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Read More »The Planets Align for a Boom in Mobile Remote Deposit Capture
Only a handful of the nation’s 13,000 financial institutions today offer remote deposit capture to consumers, but, riding the wave of smart-phone popularity, the number is poised to mushroom, according to new research findings from Celent LLC, Boston. Some 66% of 187 banks and credit unions Celent surveyed in …
Read More »After Revamping Its Process, PCI Council Unveils New Interest Groups
n n n n n n n n n Besides generating recommendations and advice applicable immediately, Russo expects the SIGs will develop insights that find their way into the next major update of the existing PCI version 2.0. Version 3.0 will be unveiled in late 2013 and take effect …
Read More »ACH E-Checks Post a Mixed Record of Growth for the Second Quarter
n Online payments to billers increased nearly 10%, to 657.3 million transactions, compared to the same quarter in 2010. These are transactions handled under the ACH’s WEB application, which for some time now has been the network’s biggest e-check category. They represent payments consumers make on the Web sites …
Read More »Unfazed by a Patent-Office Rebuff, LML Soldiers on with Infringement Case
n “It’s not final by any means,” vows Patrick H. Gaines, chief executive of Vancouver, British Columbia-based LML. The company is preparing an appeal of the patent office’s action, he says, and has also applied for its own re-examination, which could allow it to add or amend claims. “Certain …
Read More »How Mobile Deposit Capture Is Expanding with Large And Small Banks Alike
Two very different financial institutions are adding or expanding their mobile remote deposit capture services to meet what they say is growing customer acceptance of the new banking channel that removes paper from the payments system and hitches banks and credit unions onto the rising smart-phone star. On the …
Read More »Pressing Its Patent, Tiny LML Taps Financial Titans for More Than $40 Million
In the course of a three-year legal war over a patent related to automated clearing house processing, LML Payment Systems Inc. has wrung at least $40.5 million out of some of North America’s biggest financial institutions, including Citigroup Inc., PayPal Inc., and HSBC Holdings PLC, and reinforced its claim on …
Read More »Private-Equity Player GTCR Swoops in to Snatch Fundtech from S1’s Grasp
In yet another twist in the ongoing corporate drama involving payments-software firms S1 Corp., Fundtech Ltd., and ACI Worldwide Inc., news emerged early on Thursday that Fundtech is spurning S1 in favor of what it views as a better offer from GTCR, a Chicago-based private-equity firm with a history of …
Read More »Prospects Brighten for Same-Day ACH As Software Emerges And NACHA Eyes Rules
Faster clearing and settlement of automated clearing house transactions, hampered by a host of issues and limitations, could be picking up some momentum, albeit slowly. Software is emerging to allow both large and small financial institutions to take advantage of a nearly 1-year-old Federal Reserve service that clears transactions …
Read More »Consumer Interest Makes Mobile Capture a ‘Hot Product,’ New Study Reports
Mobile remote deposit capture is poised for a boom, and when it happens it just might be an opportunity for banks and credit unions to capture fee income that, for payment services at least, so far has mostly eluded them. That’s one of the conclusions in a new Javelin …
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