First National extends Echo e-cheque contract
31 January 2003 | 3098 views | 0
First National Merchant Solutions, a subsidiary of First National Bank of Omaha, has renewed its electronic cheque services contract with e-payments provider Electronic Clearing House (Echo).
The agreement is part of the Visa point-of-sale (POS) cheque services programme which converts paper cheques into electronic transactions, enabling merchants to receive immediate online authorisation.
Cheques drawn against participating member banks in the programme are processed and settled electronically by Visa while cheques from other banks are routed to Echo for processing and settlement.
First National first piloted the cheque service in 2001, which it branded CompletePay.
Susan Rue, product manager, First National Merchant Solutions, says both Visa and Echo have worked with the bank in building a customisable processing platform.