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With an eye to Capital One Financial Corp.'s introduction last month of a so-called decoupled debit card product, which relies on settlement through the automated clearing house network and so does not require cardholders to have a demand-deposit account with Cap One (Digital Transactions News, June 7), debit network sponsor …
Read More »How a Startup Processor Plans to Take on NACHA in Web Payments
A Bellevue, Wash.-based startup plans to have a Web-based payment system in operation some time in 2008 that will look strikingly similar to one that NACHA-The Electronic Payments Association has spent the past several years developing. Metafos Inc., which formed only 18 months ago, is talking to banks and online …
Read More »Why Synovus Is Optimistic About NACHA’s Secure Vault Payments
Unlike its experience with online bill payment, Synovus Financial Corp. expects ultimately to generate significant revenue from a new Internet payments system based on the automated clearing house for which a 12-to-18-month pilot will start by October. Exactly how much revenue, however, may depend on the pilot itself, as well …
Read More »How BOC’s Costs Create Opportunities for Check Processors
The back-office conversion e-check code has been live for nearly two months now, and, as many predicted with its March 16 debut, it came in like a lamb. There have been few, if any, high-profile product launches or other splashy events associated with the new automated clearing house payment option. …
Read More »NACHA Will Soon Unveil Pricing for Its Online Payments Pilot
NACHA-The Electronic Payments Association expects to release pricing details in about two weeks for its long-awaited online-payments pilot, an official working on the project says. The details will set out a form of interchange fee merchants' banks will pay to banks that will authorize transactions and authenticate consumers, as well …
Read More »With Carreker in Hand, CheckFree Plans ‘All-Transactions’ File
Bolstered by its recent acquisition of Carreker Corp., CheckFree Corp. is working on a product that will allow banks to view and manage both check and automated clearing house data in one integrated file. The new system, which will also permit long-term storage of ACH data, will be linked to …
Read More »ACH Growth Sparking Membership Surge, NACHA Chairman Says
The rapidly increasing importance of electronic payment channels is behind the recent surge in membership at NACHA-The Electronic Payment Association, according to the Herndon, Va.-based association's chairman. Four financial institutions have joined NACHA as direct members?meaning they get a vote on rules governing the automated clearing house?so far this year, …
Read More »Star To Test PIN-less Debit for Online Micropayments
With the aim of expanding the debit card's reach into the booming world of Web-based micropayments, the Star electronic funds transfer network plans to start testing PIN-less online debit payments within a few weeks. The test will run about four months and involves Solana Corp., which will act as an …
Read More »Wal-Mart Goes Chainwide with POP in Bid to Cut Payment Costs
Rejected by many retailers, the point-of-purchase electronic-check code has one fan that really counts: Wal-Mart Stores Inc., the world's largest retailer. Bentonville, Ark.-based Wal-Mart expects the last 300 of its approximately 3,400 U.S. Wal-Mart locations to go live with the automated clearing house payment option next Monday. Wal-Mart's push behind …
Read More »The Clearing House Prepares for Consumer Use of Payment Codes
Electronic transactions using unique numerical identifiers to mask account and routing data are rising fast, and now the company behind the technology expects it will be commercially available for consumer payments in about a year. The Clearing House Payments Co. LLC says corporate users made 80,459 transactions in 2006 using …
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