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It grew 267% in just one quarter, yet the new back-office conversion (BOC) electronic-check code still isn't getting any respect. But it will, according to officials at NACHA, governing body of the automated clearing house network. NACHA reports that the ACH handled 3.08 million BOC transactions in 2007's fourth quarter …
Read More »Plunging Check Volumes Spur Fed to Speed up Downsizing Efforts
With check volumes rapidly declining, the Federal Reserve on Monday said it would speed up its previously announced plans to downsize its paper-check processing system. Four full-service processing centers will remain, as under the earlier plan. But the closure or downsizing of other facilities will move up by anywhere from …
Read More »New Check Data Show Steady Rise of Electronic Options
Retailers haven't exactly clamored to implement the new back-office conversion electronic-check option (BOC), but adoption will pick up, according to the Federal Reserve's point man on electronic payments. “It's slower than what many of us thought,” Richard Oliver, executive vice president of the Federal Reserve Bank of Atlanta and the …
Read More »After BOC’s First Year, Ex-Banker Laments Slow Start for E-Check
One year after its launch, an option that lets merchants deposit checks electronically in centralized locations by converting the paper items into automated clearing house debits is growing more slowly than expected, according to a payments executive who led the effort to write the rules for the new option. Back-office …
Read More »Big Gap Yawns Between Banks, Small Businesses on Scanner Prices
The cost of check scanners is the biggest hurdle to small businesses' adoption of remote deposit capture, says a new report from Boston-based researcher Celent LLC. Yet only 15% of banks offer clients free scanners, with half requiring them to buy the machines upfront, either from the bank or from …
Read More »Could Free Scanners Unlock Small Businesses for Remote Capture?
With free card-swipe terminals having already captured the imagination of acquirers and merchants, the notion of free check scanners might not be far behind. Indeed, free equipment that reads magnetic-ink-character-recognition lines while capturing check images could be the key for banks to drive remote deposit capture adoption among small businesses, …
Read More »Clear Originator ID for Consumers Is NACHA’s Latest Risk Measure
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 »LendingTools Sparks Growth with Image Exchange for Small Banks
LendingTools.com, a Wichita-Kansas-based technology company that a year ago began offering regional image exchanges for community banks based on an ASP model, says it is processing items at a rate of 10 million per month, with more growth in store in 2008. As smaller banks leave paper-check exchanges and begin …
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 »Fiserv-CheckFree Brings Remote Capture to Online Consumer Banking
Remote deposit capture still has plenty of territory to conquer in its original business-user market, but bank processor Fiserv Inc.'s CheckFree electronic bill-pay unit on Tuesday unveiled a home-based remote deposit capture service it believes will tap growing consumer demand for electronic banking. Dubbed Remote Deposit Capture for Consumers, the …
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