The APerspective offers commentary on industry trends and interests from AP Technology executives, John Cipriano, Senior Vice President of Financial Services, and Donovan Perkins, Senior Vice President of Business Development. Donovan and John interact daily with those shaping the direction of the nation's leading banks and payments industry forums.
NACHA's recent PAYMENTS conference provided another insight into the conflicting parts of bank product management. NACHA wants to convert checks to ACH and Banks are investing in Check Image. It doesn't sound like the various players are talking; in fact, there seems to be some jealously.
It should be interesting as we watch the roll out. So far, limiting ARC transactions to retail checks has kept transaction values small and the resulting risks are proportionately small. Getting into business check truncation to ACH will greatly increase the risks. Since consumer checks are covered by Reg E and business checks are not, one would expect a ground swell of companies adding "post no electronic debits" or its equivalent to their accounts to avoid the risk.
In any case, Bank positive pay systems will need to be upgraded to take ACH feeds from their incoming ACH cash letter systems (also check reconciliation systems). The expectation is that bank ACH product managers are remembering to make all these internal changes before they turn on business check truncation with ACH.
In a related area, it looks like remote image capture devices installed in middle market offices will be a reality. We heard stories of thousands of installations per month and a potential $100 capture device(single-pass, both sides!). Let's see what really happens; we would not bet against it.
The result: ACH is going after retailers (known for their cost-conscious solutions) and Image Capture is going after businesses directly.
On another front, we are seeing a lot of requests for file translations to and from SWIFT format. Like NACHA, SWIFT is continuously looking to move more payments to their system. (Note: SWIFT does not do payments, per se, but exchanges payment messages to effect payments.) With their new services being provided directly to businesses, we can expect to see SWIFT more and more in the future. As usual, it is starting with the largest companies and those with international dealings and then moving into the middle market.
In addition to HTTPS, some of our larger clients are requesting sFTP/FTPs transmission capability for our customer communication solution, Transporter. This was actually incorporated into product development this spring and is now standard and available with all Transporter features such as: Scheduled Operation, Desktop Icon Initiation and File Watcher.
Our Positive Pay software continues to grow - now having all of the top 10 banks using it in one form or another. We expect the first users of our new ASP version later this year.
Let us Know Your Perspective. Send your comments or editorial to Jessica Andrews at jandrews@acuprint.com for possible publication in the next issue of the Data Exchange newsletter.
Dawning of a New Era for Business
Check Printing Security
Article by AP Technology
As the number of checks being issued continues to decline, the remaining checks are now of higher value and have legal significance. These checks are also required on timely basis. Interestingly, as many companies shrink their check writing departments, facilities and controls, the real requirement for highly secure and efficient check production is growing.
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California Bank & Trust Finds Strategic Alliance with AP Technology to Enhance their Remote Deposit Offering
In today's marketplace, the measuring stick customers are using to determine a fit with your products is ease-of-use. Ease-of-use describes not only how easy a technology is to use every day, but also how easy it is to get up and running.
John Russell, CTP, Senior Vice President & Director of CB&T, "Using AP Technology to service our clients' Remote Deposit technical installation requirements was a logical choice. By using AP Technology we have freed up our own implementation personnel and leveraged AP's capabilities. AP Technology has over 17 years of experience successfully installing payment software on customer computers. Their stellar technology and customer service record provides an excellent foundation for our Remote Deposit system to flourish and generate significant customer satisfaction."
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NEWS: Bank of Oklahoma Financial to Offer Corporate
Clients Secure, Unattended File Exchange in Alliance with
AP Technology
"Now our banking clients have an easy way to streamline the daily task of exchanging files with us. Transporter software has been well-received by our corporate customers, and AP Technology is fully servicing each new installation and providing ongoing customer support. The Transporter solution has not required any technology changes at the bank; it has simply enhanced our corporate offering and its revenue potential by easing client implementation and usage. The flexibility and scalability of the Transporter solution has also allowed us make improvements to our website while maintaining a seamless file-delivery connection to our corporate clients," states Scott Smith, VP and manager of Product Development at Bank of Oklahoma.
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NEWS: Advanced Security Options Reducing Risk:
AP Technology Forms Partnership with Keneisys
AP Technology has formed a partnership with Keneisys Corp., the creator of Virtual StrongboxT (VSBT) Technology, to deliver financial data exchange applications that will create a new standard for data security. AP Technology and Keneisys will offer patent-pending technology designed to keep data confidential, ensure data integrity, and provide tamper-proof auditing in seamless, automated product offerings, such as AP Technology's Transporter software designed for unattended financial data exchange.
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AP Technology Support Goes Live!
Live Support Chat Now Available
In the interest of providing highly-accessible and superior customer service to our customers, AP Technology now offers Live Online Support. We have found that many customers prefer accessing technical support via the web and are enjoying the instant gratification and human interaction of live online assistance.
Visitors simply click on the Live Support icon on the AP Technology website to open a private messaging window where they can type their question or request. The customer receives immediate feedback via real time text messaging from a trained technical support representative.
In this world of automated, touch-tone customer help systems, the ability to chat with a live person through a website is a stand-out capability. This is just one more way that AP Technology shows its commitment to customer satisfaction and service.
Live Chat is available during AP Technology's regular technical support hours, 7am - 5 pm PST.
Secure, Remote Client Printing of Cashier and Certified Checks: The SecureCheck Solution for Banks
It's here! Banks can now remotely issue cashiers and certified checks right in a customer's office using all the security features and workflow/notifications controls available in the SecureCheck MICR check printing system. Today banks are enhancing their corporate services with secure remote check issuance - saving their clients time and money and improving security through decreased check handling.
For more information on the SecureCheck Remote Check Printing System, contact John Cipriano or Donovan Perkins at 800-652-2877 or sales@aptechnology.com.
Industry News
Banks Intensify Watch for Counterfeits
Posted June 2, 2006
From East Bay Business Times
Delta National Bancorp in Manteca discovered that a thief had cashed a counterfeit check bearing the bank's routing number at a local grocery store ... drawn on a Delta National account, but ... had a seven-digit account number ...
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AFP Releases Payments Risk Survey
Released February 2006
Survey finds 67% of organizations that successfully defended themselves from check fraud cite positive pay or reverse positive pay as the fraud control measure most responsible for loss prevention.
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To Protect Yourself from Check Fraud, Don't Give Out Banking Information
Posted Sunday, May 28, 2006
By Gail Liberman & Alan Lavine/ Money Sense
New Federal Reserve rules on July 1 should help curb fraud resulting from a special type of ... checks, often used by telemarketers, require no handwritten endorsement to deposit.
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Check it Out
Posted June 7, 2006
By Carolyn E. Mayer/Washington Post
Trying to sell his 1968 Mustang online, John Schaefer received what appeared to be a firm offer from an overseas classic-car dealer.
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Product FAQ
Transporter software from AP Technology allows your clients to have unattended interaction with your bank's cash management website or online treasury system to easily gather and submit the information they require.
Q: What is involved for a bank client to begin using Transporter?
the ANSWER
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AP Technology
Headquartered in Carlsbad, California, AP Technology is focused on creating products that automate secure connections between businesses and banks.