ACH Check Conversion Article from The Green Sheet

So, I had my first e-check transaction last month. That's pretty amazing, considering e-checks (i.e., checks that are converted to electronic payments and cleared through the automated clearing house, or ACH) have been a POS payment option for almost a decade.

- Patti Murphy, Senior Editor of The Green Sheet and President of The Takoma Group

Ms. Murphy interviewed Dave Kvederis, President and Chief Executive Officer of BankServ for the April 24, 2006 issue of The Green Sheet. In the interview, Mr. Kvederis, former Chairman of NACHA, the Electronic Payments Association compares check conversion to the adoption process of ATMs. He bets in 10 years, no businesses will be going to the bank to deposit checks. The article also mentions that at last count, the Fed reported that 37 billion consumer and business checks cleared.

If you're a bank or financial institution, you know that also means at least twice as many transactional messages to go along with those checks as well as the work keeping up with compliance and software routines like OFAC list updates and upgrades.

BankServ manages every part of the electronic payment cycle allowing business customers, member associations and institutions alike the ability to process payments and wire transfers online and over the phone; capture and process check deposits and manage international currency and transactions more fully than anyone on the planet.