CheckFree Software has introduced e-Check Bridge(TM), a software module that links two of its bank operation solutions, CheckFree PEP+(R) and CheckFree ARP/SMS(TM). The new application aims to ensure that converted corporate checks do not bypass the positive pay process. By comparing original check information to the electronic transaction, e-Check Bridge aims to mitigate risk and bridge the gap between the Automated Clearing House (ACH) processing platform, check reconcilement and positive pay fraud detection systems in corporate check conversion.
In 2004, 1.25 billion ARC transactions were processed, representing 488 percent annual growth, according to NACHA. While corporate checks are not eligible for conversion under current ACH operating rules, many checks drawn off of corporate accounts are physically similar to consumer bill payment checks. Today, corporate checks are often inadvertently converted, and with transaction volumes continuing to climb, the number of converted corporate checks is projected steadily increase.
“To accommodate check conversion for corporate items, Wachovia needed to deploy a solution that could blend our electronic transactions and paper check processes while maintaining the high level of information, fraud protection, and systems integration our clients expect,” said Suzy Yoder, senior vice president of Integrated Disbursements at Wachovia Corporation. “CheckFree’s e- Check Bridge software was the right solution to help the bank mitigate risk and meet our clients’ demands.”