23 August 2017
Find out more

Wachovia and BankServ team for e-cheque conversion service

25 April 2003  |  3479 views  |  0 Wachovia and BankServ team for e-cheque conversion service

Wachovia Corporation has partnered with San Francisco-based payments vendor BankServ to deliver an electronic cheque conversion service to its treasury services customers.

Wachovia says the solution, called Dropbox ARC (accounts receivable conversion), will help customers collect, centralise, track and research their accounts receivable transactions.

Dropbox ARC is an Internet-enabled, image-capture and MICR scan solution for customers with both high and low payment volumes and de-centralized remittance processing operations.

BankServ will provide the Web-based software, scanning equipment and processing capability necessary for the capture of accounts receivable and chequeing account information. The vendor will then use this information to convert consumer cheque payments into Automated Clearing House debits originated by Wachovia.

David Kvederis, president and CEO, BankServ, says the solution provides customers with a simple way to direct consumer payments into accounts.

"Not only is it convenient for their (Wachovia's) customers, but the conversion from paper check to electronic debit accelerates the availability of funds," adds Kvederis.

The bank says the service complements its holistic strategy for electronic cheque conversion and supports its customers' transition from paper to electronics.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Wachovia launches Online FX platform

Wachovia launches Online FX platform

22 April 2003  |  4554 views  |  0 comments
Wachovia releases CyberImport LC Web application

Wachovia releases CyberImport LC Web application

08 April 2003  |  3047 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.dorsum.euvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
12905 views comments | 27 tweets | 23 linkedin
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
12658 views comments | 27 tweets | 66 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
11564 views comments | 22 tweets | 34 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
10746 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
10674 views comments | 10 tweets | 8 linkedin

Featured job

Find your next job