CheckFree and NetDeposit Deliver ARC and Electronic Check Solutions

Tuesday 23 March 2004 10:06 CET | News

CheckFree ACH Solutions and NetDeposit have teamed to provide corporate billers and remittance processors with a comprehensive, electronic check processing solution for accounts receivable conversion (ARC) and truncation of all lockbox checks.

CheckFree and NetDeposits initiative will leverage the combined power of CheckFrees leading accounts receivable conversion solution, PEP+ reACH with the NetDeposit Decision Gateway. The Decision Gateway acts as an intelligent rules-based engine that allows organizations to determine the optimum electronic check payment channel at the item level -- Automated Clearing House (ACH), Image Replacement Document (IRD) or Image Exchange (IE) -- based on a number of business rules tailored for each customer and its bank. The NetDeposit Decision Gateway will identify and convert eligible ARC items into an ACH format, and the payments will be sent to CheckFree for processing. For corporate billers, remittance processors and financial institutions that already use ARC solutions with PEP+ reACH, CheckFree can now offer additional check truncation services for all other lockbox paper check items that cannot be converted today. NetDeposit will integrate capabilities from CheckFrees ARC solution, PEP+ reach, to offer customers CheckFrees leading ARC solution, alongside its other electronic payment channels, Image Exchange and IRDs. NetDeposits customers can leverage check imaging to potentially truncate all checks and remove the paper from the clearing and settlement processes. These items can be routed through an image exchange network, or through a nationwide IRD print network. This combination of solutions and choice of payment channels offers large billers and remittance processors expedited processing and clearing of payment items, greater cost efficiencies in remittance operations as well as optimized funds availability and reduced transaction risk across a single platform.

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Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce