Open Solutions Expands Compliance
Glastonbury, Connecticut – (The Hosting News) – March 19, 2007 – Web host and integrated enabling financial technologies firm, Open Solutions, has expanded its remote deposit capture services to include back office conversion (BOC) and accounts receivable conversion (ARC).
New BOC operating rules issued by the National Automated Clearing House Association (NACHA) and the Electronic Payments Association become effective on March 16, allowing merchants and businesses to convert eligible checks to ACH transactions during back office processing rather than at the point of purchase. Similarly, mailed payments received by merchants can be converted to the ARC format and transmitted as an ACH file to their financial institution for processing.
Marcell King, Vice President and Co-general Manager of Open Solutions Imaged Payment Technologies Group remarked, “As the newest forms of check conversion, BOC and ARC will significantly benefit financial institutions, retail merchants and billers by virtually eliminating geographic boundaries and streamlining electronic check deposits into a single process. Open Solutions is prepared for the BOC rule changes. Our financial institution clients will reap the benefits of faster funds availability, better commercial business services, reduced check processing costs and more accounting controls.
Designed to provide the ”best clear option,” BOC functionality allows business customers to choose from a Check 21 format or ACH format. To minimize exceptions, Open Solutions’ remote deposit capture solution automatically detects ineligible ACH items and converts them into Check 21 format. Open Solutions’ financial institution clients have already begun beta testing the new BOC and ARC functionality with their customers.
According to NACHA estimates, as many as 3.2 billion checks were converted into ACH payments in 2006 representing an increase of 36 percent over 2005. The existing form of check conversion in use at many retail locations grew by an estimated 60 percent in 2006.
Open Solutions Inc. offers a product platform designed to integrate core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, web hosting and design, and payment and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States and Canada to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
To learn more about Open Solutions, please visit: www.opensolutions.com.