Finally, the new rules provide businesses with the same ability as consumers to opt-out of check conversion, and provide RDFIs the same 60-day right of return for unauthorized transactions that exists for consumer check conversions.
The existing rules for check conversion allow only consumer checks to be converted.
The new rules could also lead to greater use of check conversion, particularly ARC, by making it easier for Originators to comply with the rules.
Businesses that want to opt-out of check conversion can use check stock that contains the auxiliary on-us field.
Financial institutions offering ACH Web Client create opportunities to increase non-interest fee income and enjoy a significant cost advantage over competitors that are not capable of originating electronic check conversions.
ACH Web Client incorporates a fully integrated, industry standard desktop scanner for electronic check capture and image storage for accounts receivable/lockbox conversions (ARCs) and returned check conversion (RCK).
This low reject rate, primarily attributed to the combination of the two companies' leading data sources, translates to retailers benefiting from enhanced risk management at the point-of-sale, faster check conversions through the system, reduced back office support, better reporting to the SCAN(TM) network and improved recovery ratios.
Electronic Check Conversion Solutions Provide Superior Risk
3 /PRNewswire/ -- Deluxe Corporation (NYSE: DLX) today announced it has reached an agreement in principle to acquire eFunds Corporation to provide electronic check conversion solutions for financial services companies and retailers.
The acquisition of eFunds and its electronic check conversion technology is an important strategic fit for Deluxe as a leading payments solutions provider serving financial services companies and retailers," said Gus Blanchard, CEO of Deluxe.
Stepanik added, "CheckFree's market leadership in the transaction processing industry and their track record of consistent, high-quality systems, combined with the innovative US Dataworks solutions, makes a compelling case for large corporations to process their check conversions in-house rather than use outside service providers.
This check conversion product suite will position CheckFree to offer a complete processing package from the corporate location through the Federal Reserve Banking system.