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Implementation of the controversial Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) would be prohibited under new legislation introduced in the U.S. House of Representatives earlier this month. The UIGEA bans gaming sites from accepting money transfers of any kind for bets deemed to be unlawful gambling. It also directs …
Read More »Bigger Volume Jumps Are in Store for BOC E-Checks, NACHA Says
It grew 267% in just one quarter, yet the new back-office conversion (BOC) electronic-check code still isn't getting any respect. But it will, according to officials at NACHA, governing body of the automated clearing house network. NACHA reports that the ACH handled 3.08 million BOC transactions in 2007's fourth quarter …
Read More »Pay By Touch Fades into History As Lenders Buy Core Assets
Three months after biometrics-technology provider and payment processor Pay By Touch sought protection in U.S. Bankruptcy Court in Los Angeles, the dismantling of the firm’s sprawling empire is largely over. Judge Thomas B. Donovan recently approved the sale of the core assets of Solidus Networks Inc.—the formal name of Pay …
Read More »New Check Data Show Steady Rise of Electronic Options
Retailers haven't exactly clamored to implement the new back-office conversion electronic-check option (BOC), but adoption will pick up, according to the Federal Reserve's point man on electronic payments. “It's slower than what many of us thought,” Richard Oliver, executive vice president of the Federal Reserve Bank of Atlanta and the …
Read More »After BOC’s First Year, Ex-Banker Laments Slow Start for E-Check
One year after its launch, an option that lets merchants deposit checks electronically in centralized locations by converting the paper items into automated clearing house debits is growing more slowly than expected, according to a payments executive who led the effort to write the rules for the new option. Back-office …
Read More »Fraud Prevalence Levels off, But Incident Rate Increases
Companies that accept checks and electronic payments were victimized by fraud at virtually the same rate in 2007 as in 2006, but those that experienced fraud saw more incidents of it, according to a survey by the Association for Financial Professionals released this week. The Bethesda, Md.-based AFP is a …
Read More »Beleaguered Pay By Touch Looks To Sell Itself in Two Auctions
With potential buyers so far proving to be no more than tire kickers, bankrupt biometrics payment company Solidus Networks Inc., which does business as Pay By Touch, is looking to sell itself in separate auctions of what it calls its core and non-core assets. The core assets center on Pay …
Read More »Clear Originator ID for Consumers Is NACHA’s Latest Risk Measure
In an effort related to a broader initiative to tighten risk management in the automated clearing house network, NACHA this week announced its voting membership has approved a rule that requires companies that originate transactions to identify themselves with names their customers will recognize. The new rule, which goes into …
Read More »Hy-Vee Gives Thumbs up to BOC, Works on Chainwide Rollout
In a major vote of confidence for an 11-month-old form of electronic payment, Hy-Vee Inc., a 224-unit supermarket chain based in West Des Moines, Iowa, has installed back-office conversion (BOC) in 21 of its stores in the Des Moines area since last August and plans to roll out the system …
Read More »With Alogent, Goldleaf Steps onto the Remote-Deposit Escalator
Brentwood, Tenn.-based Goldleaf Financial Solutions Inc., a technology-services provider for 2,800 community financial institutions, on Thursday took a big leap into the fast-growing niche of remote deposit capture by announcing its $42.5 million acquisition of Alogent Corp., a prominent purveyor of remote-deposit software. Until now, Goldleaf's core business has been …
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