Wachovia Corporation has partnered with San Francisco-based payments vendor BankServ to deliver an electronic cheque conversion service to its treasury services customers.
Wachovia says the solution, called Dropbox ARC (accounts receivable conversion), will help customers collect, centralise, track and research their accounts receivable transactions.
Dropbox ARC is an Internet-enabled, image-capture and MICR scan solution for customers with both high and low payment volumes and de-centralized remittance processing operations.
BankServ will provide the Web-based software, scanning equipment and processing capability necessary for the capture of accounts receivable and chequeing account information. The vendor will then use this information to convert consumer cheque payments into Automated Clearing House debits originated by Wachovia.
David Kvederis, president and CEO, BankServ, says the solution provides customers with a simple way to direct consumer payments into accounts.
"Not only is it convenient for their (Wachovia's) customers, but the conversion from paper check to electronic debit accelerates the availability of funds," adds Kvederis.
The bank says the service complements its holistic strategy for electronic cheque conversion and supports its customers' transition from paper to electronics.