ABA Banking Journal - November 2007 - (Page 65)

SPECIAL ADVERTISING SECTION ABA Banking Journal’s White Paper for November 2007: ID Fraud Solutions EXECUTIVE SUMMARY For the full article go to http://www.ababj.com/wpaper07.html Back Office Conversion (BOC) Using ACH By Trudy Lotter & Sam Goldbach Sr. Technical Product Managers www.wausaufs.com • 715.359.0427 T he United States payment system continues to evolve, as check payment volumes decline and electronic payment volumes increase. The industry is experiencing tremendous growth in electronic exchange. At the earliest Point of Presentment, checks are being captured and electronically cleared using image exchange or ACH conversion. The Automated Clearing House (ACH) network is a highly reliable and efficient nationwide batch-oriented electronic funds transfer system governed by the NACHA Operating Rules, which provide for interbank clearing of electronic payments for participating depository financial institutions. The ACH network process provides significant economies of scale and offers faster processing than paper checks, which must be physically handled and transported. Instead of using paper to carry necessary transaction information, ACH transactions are processed electronically between financial institutions using specified formats. The introduction of Back Office Conversion (BOC) in 2007 brings significant opportunities for WAUSAU and our customers to continue our leadership in payment processing. BOC provides the ability to convert retail and walk-in payments that meet eligibility requirements to ACH. It is anticipated that BOC could process more items than Point of Presentment (POP) and Accounts Receivable Conversion (ARC) combined. ACH conversion brings with it simple, but valuable benefits for consumers, financial institutions and remittance processors. These benefits include rapid funds collection, reduced paper processing costs, related inefficiencies and fewer transaction errors. In addition, early fraud detection and prevention capabilities mitigate losses typically incurred from delayed processing. As commerce moves toward complete electronification of payments, financial institutions and remittance processors are uniquely positioned to take full advantage of the cost savings and efficiencies of ACH. By deploying new technology solutions such as an enterprise transaction processing methodology, institutions can experience new expense reductions and efficiencies once thought impossible. WAUSAU anticipates the number of checks being converted to ACH will continue to grow significantly over the next few years. WAUSAU’s flagship remittance application, ImageRPS, was the first remittance software solution in the United States to participate in a complete live ARC ACH production environment. Currently, WAUSAU customers perform over 30% of all ARC conversions processed in the United States. WAUSAU is expanding ACH capabilities to include the new BOC opportunities to enable our customers utilizing corporate capture to take full advantage of ACH conversion. This white paper examines the leading ACH check conversion options and how WAUSAU’s technology and customers are taking maximum advantage of the efficiencies of ACH. About WAUSAU WAUSAU is a premier provider of payment and remittance processing solutions, serving businesses of all types to develop strategies that move money faster. With its products, services and consulting, WAUSAU works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WAUSAU’s innovative solutions provide results for a wide range of organizations including financial institutions, insurance companies, utilities, retail businesses and governmental agencies. Find more information about WAUSAU at www.wausaufs.com. www.ababj.com/subscribe.html ABA BANKING JOURNAL/NOVEMBER 2007 65 http://www.ababj.com/wpaper07.html http://www.wausaufs.com http://www.wausaufs.com http://www.wausaufs.com http://www.ababj.com/subscribe.html

Table of Contents Feed for the Digital Edition of ABA Banking Journal - November 2007

ABA Banking Journal - November 2007 Contents Editor’s Column Briefing: Good News for Mortgages Sleight of Mind N.Y. Hiring Bonanza May Be Bane Snapshot: A Look at Held-For-Investment Loan Growth ABA Resources ABA Chairman’s Position “The Moose Bank” Thrives on Manufactured Housing Loans Finding the Middle Way for Your Bank’s Retirement Program Pass the Aspirin Cover Story: Self-Service Steps Up DIY U.K. Style Marketing to Millennials Getting Real With “Gen Wired” Ethnic Marketing: Disinterested Banking Getting Good at Global Sourcing Case in Point Turn Compliance on It's Head Banker’s Mart To Advertise/Index of Advertisers The Economy

ABA Banking Journal - November 2007

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