CheckFree Corporation has introduced the PEP+ reACH/BOC module that aims to enable banks to streamline the process of cheque conversion for their corporate customers.
CheckFree says the module will enable organisations to support NACHA’s new Back Office Conversion (BOC) Standard Entry Class Code, which goes into effect on 16 March 2007. Back Office Conversion aligns Check 21 and Automated Clearing House (ACH) processing to enable best-path routing decisions on many checks presented at the point of sale.
Growth in the BOC sector is expected to be significant in the near future, with estimates that market adoption will reach three billion back-office conversions in the next five years, delivering a five-year net benefit to the banking industry of USD 320 million, according to the National Automated Clearing House Association (NACHA), The Electronic Payments Association.
“CheckFree’s goal, as embodied in our Applied Operational Intelligence approach, is to continually deliver innovation to our customers in response to growing marketplace needs and ever-changing regulations,” says Esther Pigg, the vice president of global product management at CheckFree Software. “As a result, we can increase the value of the ACH processing and cheque conversion applications that customers already have in place from CheckFree. CheckFree’s new PEP+ reACH/BOC module strategically positions our customers for current and future cheque conversion initiatives with the secure, proven and scalable PEP+ reACH infrastructure, and further aligns cheque, Check 21 and ACH processing.”