Digital Transactions Authoritative, insightful and timely information for payments professionals
The movement among banks to waive or eliminate consumer fees on electronic bill payment is rapidly pushing the transaction channel into the mainstream of consumer payment products, according to the chief executive of Online Resources Corp. “Free works,” declared Matthew P. Lawlor, who is also chairman of the McLean, Va.-based …
Read More »UniRush Launches Bill Payment for its Growing Card Base
UniRush Financial Services, a unit of UniRush LLC, New York, today announced an agreement with Milwaukee-based processor Metavante Corp. that allows holders of its prepaid Rush Visa card to use cash accounts linked to the card to make electronic bill payments. The service went live Friday, UniRush says, and is …
Read More »A Survey Shows How Phishing Has Spooked Online Customers
A survey conducted last month shows the extent to which e-mail fraud schemes, also known as phishing scams, are affecting consumers and their willingness to do business online, just as financial institutions and retailers are pushing to move more transactions into the online channel. Fully 75% of bank accountholders are …
Read More »NACHA To Require Billers to Provide an ARC Opt out
The National Automated Clearing House Association (NACHA) announced today a change in its rules that will require billers that use NACHA's increasingly popular electronic check conversion service at lockboxes to notify customers they may opt out of the service. The new rule takes effect June 11. It does not specify …
Read More »BofA Hits 7-Million Mark in Online Banking Users
It may be cold outside throughout much of the country, but Bank of America says customers are starting to warm up to online banking in a big way. The Charlotte, N.C.-based banking company announced its online banking service has reached 7 million subscribers, making the bank the first financial-services company …
Read More »BofA Tops NACHA’s 50 Biggest Receivers
Bank of America Corp. took in far and away more ACH payments last year than any other receiving institution, according to statistics released today by the National Automated Clearing House Association (NACHA). The association's first annual ranking of receiving institutions shows BofA, headquartered in Charlotte, N.C., in first place for …
Read More »Recruiting Bill Payment for Internet Transactions
A new online payment system has been rolled out by a Canadian company that relies on existing bank bill payment services to allow consumers to pay for Internet purchases. Developed by Ottawa, Ont.-based MODAPay, the service has been piloted by all of the top banks in Canada and now is …
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