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."