from several vendors speaking at the MidWest Acquirers Association 7th …

So-called third-party checks represent a potentially lucrative niche market for remote deposit capture, and now a biometric-authentication vendor has been granted a patent for a process by which such checks can be authorized and imaged for deposit under Check 21 rules. AllTrust Networks, which announced the patent last week, now …

With the deadline just three months away, the banking industry is scrambling to implement IAT, the new automated clearing house code for international transactions. IAT originally was to take effect March 20. But NACHA?The Electronic Payments Association, governing body of the ACH, last July pushed it back to Sept. 18, …

Wausau Financial Systems Inc., which late last year introduced a version of its remote deposit capture product specifically designed for independent sales organizations, has signed one ISO and will have three more on board by the end of the month, according to a company executive and company reports. Wausau, a …

Internet bill payments were the lone stars of electronic checks in the first quarter, a quarter that saw volumes on all other e-check applications either decline or barely rise from fourth-quarter 2008 levels. Most e-check codes also declined on a year-over-year basis, according to the latest automated clearing house volume …

Specialty payment processor BankServ, one of the pioneers of remote deposit capture, is preparing a move into the mobile-payments market thanks to its recent acquisition of the assets of Commerciant LP. Houston-based Commerciant offers merchants wireless payments software and a unique wireless terminal that scans checks and takes credit card …

A Federal Reserve Bank proposal to speed up settlement times for certain automated clearing house transactions has provoked at least one electronic-payments executive to offer an alternative proposal that he says will accelerate clearing times without the threat to banks he sees in the Fed's idea. Danne Buchanan, chief executive …

Looking to speed up clearing time for electronic checks on the automated clearing house, The Federal Reserve Banks on Monday announced the first change to the settlement windows for the ACH network in 35 years. The change, which is set to take effect in the second quarter of next year, …

Viewpointe Archive Services LLC this week introduced two products that, the company says, respond to rising volumes of imaged checks and could smooth the way for more financial institutions to participate in end-to-end image exchange. One of the products catches mismatches between check images and the data contained in associated …