Automated Clearing House

A new point-of-sale payment option that converts checks to electronic debits, available starting next month, will open the retailer market for remote deposit capture, a leading payments executive says. The new option, called back-office conversion (BOC), allows merchants to scan consumer checks in bulk and process them through the automated …

NACHA announced Monday it has begun levying two new so-called network administration fees. One fee, a flat charge of one-one-hundredth of a penny, applies to all transactions passing through the automated clearing house system, except those considered on-us, or handled within a single financial institution. The Herndon, Va.-based governing body …

A sweepingly ambitious, nearly year-long effort to speed up end-to-end electronic processing of checks has been shut down by its organizers, the victim of multiple operational complications that proved in the end too hard to overcome. The Check-ACH Coalition, a group of some 65 financial institutions, trade groups, and vendors, …

CheckFree Corp.'s agreement to buy Dallas-based banking-software vendor Carreker Corp., announced Tuesday, will help extend the bill-payment processor's reach into the business of electronic check image exchange, including the fast-growing remote capture market. It could also position CheckFree to exploit opportunities arising from the possible convergence of the automated clearing …

The formerly somnolent point-of-purchase (POP) electronic-check code continued on its newfound burst of energy in the third quarter, according to the latest automated clearing house volume report from NACHA?The Electronic Payments Association. NACHA reports POP volume hit 80.5 million transactions, up 92.8% from 41.8 million in the year-earlier quarter. POP's …

Mutual need brought Electronic Clearing House Inc. (ECHO) and Intuit Inc. together in the $142 million deal, announced last week, that will make Camarillo, Calif-based processor ECHO part of Intuit, Mountain View, Calif., some time in the first quarter (Digital Transactions News, Dec. 15). Intuit, marketer of the popular QuickBooks …

Online payments processor ClickandBuy this week announced what it calls “Version 2.0” of its digital-content platform, which includes an electronic wallet, long-awaited billing through two major U.S. phone companies, lower merchant pricing, and a new name, to boot. Parent company Firstgate Internet AG of Zug, Switzerland, has chucked the ampersand …

A new electronic check-conversion application set to go live in March at retail and other check-accepting businesses could become one of the fastest-growing products ever introduced for the automated clearing house (ACH) network, generating 425 million transactions in 2007, predicts a new study from Boston-based market researcher Celent LLC. The …

Checks cleared as electronic images continue to account for an increasing share of all image-based check traffic, even as an industry group works to hammer out a new system to accelerate the conversion to all-electronic check processing. Indeed, The Image Payments Network, an image-exchange network operated by The Clearing House …

Check processor Solutran Inc. thinks it has found a way to make the new back-office conversion (BOC) e-check code more attractive to merchants: take the costly scanning process out the back office and outsource it. Plymouth, Minn.-based Solutran recently announced its SPIN service, for Solutran POS and Imaging Network. The …