Western Payments Alliance Case Study

Topics:
Commercial Banking
Tags:
Electronic Data Systems Corp.,
Finance,
Financial Services,
NetDeposit Inc.,
Operational Accounting,
Payment,
WesPay
Source:
Electronic Data Systems

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Overview: Western Payments Alliance (WesPay) is a private clearinghouse established in 1876 that enables member financial institutions to clear each other's checks cheaper than with the Federal Reserve. WesPay accesses EDS systems via the Internet to get reports for settlement between member financial institutions. There is no need for special equipment or software for them. EDS introduced NetDeposit Digital Check Processing Services to enable WesPay's members to move checks electronically rather than physically, which eliminates the boundaries of geography. WesPay's board passed rule changes that enabled member institutions to use NetDeposit with other WesPay members.

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