The bank said it will be utilizing ACH Direct services to expand its product line, which is expected to include multiple payment billing, check conversion, remote deposit and verification applications.
A state-of-the-art billing application will be based on ACH Direct’s Virtual Terminal product, a web-based platform for processing electronic payments. BillDirect aims to facilitate the scheduling of transactions and supports the processing of credit card, debit card and electronic check (ACH/ATM) transactions, which can be processed in real time or scheduled to occur on future dates.
In addition, ACH Direct said it will also offer a check conversion application which it says will allow customers to convert paper checks to electronic transactions in an effort to increase collection speed and reduce costs. The verification product utilizes both local and nationwide databases with the aim of validating accounts, identifying negative check writers and verifying funds, which the bank hopes will reduce risk.
