The Technology Solution That Closed the Distance on Check-Clearing: Western Payments Alliance Finds a Better Way to Bring Its Members Together

Topics:
Commercial Banking
Tags:
Electronic Data Systems Corp.,
NetDeposit Inc.,
Payment,
Transportation
Source:
Electronic Data Systems

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Overview: To improve upon a 20-year-old process for exchanging checks, Western Payments Alliance (WesPay) looked to technology. They cut costs and improved security for today - and built a path for future growth. The major challenges were to save time and money on manual check-exchange procedures, eliminate geographical barriers between member financial institutions, increase security of check exchanges across physical distances, and reduce vulnerability to disturbances in the transportation system. EDS applied EDS NetDeposit Digital Check Processing Services to WesPay's check-clearing processes, removing geographical boundaries for member institutions and worked with WesPay and eight member institutions to pilot NetDeposit.

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