Electronic Checks

Banks' efforts to rid ATM deposits of pesky?and costly?envelopes took a step forward on Tuesday with Wells Fargo & Co.'s announcement that it plans to add 825 new machines by year's end that will accept deposits without envelopes. Wells will deploy some 150 of the new ATMs, which allow customers …

Statistics released on Monday indicate the trafficking of electronic check images among banks took big strides in 2006. With December numbers in, The Clearing House Payments Co. LLC, New York, which operates the nation's largest image-exchange network, reported its volume last year totaled 747 million images, representing $2 trillion in …

CheckFree Corp.'s agreement to buy Dallas-based banking-software vendor Carreker Corp., announced Tuesday, will help extend the bill-payment processor's reach into the business of electronic check image exchange, including the fast-growing remote capture market. It could also position CheckFree to exploit opportunities arising from the possible convergence of the automated clearing …

The formerly somnolent point-of-purchase (POP) electronic-check code continued on its newfound burst of energy in the third quarter, according to the latest automated clearing house volume report from NACHA?The Electronic Payments Association. NACHA reports POP volume hit 80.5 million transactions, up 92.8% from 41.8 million in the year-earlier quarter. POP's …

Checks cleared by paying banks as electronic images outnumbered substitute checks for the first time in the short history of image exchange in October, according to numbers compiled by the Electronic Check Clearing House Organization, Dallas. The ECCHO statistics, gathered from three primary settlement networks, also show healthy growth in …

Intuit Inc. has notched yet another acquisition calculated to augment its widely used accounting software with electronic-payments capability by agreeing to pay $142 million in cash to buy Electronic Clearing House Inc. (ECHO), a publicly held, Camarillo, Calif.-based processor of card and automated clearing house transactions. The deal, which is …

Big banks get most of the attention when the topic turns to check imaging at ATMs. Now credit unions are about to get into the act. Ontario, Calif.-based Co-Op Financial Services, formerly known as the Co-Op Network, plans to make check imaging available to its nearly 2,000 credit-union members in …

A small technology company that has made a name for itself with its aggressive and successful litigation defending a pair of patents covering check imaging was dealt a setback late last week when the United States Patent and Trademark Office rejected all of the claims set out in those patents. …

Software maker Intuit Inc.'s pending acquisition of online-banking services provider Digital Insight Corp. is mostly a story about Intuit expanding its services and finding new markets for its popular QuickBooks, TurboTax, and Quicken financial-software programs. But, according to one analyst, remote deposit capture?and a processor that offers the service?could get …

Checks cleared as electronic images continue to account for an increasing share of all image-based check traffic, even as an industry group works to hammer out a new system to accelerate the conversion to all-electronic check processing. Indeed, The Image Payments Network, an image-exchange network operated by The Clearing House …