EDS and the Western Payments Alliance (WesPay) are rolling out a new digital image cheque truncation service to US financial institutions.
The new service, developed by Zions Bancorporation and licensed exclusively by EDS, will enable financial institutions to convert paper cheques into digital images for processing by passing the digital image to the receiving financial institution.
The service aims to significantly reduce expense and time delays in the physical movement of cheques by ground and air transportation, say the companies, as well as combat fraud.
WesPay member institutions Union Bank of California, Zions Bank, First Hawaiian Bank, Nevada State Bank, California Bank & Trust, California Federal Bank, and WesCorp are among the first to implement the new service.
James Pitts, director of EDS payment services, says: "Backed by the resources of EDS, we plan to aggressively roll out this system to other regional associations over the next 12 months."