The Clearing House and the Western Payments Alliance have signed a letter of intent to pursue combining their checking services functions. The move is the first step in the overall strategy of creating a national check clearing and settlement organization. ‘The proposal is an important step, especially in the face of Check 21,’ said Dennis Toda, Vice President, Operational Integrity of WesCorp FCU and Chairman of WesPay. ‘It provides the scale and efficiency of a strong national system with a regional touch.’ The Clearing House, through the National Check Exchange, processes 4 million transactions per day totalling $7.8 billion for its 35 participants in the Northeast. WesPay’s checking services function clears more than 7 million transactions totalling $7 billion in daily value among its 21 participants. ‘The proposal is consistent with the industry’s need to rationalize and standardize industry infrastructure,’ said Nicholas Alex, Senior Vice President/Director of Global Products & Strategy for Bank of America. Paper check volume is declining at a 3-5 per cent annually as payments are becoming increasingly electronic. The passage of Check 21, which allows for images to be exchanged instead of paper, will accelerate the decline in the number of paper checks processed.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more