The program will be integrated with the bank’s in-house bill payment warehouse in the hope that it will provide processing efficiencies, increase electronic rates and reduce claims with daily updates to biller directories.
In addition, the bank will implement a bank draft model for increased check processing controls with checks drawn from their own checking accounts.
Banks can support their own payment warehouse if they have access to daily updated biller directories, said Ron Averett, president of Princeton eCom. We realized this was going to be critical to the industry and dedicated ourselves to providing a solution that would give the benefits of an outside payment processing solution with the data control and cost savings the Banks need.
