23 February 2018
Visit www.capgemini.com/worldreports

Marshall & Ilsley Bank joins Electronic Check Clearing House Organisation

08 December 2004  |  479 views  |  0 Source: Metavante

M&I Marshall & Ilsley Bank (M&I), an affiliate of Marshall & Ilsley Corporation (NYSE: MI), today announced that it has joined the Electronic Check Clearing House Organization (ECCHO), a 14-year-old, non-profit national clearinghouse with the primary objective of supporting the use of technology to enhance the check payment system.

Paul T. Danola, Metavante Corporation senior executive vice president and group executive of its Financial Services Group, will represent M&I on the ECCHO board of directors. Metavante is the financial technology subsidiary of Marshall & Ilsley Corporation.

"As a participant in two national check image exchange networks and a provider of related technologies to financial institutions, through our ECCHO membership we look forward to driving adoption of common rule sets and procedures among exchanges," said Danola. "An 'open and interoperable' environment among exchanges will be a catalyst for financial institutions to realize reductions in check processing costs and an expanded capability to serve customer needs."

"ECCHO is very pleased with M&I Bank's decision to join ECCHO," said David Walker, ECCHO President. "With the passage of Check 21, a key legal constraint has been eliminated freeing a popular legal instrument, the check, to use technology to support its evolution. M&I's investment in technology companies such as Metavante, VECTORsgi, and Advanced Financial Solutions supports the transition to a more efficient payment system. The use of technology in conjunction with a single set of image exchange rules accelerates the achievement of significant value for all financial institutions."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.swift.com/your-needs/instant-paymentsRegister for the webinarVisit http://info.nice.com

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
10522 views comments | 14 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
9796 views 3 | 8 tweets | 1 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
8868 views comments | 13 tweets | 13 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
7587 views comments | 15 tweets | 26 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job