San Francisco-based e-payments outfit BankServ has launched three new products for customers wishing to tranfer funds electronically.
The BankServ/Transfer product allows consumers to fund depository or brokerage trading accounts on the Web site of a host institution. Once an account has been established, customers can also transfer funds from that established account to other accounts at any bank, savings bank, or credit union in the country. Accounts are funded in 24-48 hours through the Automated Clearing House (ACH) system. Initial deposits can be made by credit card at banks.
David Kvederis, BankServ president and CEO, notes: "No one has to wait a week or more any longer for a paper cheque to arrive at the bank or brokerage house where they want to open an account."
SameDayPay allows both financial firms and businesses to create, clear and settle electronic cheques. Payments from customers to businesses are made via the ACH system. The product uses the same technology as BankServ/Transfer for financial institutions, the only difference being that the payee is the online business rather than the consumer's own account.
Money Order/Telephone Order (Motopay) provides ACH-based e-cheque services to business that take orders by mail or on the telephone. The product allows the merchant to process cheque information from the consumer via the telephone and enter the cheque data directly into BankServ's funds transfer system. Once all the data has been entered and submitted, the item is then checked for validity. If accepted, it becomes an ACH transaction.