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Article: In electronic check meeting, views diverge on how network would be created.(National Automated Clearing House Association conference)
- Article from:
- American Banker
- Article date:
- May 2, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The National Automated Clearing House Association's first Electronic Check Council meeting made a strong case for an electronic check network, but left in question how it would be constructed and who would be the key players.
The gathering was part of an attempt to provide a forum for bankers, insurers, and retailers interested in developing systems that convert checks into electronic payments at the point of sale.
Herdon, Va.-based Nacha believes check truncation at the point of sale can reduce the more than $800 million in fraud-related losses banks
suffered last year, while also cutting costs associated with processing the 60 billion checks written ...