CheckFree Corporation today introduced a new module, CheckFree® PEP+® reACH/BOC, that will enable banks to streamline the process of check conversion for their corporate customers. The new module will enable organizations to support NACHA’s new Back Office Conversion (BOC) Standard Entry Class Code, which goes into effect on March 16, 2007. Back Office Conversion aligns Check 21 and Automated Clearing House (ACH) processing to facilitate 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 $320 million, according to the National Automated Clearing House Association (NACHA) – The Electronic Payments Association.
With BOC rules incorporated into CheckFree’s PEP+ reACH/BOC solution, financial institutions can now convert eligible checks presented at the point of sale to ACH transactions for deposit. This streamlined approach reduces costs associated with items deposited through image exchange and those printed as Image Replacement Documents (IRDs), while increasing ACH origination.
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