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With the Check Clearing for the 21st Century Act (Check 21) taking effect today, Metavante Corp. hopes to use its latest acquisition in the payments business to help it leverage sales to banks for distributed check capture and move the two national check image exchanges that have gone live so …
Read More »Metavante Buys the Software Company Behind SVPCo.’s Network
Metavante Corp. continues to pursue an aggressive acquisition strategy in electronic payments with it announcement today that it agreed to buy VECTORsgi, a software company in Addison, Texas, that sells check-imaging software. The acquisition, valued at $100 million in cash plus another $35 million to be paid if certain targets …
Read More »A Proposed ACH Fee for Unauthorized Debits Stirs Debate
A new proposal that would require banks that originate unauthorized automated clearing house transactions to pay fees to receiving banks went out to ACH members for comment this week, but not without controversy. “This is by far the most polarizing topic the ACH industry has seen in a long time,” …
Read More »New Check Software to Let Merchants Cash in on Check 21
With the effective date for the Check Clearing for the 21st Century (Check 21) Act only 22 days away, few electronic payments observers doubt that the efficiencies of check imaging and image exchange will benefit banks. A lingering question, though, has been how much it will benefit retailers who accept …
Read More »A Complement to POP Could Come from NACHA
The National Automated Clearing House Association is mulling an idea for a new point-of-sale electronic check product that it hopes might overcome some of the obstacles its existing POS service, called POP, has run into. Tentatively called “back-office conversion,” or BOC, the idea would allow merchants to send all checks …
Read More »NACHA Will Start Testing a New Internet Payment Type Next Spring
The National Automated Clearing House Association, Herndon, Va., is preparing to launch a test early next spring of a new electronic transaction type for payments on the Internet. The new payment category would be best suited for payments to so-called spontaneous retailing sites?those operated by hard goods merchants, rather than …
Read More »Fed Says ARC, Check 21 Will Eat More and More into Check Volume
The volume of paper checks processed by the Federal Reserve is falling at a rate of 10% to 11% so far this year and is expected to plunge another 13% to 15% in 2005, according to James M. Lyon, first vice president at the Federal Reserve Bank of Minneapolis. This …
Read More »SVPCo.’s Image Exchange Goes Live with KeyBank, Chase
A network built by New York-based Small Value Payments Co. (SVPCo.) to allow banks to exchange check images has begun operations with exchanges between KeyBank and J.P. Morgan Chase. The network began with volume at a “controlled” level to allow each bank to test operations, according to an announcement from …
Read More »TowerGroup: Banks Have Hiked Spending to Roll out Super ATMs
Banks are getting set to unveil revamped fleets of ATMs equipped with the latest technology and able to perform a wide range of advanced transaction functions, such as truncation of check deposits. That's according to a new report from Needham, Mass.-based consultancy TowerGroup, which says large banks in the U.S. …
Read More »Moneris Introduces Check Conversion to Complement Credit, Debit
Moneris Solutions U.S. Group, Chicago, has rolled out a check-conversion and check-authorization service for merchants at the point of sale that combines with the processor's credit and debit card product. The company says it is introducing the new offering to round out its arsenal of processing services for merchant clients …
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