MINNEAPOLIS--(BUSINESS WIRE)--Jan. 12, 2007--U.S. Bank is prepared
to meet the needs of retailers and other customers who wish to take
advantage of check electronification opportunities for point-of-sale
(POS) payments when NACHA's check conversion rules change for Back
Office Conversion (BOC) on March 16, 2007. U.S. Bank is showcasing its
portfolio of advanced check processing products at the National Retail
Federation's 96th Annual Convention and Expo in New York City, Jan.
The bank has launched a new enhancement to U.S. Bank Electronic
Check Service designed to meet the needs of multi-lane retailers by
eliminating the investment in check imaging technology at the point of
"Our Electronic Check Service for multi-lane retailers is just one
example of U.S. Bank's overall strategy to support electronic
processing of point-of-sale payments," said Stephanie Schmitt, vice
president, treasury management product management at U.S. Bank.
"Previous point-of-purchase check conversion rules posed significant
cost and operational hurdles for retailers. With the upcoming rule
change regarding back office conversion, many of those obstacles will
be eliminated, giving retailers access to exciting new opportunities
for payment processing efficiency."
The new enhancements to Electronic Check Service allow multi-lane
retailers to use existing MICR technology to perform real-time
financial authorizations at the point of sale, which lowers the risk
associated with accepting checks and improves cash flow. A high-speed
imaging device in the retailer's back office uploads batches of check
images at the end of the day, joining the image data with the original
transaction detail and eliminating the need to manually reconcile
point-of-sale activity with transaction data in the back office. Funds
are deposited in as little as 24 hours and all exception handling is
automated, eliminating the associated labor and fees for retailers.
Electronic Check Service is the only product in the marketplace
that automatically leverages three processing methods: direct DDA
access, ACH processing, and the banking network adhering to Check 21
regulations. It automatically determines the appropriate processing
method without clerk manipulation at the point of sale.
Developed in partnership with NOVA Information Systems, a U.S.
Bancorp subsidiary, U.S. Bank Electronic Check Service allows
merchants to choose the level of service that is most appropriate for
their business - from guaranteeing payments to verifying and
collecting funds to strictly converting checks to electronic payments.
Retailers using U.S. Bank for credit and debit card processing further
benefit by having one point of contact for all their payment
To further support BOC, U.S. Bank is piloting a new Web-based
version of its popular On-Site Electronic Deposit remote deposit
product, which allows customers to scan and process all incoming
checks in a back-office environment. It includes automated
data-capture capabilities that minimize the data entry tasks
associated with keying in check dollar amounts. On-Site Electronic
Deposit gives businesses with multiple stores or branches a way to
quickly prepare, approve and electronically send deposits to the bank,
without making a trip to a branch. This can be either done from each
store or branch location, or from one central location.
For customers using in-house technologies for image and check data
capture, the U.S. Bank Electronic Cash Letter Deposit service will be
upgraded to process BOC transactions. Electronic Cash Letter Deposit
allows customers to send a file of MICR data with or without check
images for clearing through ACH and/or check processing systems.
"We are currently planning pilot projects with customers
interested in implementing electronic check processing products before
the new rules go into effect on March 16, 2007," said Schmitt. "We are
already seeing a high degree of interest in the industry, with
customers eager to select a BOC solution, establish their operational
processes and get comfortable with the technology. On March 16, they
want to be ready to process eligible checks through Back Office
U.S. Bancorp (NYSE:USB), with $217 billion in assets, is the 6th
largest financial holding company in the United States. The company
operates 2,467 banking offices and 4,943 ATMs, and provides a
comprehensive line of banking, brokerage, insurance, investment,
mortgage, trust and payment services products to consumers, businesses
and institutions. U.S. Bancorp is the parent company of U.S. Bank.
Visit U.S. Bancorp on the web at usbank.com.
CONTACT: U.S. Bank
Jennifer Wendt, Media Relations, 612-303-0731
SOURCE: U.S. Bank