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NACHA, which late last week extended by six months the deadline for banks to start processing a new automated clearing house transaction type representing payments flowing into and out of the U.S., says it decided to grant the extension so that financial institutions and their vendors will have more time …
Read More »With Eight Months to Go, Some Banks May Have to Scramble To Do IATs
A significant minority of financial institutions may not be ready to implement a new application for international automated clearing house payments by next March, even though that's when all banks will have to start supporting it, according to research published this week. The new application, known as International ACH Transactions, …
Read More »POP’s Still on a Roll a Year After BOC’s Debut
Some observers speculated that the point-of-purchase, or POP, electronic-check code would go “pop” after the supposedly more merchant- and consumer-friendly back-office conversion (BOC) code debuted in March 2007, but the latest automated clearing house volume numbers show otherwise. POP posted 115.3 million transactions in the first quarter, up 48.7% from …
Read More »A Prepaid Card That Lets Consumers Lock in Gas Prices Seeks a Network
A Miami-based startup says it signed up more than 5,000 cardholders in the first two days its service was commercially available last week in a program that allows consumers to lock in the current price of gasoline by prepaying for fuel. MyGallons LLC, which began its service last Monday after …
Read More »New Electronic Benefit Options Score High in Michigan on First Day
The state of Michigan has joined a trend, developing for the past couple of years, toward replacing paper benefit checks with electronic payment. The state on Tuesday announced it has started offering debit cards and direct-deposit options to citizens eligible to receive unemployment benefits. Michigan's Unemployment Insurance Agency (UIA), which …
Read More »New ‘Mobile Lockbox’ Service Could Help Drive Expedited Payments
A new service that lets consumers receive and pay bills on their handsets could help billers earn more income from last-minute payments customers make to avoid service shut-offs or late charges, observers say. The service, a so-called mobile lockbox, was announced last week by Wausau Financial Systems Inc., a provider …
Read More »How Far Will BofA And Wells Go with Their New ACH Platform?
While the recently unveiled joint venture between Bank of America Corp. and Wells Fargo Co. to create a common platform to process automated clearing house transactions isn't scheduled to become operational until 2010, the venture's very announcement by two of the biggest financial institutions in the country has sparked industry …
Read More »Once Languishing, POP Now Gets a Warm Welcome from Merchants
A payment method that lets merchants convert checks at the cash register into electronic transactions shows signs of picking up momentum across a spectrum of retailers. It's quite a turnaround for the point-of-purchase electronic-check application (POP), which relies on the automated clearing house network for settlement. Only a few years …
Read More »Igourmet Says Security Led It to Adopt Secure Vault Payments
The first merchant to sign up for an Internet-based payment system that relies on consumers' online-banking programs and settlement through the automated clearing house network says the system appeals to customers who are fearful of entering credit card details on Web sites. The merchant also hopes the new system will …
Read More »Pariter Will Focus Its Efforts on BofA And Wells, CEO Says
Pariter Solutions LLC, the new company formed by Bank of America Corp. and Wells Fargo & Co. to process automated clearing house transactions for the two banks, has no current plans to add other financial institutions as clients, the new venture's chief executive tells Digital Transactions News. “Our first goal, …
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