20 February 2018
visit www.nextgenbanking.co.uk/

EFunds expands Check 21 product line

17 January 2006  |  1494 views  |  0 Source: EFunds

eFunds Retail Risk Solutions (NYSE:EFD) announced today an expansion of its Check 21 product suite by offering eXpress Deposit, a hosted Check 21 and Check Conversion solution for retailers, banks, and remittance processors.

Building on the eFunds 30-year history in check authorization, ATM processing and ACH processing, eXpress Deposit solutions provide check acceptors the ability to safely and expediently process their check deposits via the most cost effective method.

"The market is looking for ways to reduce its overall payment costs, including those associated with check acceptance and deposits," commented Rahul Gupta, Senior Vice President, Payment Account Solutions at eFunds Corporation. "This new service, combined with our recently released end-to-end ATM check image product, continues to demonstrate eFunds' leadership in creating solutions that allow financial institutions and retailers to reduce costs through Check 21 Legislation."

The Federal Check Clearing for the 21st Century Act (Check 21) went into effect in October 2004, allowing the creation of digital images of checks for deposit. By leveraging Check 21 and the ACH network, eXpress Deposit provides check acceptors with a tool to evaluate each check and determine the best route to clear that check using such factors as risk, ACH eligibility, depository costs, settlement windows, and float. Additionally, for returned checks, eXpress Deposit determines the most cost effective way to handle the item, thereby maximizing recovery efforts, involving such features as resubmission timing and Notification of Change integration.

"By adding eXpress Deposit to our set of check acceptance and settlement solutions, we are able to provide a systemic approach to reducing the overall costs of check acceptance," said Michael Bates, Director of Transaction Risk Solutions for eFunds. "The ability for check acceptors to easily combine risk management strategies, deposit strategies and recovery strategies allows them to most effectively manage their check processing with one turnkey approach."

eXpress Deposit provides check deposit services for retail back office, remittance processing, point of sale, internet checks, and telephone. It is fully integrated into the eFunds Retail Risk Solutions' current line of check related products.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.nextgenbanking.co.ukVisit http://info.nice.comVisit www.vasco.com

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11826 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9501 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9278 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
8071 views comments | 13 tweets | 12 linkedin
FCA explores creation of global sandboxFCA explores creation of global sandbox
7350 views comments | 19 tweets | 18 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job