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A recruitment effort began today to find banks, billers, and merchants to participate in a pilot of a new system by which consumers would be able to make payments on the Internet through the automated clearing house. Sponsored by NACHA, the Herndon, Va.-based organization that sets rules for the ACH, …
Read More »Back-Office Conversion To Get a Vote Soon, May Start in September
A new form of automated clearing house payment that merchants could use to convert checks into electronic funds transfers could become a reality by September. A proposal from NACHA for so-called back-office conversion, which would allow businesses to collect consumer checks from points of sale and convert them later on …
Read More »SVPCO Hits 1 Million Mark in Average Daily Items for Image Exchange
In an indication of the rapid growth of image exchange, the nation's largest network reports its average daily volume soared 47.3% in February, to just over 1 million items, over the average in January. This represents the first time The Clearing House Payments Co. LLC's SVPCO unit has reached the …
Read More »Survey Shows Sizable Opportunity for EBPP in P&C Insurance
Some 73% of homeowner-insurance and auto-insurance customers would be willing to pay their premiums online, yet most of them pay with cash or check and nearly all of them still receive their bills in the mail, according to a new survey. The survey, which points to a significant opportunity for …
Read More »Early Signs Look Good for Back-Office Conversion in NACHA Comments
A proposal for a new payment application that would allow merchants to convert bundles of consumer checks to electronic transactions in a central location has received largely favorable comment from banks, merchants, and other industry participants. NACHA, the Herndon, Va.-based rules-setting organization for the automated clearing house, is reviewing written …
Read More »Small-Bank Demand for Remote Capture Leads to New Hosted Service
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 …
Read More »SVPCO: Costly IRDs Are Now Just 20% of Image-Exchange Volume
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 …
Read More »SVPCO Reports Another Month of Steady Build in Image Volume
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 …
Read More »Settlement with NCR Positions DataTreasury to Move into ACH and Cards
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 …
Read More »PayPal Ends ’05 with a 40% Jump in Traffic As Accounts Boom
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 …
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