DirectFED Payment Solutions Incorporates Intuit's National Check Network to Provide Combined Check Verification and Remote Deposit Solution
Poster: SySAdmin
Posted on March 2, 2010 at 9:42:01 AM
DirectFED Payment Solutions Incorporates Intuit's National Check Network to Provide Combined Check Verification and Remote Deposit Solution
LOS ANGELES, March 2 -- DirectFED Payment Solutions today announced that the company has incorporated Intuit's National Check Deposit Network("NCN") check verification to provide one of the first integrations of Check21 remote deposit with a leading verification service. This new service allows other organizations, such as check cashers, to provide real-time authorization at the point of sale while incorporating Check21 services instead of paper checks or using the Fed's Automated Clearing House ("ACH").
(Logo: http://www.newscom.com/cgi-bin/prnh/20100226/NY61423LOGO)
Intuit's National Check Deposit Network (NCN) is one of the premier check payment services in the nation offering one of the largest databases of check information. NCN is recognized as a leader in providing wholesale check management services and is continually building on its solid partnerships with retailers, grocers, ACH processors and financial institutions.
"Although the ACH has a proven place in electronic debit and Electronic Fund Transfer System (EFTS), space, Check21 continues to grow and we are working to provide the best possible, most streamlined solutions, now including Intuit's nationally-recognized National Check Deposit Network, for Check21 users," said Jeff Korbin, Executive Vice President of DirectFED Payment Solutions. "In addition, Check21 is considered to be superior to the ACH in terms of quality because the check writer still gets to see an image of the check while an ACH transaction is reduced to a single line with little transaction detail."
Having processed more than seven million checks totaling more than $6 billion in transactions, DirectFED Payment Solutions is already the global leader in client-focused Remote Deposit Capture.
Remote Deposit Capture allows a business user to scan a check at the office and transmit the scanned image to a bank for posting and clearing, rather than relying on a bank lockbox service or having to physically deliver the check to the bank. This practice became legal in the United States in 2004 when the Check Clearing for the 21st Century Act (or Check 21 Act) took effect. The act made the digital image of a check legally acceptable for payment purposes, just as with a traditional paper check.
"Remote Deposit Capture is one of the fastest-growing trends in the banking industry because the process allows businesses to avoid the costly use of paper and allows check processing to be completed more quickly and efficiently," added Korbin. "By adding a verification service to our existing platform DirectFED Payment Solutions will now be able to offer our clients the ability to receive instant authorization and receive payments the same day with no middleman or broker."
DirectFED Payment Solutions' revolutionary remote deposit system was designed to improve company or organization's profitability by processing checks with unmatched speed and accuracy, delivering cash within 12 hours and reducing bank fees and handling expenses. The patented suite of products provides unique solutions for improving efficiency and profitability for businesses including multinationals, small enterprises, not-for-profits, municipalities and all types of financial service institutions.
About DirectFED Payment Solutions
DirectFED Payment Solutions was founded as Skyline's DirectFED in 2004. The company is the first business-centric processor performing Remote Deposit Capture for a wide range of companies and organizations. Skyline's DirectFED was created to take advantage of the benefits created by Congress passing The Check Clearing for the 21st Century Act ("Check 21"). Skyline's DirectFED goals for our customers are to optimize float to their advantage, reduce bank fees, and provide significant back-office savings by using the new laws and technology to their advantage. Our patent-pending suite of products provide unique solutions for businesses that range from multinationals to small enterprises, not-for-profits, municipalities, and all types of financial institutions. For more information, visit http://www.directfed.com.
Photo: http://www.newscom.com/cgi-bin/prnh/20100226/NY61423LOGO
Source: DirectFED Payment Solutions
CONTACT: Laura Finlayson, Beckerman, lfinlayson@beckermanpr.com,
+1-201-465-8007
Web Site: http://www.directfed.com/
LOS ANGELES, March 2 -- DirectFED Payment Solutions today announced that the company has incorporated Intuit's National Check Deposit Network("NCN") check verification to provide one of the first integrations of Check21 remote deposit with a leading verification service. This new service allows other organizations, such as check cashers, to provide real-time authorization at the point of sale while incorporating Check21 services instead of paper checks or using the Fed's Automated Clearing House ("ACH").
(Logo: http://www.newscom.com/cgi-bin/prnh/20100226/NY61423LOGO)
Intuit's National Check Deposit Network (NCN) is one of the premier check payment services in the nation offering one of the largest databases of check information. NCN is recognized as a leader in providing wholesale check management services and is continually building on its solid partnerships with retailers, grocers, ACH processors and financial institutions.
"Although the ACH has a proven place in electronic debit and Electronic Fund Transfer System (EFTS), space, Check21 continues to grow and we are working to provide the best possible, most streamlined solutions, now including Intuit's nationally-recognized National Check Deposit Network, for Check21 users," said Jeff Korbin, Executive Vice President of DirectFED Payment Solutions. "In addition, Check21 is considered to be superior to the ACH in terms of quality because the check writer still gets to see an image of the check while an ACH transaction is reduced to a single line with little transaction detail."
Having processed more than seven million checks totaling more than $6 billion in transactions, DirectFED Payment Solutions is already the global leader in client-focused Remote Deposit Capture.
Remote Deposit Capture allows a business user to scan a check at the office and transmit the scanned image to a bank for posting and clearing, rather than relying on a bank lockbox service or having to physically deliver the check to the bank. This practice became legal in the United States in 2004 when the Check Clearing for the 21st Century Act (or Check 21 Act) took effect. The act made the digital image of a check legally acceptable for payment purposes, just as with a traditional paper check.
"Remote Deposit Capture is one of the fastest-growing trends in the banking industry because the process allows businesses to avoid the costly use of paper and allows check processing to be completed more quickly and efficiently," added Korbin. "By adding a verification service to our existing platform DirectFED Payment Solutions will now be able to offer our clients the ability to receive instant authorization and receive payments the same day with no middleman or broker."
DirectFED Payment Solutions' revolutionary remote deposit system was designed to improve company or organization's profitability by processing checks with unmatched speed and accuracy, delivering cash within 12 hours and reducing bank fees and handling expenses. The patented suite of products provides unique solutions for improving efficiency and profitability for businesses including multinationals, small enterprises, not-for-profits, municipalities and all types of financial service institutions.
About DirectFED Payment Solutions
DirectFED Payment Solutions was founded as Skyline's DirectFED in 2004. The company is the first business-centric processor performing Remote Deposit Capture for a wide range of companies and organizations. Skyline's DirectFED was created to take advantage of the benefits created by Congress passing The Check Clearing for the 21st Century Act ("Check 21"). Skyline's DirectFED goals for our customers are to optimize float to their advantage, reduce bank fees, and provide significant back-office savings by using the new laws and technology to their advantage. Our patent-pending suite of products provide unique solutions for businesses that range from multinationals to small enterprises, not-for-profits, municipalities, and all types of financial institutions. For more information, visit http://www.directfed.com.
Photo: http://www.newscom.com/cgi-bin/prnh/20100226/NY61423LOGO
Source: DirectFED Payment Solutions
CONTACT: Laura Finlayson, Beckerman, lfinlayson@beckermanpr.com,
+1-201-465-8007
Web Site: http://www.directfed.com/