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CheckFree and Wausau Offer Electronic Check Conversion Solution

Tuesday 23 March 2004 15:34 CET | News

CheckFree ACH Solutions and Wausau Financial Systems (WFS) have integrated CheckFrees accounts receivable conversion (ARC) software solution, PEP+ reACH, with WFS ImageRPS remittance platform to provide ARC services to WFS billing customers.WFS has been building its leadership position for remittance processing solutions for more than 10 years. Over the past four years, WFS has seen customer interest in check conversion implementations rise dramatically. In order to meet this growing demand, WFS leveraged their experience as the first remittance solution vendor to implement an ARC solution. The WFS software platform processed the first live ARC transactions in the United States and has originated nearly 50 percent of all ARCs since its inception in March 2002. At the core of this solution is CheckFree Financial Institution File (FIF) for ARC eligibility and conversion processes. The ARC process flow parallels the same general process as electronic bill payment. As a result of the CheckFree Financial Institution File, billers can operate at the highest levels of efficiencies for ARC conversion by maximizing the total number of eligible items converted and minimizing the number of returns due to administrative reasons. With the development already completed, both companies report that billers are already in the implementation phase with the joint solution. This integration of solutions will expedite the installation for billers, allowing them to reap the benefits sooner. This speed-to-market is important in light of recent changes in payment strategies, since ARC provides a proven solution that can jump start a companys check electronification strategy today.

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

Payments & Commerce