VISA Getting In The Check Game?
Look who's getting into the check business. VISA has just announced that its board has approved taking an equity position in PSN, (Payment Solutions Network, Inc.) a leading electronic check presentment company (ECP).
Each year 60-plus billion checks are written in the United States, and checks continue to grow at a 2% annual rate.
According to industry pundits, the fact that check processing costs may well be costing as much as $8 billion per year, ECP may well be the answer to a serious cost question.
The savings to be realized by electronic check presentment can be a major savings to banks, and may well lengthen the life of the paper mechanism. Who would of thought that a Major Credit player would take an interest in checks?
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