CrossCheck, Inc., the largest privately held payment guarantee provider in the U.S. and BankServ, a nationwide electronic check conversion and verification provider, announced that they have formed a strategic alliance to provide guaranteed check conversion solutions to their existing and future customers.
J. David Siembieda of CrossCheck stated, "We are pleased to be working with BankServ to provide a guaranteed check conversion product. Their significant technical knowledge combined with our risk management expertise and strength in the marketplace will make for a solid and successful partnership. We look forward to bringing this powerful combination to our sales force and retailers."
"Itís a great opportunity to provide CrossCheck merchants with efficient, cost-effective electronic check conversion at point-of-sale and equally advantageous for BankServ, allowing us to broaden our product offering," stated Chuck Gerlach, senior vice president of BankServís Electronic Check Services Company.
As many Green Sheet readers know, check conversion at the point-of-sale electronically converts a paper check into an electronic item which is then processed through an Automated Clearing House (ACH). After a consumer authorizes the merchant to convert their check, it is scanned through a device that reads the magnetic ink imprint at the bottom and the checkís authenticity is verified by use of several databases. The check data is then electronically transmitted to BankServís data center where it is converted into an electronic funds transfer (EFT). This process benefits retailers by allowing them to consolidate their cash functions, lowers handling costs and bank fees, reduces fraud, and speeds up the delivery of check processing.
BankServ, is the nationís largest independent processor of electronic check conversion transactions at the POS. More information about BankServ can be found online at www.bankserv-usa.com.
