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Check Conversion

Welcome to the News View for "Check Conversion".

Here, on these archive pages, you'll find all of the articles on Payments News for Check Conversion listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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May 09, 2009

A Backward Glance at Emerging Payments While Looking Forward

Terri Bradford, Payments System Research Specialist at the Federal Reserve Bank of Kansas City, has published a paper titled "A Backward Glance While Looking Forward" looking at some of the new payments products and technologies introduced over the last 10 years: check conversion, person-to-person payments, account aggregation, and electronic bill presentment and payment,

October 16, 2008

Check2Card Eliminates Check Cashing Fees

Metropolitan National Bank (New York) and its wholly-owned subsidiary CashZone have announced the launch of the CashZone Prepaid Visa Card "Check2Card" Program in select PriceRite stores. CashZone Check2Card is a program that allows CashZone members to convert paychecks and most government-issued checks, for no charge, into instantly available funds (or "loads") on a CashZone Prepaid Visa Card. READ MORE »

October 14, 2008

Elavon Rolls out BOC, Gift Card Solution at L'Occitane Retail Stores

Elavon has announced it has completed the rollout of its Electronic Check Service (ECS) solution, utilizing back-office conversion (BOC), at L’Occitane’s 166 luxury bath and body product boutiques across the United States. In addition, L’Occitane has also agreed to implement Elavon’s electronic gift card (EGC) solution just in time for the holidays for both in-boutique and online environments, offering customers the opportunity to purchase, redeem and reload cards in either environment. READ MORE »

September 17, 2008

Elavon Reports on Success of Retail Check Conversion Service

Elavon, a wholly-owned subsidiary of U.S. Bancorp and formerly known as NOVA Information Systems, has announced that its Back Office Conversion (BOC) processing handled more than 4.6 million transactions in August, accounting for over $400 million in converted check volumes. BOC implementations of Elavon’s Electronic Check Service (ECS) solution are currently installed at more than 1,800 retail locations nationwide. READ MORE »

November 27, 2007

Heartland Sues MICROS, Merchant Link and Chase Paymentech

Heartland Payment Systems has announced it has "filed an antitrust action against MICROS Systems, Inc.; Merchant Link, LLC; and Chase Paymentech, owner of Merchant Link. The suit, filed in United States District Court in New Jersey, alleges the three companies have caused increased processing prices for table-service restaurants through an anti-competitive tying arrangement which violates the Sherman Antitrust Act and New Jersey's unfair competition laws." The text of Heartland's complaint icon_PDF_small.gif is available online.

October 09, 2007

Heartland Launches Bank-Neutral Remote Deposit Capture Service

Heartland Payment Systems has launched Heartland Express Funds, a bank-neutral remote deposit capture system. "Express Funds allows businesses to electronically deposit checks into bank accounts without physically transporting them to the bank – regardless of which bank or banks the business uses. Eliminating floats and holds, funds are available within 24 hours, and, in many cases, by the next-business morning."

READ MORE »

October 07, 2007

Checks on the Decline

In an article titled 'Fewer Folks Getting Out Checkbooks', Michael Coit writes about the move away from the use of checks. "At Bank of the West, the fifth largest bank in California, check volumes have been cut in half since 1990 to 45 percent of all non-cash transactions today."

June 18, 2007

NetDeposit Awarded Two Patents for Electronic Check Processes

NetDeposit has announced "it has been awarded two new patents, Nos. 7,181,430 and 7,216,106, from the United States Patent and Trademark Office (USPTO) for the processes and technologies involved in remote electronic presentment of all types of checks. The patents cover NetDeposit's array of software products and services, which enable electronic check presentment and payment."

READ MORE »

May 30, 2007

Unisys to Develop Next-Generation Electronic Check Payments System

Unisys has announced it will design and help implement a new electronic check and image processing system in a consulting, software and hardware agreement with the Federal Reserve Bank of Cleveland, acting on behalf of the 12 Federal Reserve Banks.

READ MORE »

April 26, 2007

Banking Away From Banks - A Look at Remote Deposit Capture

Péralte C. Paul writes for the Atlanta Journal-Constitution about remote deposit capture. The article includes a nifty graphic explaining the process.

April 17, 2007

Bank of America's Back Office Conversion Solution

Bank of America says that its solution for NACHA's Back Office Conversion (BOC) rule has been "gaining market interest in the retail industry, fueled by its ease of use, flexibility and low implementation cost." BOC, which came into effect March 16, 2007, allows businesses to collect a check written at the checkout counter and convert it in the back office into an electronic form for deposit.

READ MORE »

April 16, 2007

JPMorgan Chase Ranked First in ACH Originations for 2006

JPMorgan Chase has announced it has been ranked as the number-one financial institution in total automated clearing house (ACH) network transactions originated for 2006 by NACHA – The Electronic Payments Association. The Bank has ranked first in ACH originations for a record 32 years in a row, since the inception of the network. JPMorgan Chase saw its ACH transactions grow to nearly 3.6 billion in 2006, an increase of 16 percent over the previous year.

READ MORE »

April 10, 2007

NetDeposit Enables Banks To Offer Back Office Check Conversion

NetDeposit has announced a new offering designed to provide financial institutions with the ability to support their commercial customers in electronically processing checks under the new Back Office Conversion (BOC) rules. NetDeposit's support of BOC provides financial institutions the tools and technology necessary for them to quickly take advantage of BOC and extend the advantages of remote deposit capture (RDC) throughout their retail and commercial markets.

READ MORE »

March 29, 2007

BITS ACH Check Conversion Risk Management Toolkit

BITS has released an ACH Check Conversion Risk Management Toolkit (PDF) to "educate financial institutions’ fraud department personnel and investigators about the benefits and risks associated with ACH check conversion." Interestingly, the report includes this comment: "The ACH network, which historically has had minimal fraud, has seen a large uptick in fraudulent transactions, similar to the various types of fraud experienced in the check environment environment."

READ MORE »

March 17, 2007

Bank of America's Back Office Conversion Solutions

Bank of America has announced that its suite of check transformation tools will allow retailers and other business clients to take full advantage of the new Back Office Conversion rule that took effect on March 16, 2007. The Back Office Conversion (BOC) rule was issued by NACHA to allow businesses to collect a check written at the checkout counter and convert it in the back office into an electronic form.

READ MORE »

March 12, 2007

BOC - New Check Conversion Method Will Fill Market Need

Back Office Conversion (BOC), the newest form of check conversion, becomes available in the marketplace on Friday, March 16, 2007 with the effective date of NACHA's rules. BOC will allow retailers and billers that accept checks at the point-of-sale or at manned bill payment locations to convert eligible checks to ACH debits in the back-office.

READ MORE »

March 06, 2007

Wells Fargo Updates Back Office Conversion Plans

Wells Fargo said today that it will become "the first financial institution in the U.S. to provide Back Office Conversion (BOC) to its business customers through multiple depository channels when new electronic check processing rules take effect March 16."

READ MORE »

January 22, 2007

Commercial Capture Solutions

Mercator Advisory Group has published a new report titled "Commercial Capture Solutions" that examines the rapid growth in check image deposits last year and the increasing use of check images for inter-bank transfers.

READ MORE »

January 16, 2007

Check 21 Webinar Next Monday

Panini, a provider of check capture solutions for the financial services industry, has announced it will be holding a webinar next Monday, January 22, 2007 at 1:30 pm EST. Debbie Howell, Senior Account Executive, Federal Reserve Bank, will present a current industry update on Check 21, including the most recent electronic check clearing data. “The growth of Check 21 is now steady and healthy,” states Howell. “The Fed has very aggressive goals for the continued electronification of paper checks during 2007.” Doug Roberts, president of Panini North America, will provide a company and product update. Registration information can be obtained by visiting Panini’s website at www.panini.com.

Checking Out Check Conversion In 2007

Terence Roche of Cornerstone Advisors writes about check conversion and the prospects for increased usage in 2006. In particular, Roche explores all of the places that capture could be used by a bank and its customers.

January 12, 2007

US Bank Plans For BOC Check Conversion

U.S. Bank has announced that it "is prepared to meet the needs of retailers and other customers who wish to take advantage of check electronification opportunities for point-of-sale (POS) payments when NACHA’s check conversion rules change for Back Office Conversion (BOC) on March 16, 2007." The bank has launched a new enhancement to U.S. Bank Electronic Check Service designed to meet the needs of multi-lane retailers by eliminating the investment in check imaging technology at the point of sale.

READ MORE »

December 22, 2006

Too Many Ways To Pay Into Too Many Systems

In an article titled 'The U.S. Payments System: Needing Consolidation, or Fine As Is?" by Christopher Westfall, Managing Editor of the KPMG Banking Insider, one senior banker is quoted as saying "right now there are too many ways to pay into too many systems." Westfall's article looks at efforts underway examining potential consolidation of US payments - in particular, convergence of the ACH and check image exchanges.

November 28, 2006

NOVA Enhances Electronic Check Service

NOVA Information Systems has announced that it has enhanced its Electronic Check Service (ECS) product to meet the needs of multi-lane retailers by eliminating the investment in check imaging technology at the point of sale (POS). ECS now combines the benefits of real-time check authorization and risk mitigation services with back-office image uploads, resulting in improved cash flow and reduced risk.

READ MORE »

November 14, 2006

NACHA's New Back Office Check Conversion Training Materials

NACHA has released resource materials that businesses and financial institutions can use to begin for training customer service staff about the new ACH check conversion application. Enabled by new NACHA rules that become effective March 16, 2007, back office conversion (BOC) allows businesses and billers that accept checks at the point-of-sale or at manned bill payment locations to convert eligible checks to ACH debits in a centralized location.

READ MORE »

October 24, 2006

Payments Convergence Driving Electronic Check Conversion

Paul Lufkin, CEO of ePayments Corp. of Denver, says "we're on the verge of a major boom in check conversion. Individual and chain retail operations along with major industry sectors such as utility and telecom companies are finally starting to grasp the benefits of electronic check conversion."

READ MORE »

October 16, 2006

SPIN: Solutran's POS and Imaging Network

Solutran has announced SPIN: Solutran's POS and Imaging Network, a back office conversion solution for check acceptors. Solutran says "SPIN has the ability to reduce fees significantly, accelerate funds availability and improve return check savings."

READ MORE »

CheckFree Streamlines Check Conversion

CheckFree has introduced a new module, CheckFree PEP+ reACH/BOC, that will enable banks to streamline the process of check conversion for their corporate customers. The new module will enable organizations to support NACHA's new Back Office Conversion (BOC) Standard Entry Class Code, which goes into effect on March 16, 2007. Back Office Conversion aligns Check 21 and Automated Clearing House (ACH) processing to facilitate best-path routing decisions on many checks presented at the point of sale.

READ MORE »

September 12, 2006

Wells Fargo Integrates ACH and ARP Systems For Business Check Posting

Wells Fargo has announced that, in anticipation of an upcoming rule change by NACHA, it will integrate its automated clearinghouse (ACH) and account reconciliation plan (ARP) systems to better identify and post converted business checks accurately to clients' accounts.

READ MORE »

September 11, 2006

The Evolution of Retail Payments

Donald L. Kohn, vice chairman of the Federal Reserve Board, is speaking today at the Western Payments Alliance 2006 Payments Symposium being held in Las Vegas, Nevada. A copy of his speech titled "Evolution of Retail Payments and the Role of the Federal Reserve" is available online.

READ MORE »

September 05, 2006

Can ACH And Image Convergence Succeed?

Steve Mott writes for Payments Strategies on the efforts by some in the banking industry to "smash together" check imaging at the point of acceptance with ACH for delivery to the check writer's financial institution. According to Mott, "the stakes are enormous as "checking" goes to the very core of every financial institution's primary customer relationships."

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