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A representative of Metavante Corp. will ring the opening bell Friday at the New York Stock Exchange in a ceremony that will cap seven months of work since Marshall & Ilsley Corp., the bank-holding company that founded Metavante in 1964, announced in April the banking services and payment processor's planned …
Read More »Other Shoe Drops As USPTO Affirms Second DataTreasury Patent
For the second time this year, the United States Patent and Trademark Office has upheld a patent owned by DataTreasury Corp, a small software company that is suing major banks and processors for infringement of these and other electronic-payments patents it holds. In a document issued earlier this month to …
Read More »Banks Begin to Use SVPCO to Handle Check Images for Client Banks
Some of the big banks that connect to the SVPCO Image Payments Network are starting to use the system to send and clear items electronically for other banks they serve in a move that could increase volume on the image-exchange network and allow member financial institutions to earn more fee …
Read More »NACHA Close to Recruitment for Test of New Check-ACH Plan
A new plan at NACHA to merge elements of the automated clearing house network with elements of check imaging could allow banks to clear checks more cost-efficiently but may also turn out to be a solution to a problem that's solving itself, experts say. Some 20 financial institutions, ranging from …
Read More »How a Software House Sells Remote Capture Directly to Merchants
Omaha, Neb.-based RemitPro Inc. is teaming up with payment processor Vanco Services LLC to open up a new category of smaller merchants to the developer of electronic-check software while removing the need for those businesses to change banks. RemitPro produces the eRemitPro data-capture and imaging application used by 150 clients …
Read More »Check 21, BOC Come to E-Commerce Via USA ePay-Digital EFT Deal
The payment gateway business may be consolidating, but smaller players are trying to survive by adding services to meet e-commerce merchants' demand for more diversified payment options than simply credit cards. This week, for example, Los Angeles-based USA ePay announced that it is offering Digital EFT Solutions LLC's DEFT Deposit …
Read More »Wachovia Milestone Points up Wider Adoption of Remote Capture
In a sign of the spreading popularity of remote deposit capture among U.S. businesses, Wachovia Corp.'s treasury services division announced on Monday it had hit $1 billion in remote capture volume for a single day. The Charlotte, N.C.-based regional bank attributed the milestone to the increasing adoption of the technology …
Read More »BofA’s Envelope-less ATMs Show Imaging Is Catching on with Users
Bank of America Corp.'s announcement this week that more than one-fifth of its deposit-taking ATMs now image checks?and thus don't require deposit envelopes?shows that so-called envelope-less ATMs are starting to catch on with consumers, says an expert observer. “The announcement is significant if only as a sort of marker showing …
Read More »Image Exchange Hits Its Stride, But Clouds Form on the Horizon
Though still growing in volume from month to month, substitute checks now account for only about one-third of total image-exchange traffic between banks, according to the latest industrywide data. By contrast, a year ago these costly paper printouts of check images amounted to 56% of all image-exchange volume. At the …
Read More »Patent Office Validates a DataTreasury Image Exchange Patent
The U.S Patent and Trademark Office has upheld substantially all of the claims contained in a key patent held by DataTreasury Corp. that covers processes related to check image exchange. The USPTO decision, reached in May but not made public until recently, follows a formal process in which Plano, Texas-based …
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