ACH Direct Announces a New ODFI Partnership with The Bancorp Bank at NACHA's Annual Payments 2005 Conference.CATHEDRAL CITY, Calif. -- ACH (Automated Clearing House) A system of the U.S. Federal Reserve Bank that provides electronic funds transfer (EFT) between banks. It is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments to Direct, one of the largest privately held electronic funds processors in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , announced today a new ODFI ODFI Originating Depository Financial Institution (banking) partnership that will enhance their core offering. ACH Direct unveiled their latest products and services last month at the ETA Show in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. which was powered by The Bancorp Bank ("Bancorp"), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of The Bancorp Inc. (Nasdaq:TBBK). As an ODFI processor, The Bancorp Bank will provide a robust set of ACH processing tools to enhance ACH Direct's current platform. Bancorp's platform allows for the use of various technologies to process transactions, thus allowing better access to the Federal Reserve resulting in the faster movement and clearing of funds. ACH processing allows for the electronic transfer of funds through Bancorp's secure network and as an ODFI, Bancorp is able to originate commercial ACH transactions via the Federal Reserve Bank. "With Bancorp's scalable ACH infrastructure and comprehensive suite of ACH processing products, we are able to provide our customers with unique capabilities and add substantial value to the services we offer," said Jeff Thorness, chief executive officer of ACH Direct. The strategic alliance between ACH Direct and Bancorp draws on the strengths of both businesses, which are dedicated to developing technologies that move money quickly and safely over electronic networks. Both ACH Direct and Bancorp provide their customers alternatives that allow businesses to transfer funds securely, quickly, and efficiently. About ACH Direct ACH Direct is the leader in electronic funds transfer See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. processing and provides services to merchants, Independent Sales Organizations This article or section deals primarily with the English-speaking world and does not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. (ISOs), financial institutions, government agencies and companies located throughout the United States and Canada. ACH Direct offers a comprehensive line of payment products and solutions, including check conversion, check verification, direct deposit payroll processing and electronic bill payment and presentment. For more information, visit the company at http://www.achdirect.com. About The Bancorp Bank The Bancorp Bank ("Bancorp"), a wholly owned subsidiary of The Bancorp Inc., is an FDIC-insured commercial bank that delivers a full array of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and products through private-label affinity partner programs. Bancorp, through Philadelphia Private Bank (www.philadelphiaprivatebank.com), its regional affinity bank, serves the needs of businesses and their principals in the Philadelphia-Wilmington region. |
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