SAN DIEGO – During its recent PAYMENTS 2006 conference, NACHA announced the approval an amendment to its operating rules to permit retailers and billers that accept checks at the point-of-sale to convert eligible checks to ACH debits in the back office.
"Back-office conversion will enable financial institutions to provide additional value to their customers in a business environment where many checks are still used," Steve Ellis, NACHA chairman and executive vice president of Wells Fargo's Wholesale Banking Group, said. "As consumers and businesses continue to move from cash and checks to electronic forms of payments, financial institutions continue to find opportunities to provide their customers with value-added electronic services to collect checks."
This back office conversion rule becomes effective March 16, 2007.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
