Electronic Checks

In a sign of how fast the market for remote capture of checks is developing, one of the largest software companies serving the image-exchange market has launched a hosted product to serve small financial institutions looking to get into the business quickly. “We're seeing significant demand [from small banks] because …

When the Check Clearing Act for the 21st Century (Check 21) went into effect in October 2004, experts predicted it would be years before banks weaned themselves from the so-called image-replacement documents provided for in the law. These IRDs are paper printouts of check images that travel the last mile …

The promise of Check 21 may be unfolding more slowly than enthusiasts would like, but the country's largest image-exchange network recorded another gain in volume in January. New York-based SVPCO, part of the The Clearing House Payments Co., which is owned by many of the nation's largest banks, handled 13.9 …

With its settlement today with NCR Corp., DataTreasury Corp. will be able to tap technology that will allow it to move beyond check processing and into technology supporting automated clearing house and card transactions, the company's lead counsel says. The small Melville, N.Y. technology company, which had sued NCR early …

Internet payments processor PayPal Inc. saw its transaction volume grow 40% in 2005's fourth quarter over the year-ago period, to 139.7 million transactions, according to figures released yesterday by parent company eBay Inc. The processor's fourth-quarter volume, which included holiday activity, was also up 19% over third-quarter traffic. Dollar volume …

The financial institutions whose online banking sites are doing the best job of protecting customers from identity fraud are Bank of America, Citibank, E*Trade Bank, Washington Mutual, and Wells Fargo Bank, according to a study released today. These banks scored in the top five of 28 institutions whose online banking …

SVPCO, which operates an image-exchange network controlled by some of the nation's largest banks, said today it saw its image volume climb 33% last month to a new monthly high of 11.7 million items, allowing the new system to close its first full year having trafficked nearly 52 million items. …

In another move by a financial-accounting software company into payment processing, Sage Group PLC is acquiring Verus Financial Management Inc., a privately held independent sales organization, for $325 million in cash. Based in the U.K., Sage markets software used by small businesses to manage finances. Nashville, Tenn.-based Verus provides card …

An integrated device that would allow plumbers, maid services, pizza-delivery people, and other mobile merchants to perform electronic check conversion as well as accept cards will be commercially available by the end of the first quarter of 2006, according to Commerciant LP, the Houston-based company that makes the terminal. The …

An image-exchange network controlled by some of the nation's largest banks says volume in the network reached 8.8 million items in November, up 38% over October and nearly 500 times greater than in January, when the system began commercial operation. SVPCO, a unit of New York-based The Clearing House Payments …