CheckFree Streamlines Check Conversion

Growth in the BOC sector is expected to be significant in the near future, with estimates that market adoption will reach three billion back-office conversions in the next five years, delivering a five-year net benefit to the banking industry of $320 million, according to the National Automated Clearing House Association (NACHA) - The Electronic Payments Association.

With BOC rules incorporated into CheckFree's PEP+ reACH/BOC solution, financial institutions can now convert eligible checks presented at the point of sale to ACH transactions for deposit. This streamlined approach reduces costs associated with items deposited through image exchange and those printed as Image Replacement Documents (IRDs), while increasing ACH origination.

"CheckFree's goal, as embodied in our Applied Operational Intelligence(SM) approach, is to continually deliver innovation to our customers in response to growing marketplace needs and ever-changing regulations," said Esther Pigg, vice president of global product management for CheckFree Software. "As a result, we can increase the value of the ACH processing and check conversion solutions that customers already have in place from CheckFree. CheckFree's new PEP+ reACH/BOC module strategically positions our customers for current and future check conversion initiatives with the secure, proven and scalable PEP+ reACH infrastructure, and further aligns check, Check 21 and ACH processing."