Digital Transactions Authoritative, insightful and timely information for payments professionals
Total image-exchange volume quintupled in the 12 months through March, while the percentage of items clearing at paying banks as images rather than as paper substitute checks grew to 64% from 36%, according to the most recent statistics compiled by the Electronic Check Clearing House Organization. In a further sign …
Read More »Supreme Court Patent Ruling Won’t Affect Us, DataTreasury Says
A U.S. Supreme Court ruling that appears to rein in the ability of certain technology patent holders to press their claims against alleged infringers is likely to have little or no impact on what has been a highly effective enforcement campaign by a company that holds patents bearing on check …
Read More »With Carreker in Hand, CheckFree Plans ‘All-Transactions’ File
Bolstered by its recent acquisition of Carreker Corp., CheckFree Corp. is working on a product that will allow banks to view and manage both check and automated clearing house data in one integrated file. The new system, which will also permit long-term storage of ACH data, will be linked to …
Read More »ACH Growth Sparking Membership Surge, NACHA Chairman Says
The rapidly increasing importance of electronic payment channels is behind the recent surge in membership at NACHA-The Electronic Payment Association, according to the Herndon, Va.-based association's chairman. Four financial institutions have joined NACHA as direct members?meaning they get a vote on rules governing the automated clearing house?so far this year, …
Read More »Wal-Mart Goes Chainwide with POP in Bid to Cut Payment Costs
Rejected by many retailers, the point-of-purchase electronic-check code has one fan that really counts: Wal-Mart Stores Inc., the world's largest retailer. Bentonville, Ark.-based Wal-Mart expects the last 300 of its approximately 3,400 U.S. Wal-Mart locations to go live with the automated clearing house payment option next Monday. Wal-Mart's push behind …
Read More »The Clearing House Prepares for Consumer Use of Payment Codes
Electronic transactions using unique numerical identifiers to mask account and routing data are rising fast, and now the company behind the technology expects it will be commercially available for consumer payments in about a year. The Clearing House Payments Co. LLC says corporate users made 80,459 transactions in 2006 using …
Read More »Processors Report Major Leaps for Image Exchange So Far in ’07
After months in which banks struggled to cope with the technology and rules surrounding image exchange, check processors so far in 2007 are reporting remarkable leaps in image-exchange volume. The nation's largest image-exchange network reported Monday its March volume hit 177.4 million items, up 507% over March 2006. Volume was …
Read More »Current ACH Risk-Management Proposal To Be Followed by Two More
Proposals to print originators' names on statements and to make compliance audits hinge on the kind of transactions banks are originating are set to follow a current proposal from NACHA-The Electronic Payments Association to increase penalties for unauthorized transactions on the automated clearing house network, according to a NACHA official. …
Read More »POP Continues Its Rebound, But Will BOC Take a Bite?
The automated clearing house's point-of-purchase electronic-check code in 2006's fourth quarter once again posted the highest growth rate among the various e-check codes, but the new back-office conversion (BOC) application that went live March 16 could soon claim POP's place in the sun. According to new data from Herndon, Va.-based …
Read More »NACHA Greets Debut of BOC with Cautious Expectations
Today, the much-heralded back-office conversion electronic-check code goes live on the automated clearing house network. But rather than throw a huge birthday party, executives of the ACH's governing body, NACHA?The Electronic Payments Association, and banks are marking BOC's debut in a decidedly low-key manner. BOC will allow retailers and other …
Read More »