Western Payments Alliance Urges Financial Institutions to Exercise Extra Precaution in Check Clearing Operations.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--Sept. 13, 2001 The Western Payments Alliance (WesPay), one of the nation's largest regional payments organizations, urged financial institutions to take extra precaution in clearing checks and electronic payments in the wake of Tuesday's attack. WesPay, which processes more than 5 million checks daily totaling $7 billion for financial institutions in the western U.S. and three Pacific islands, suggested that financial institutions take the following steps to reduce the potential for fraud: -- Extend holds on out-of-state checks -- Scrutinize all large value checks -- Re-verify identification on recently opened checking accounts "Extra precaution in check clearing is necessary at times of crisis because perpetrators of fraud will unfortunately attempt to take advantage of the situation," said Gerard F. Milano, president and chief executive officer of WesPay. "WesPay continues to work closely with its member banks on how best to minimize any potential exposure, while continuing to serve the needs of consumers." Milano noted that WesPay continues to collect and clear local checks for its members, despite the interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. of air travel service nationwide. WesPay is using ground transportation to collect checks in accordance with its own contingency operations A military operation that is either designated by the Secretary of Defense as a contingency operation or becomes a contingency operation as a matter of law (10 United States code (USC) 101[a][13]). It is a military operation that: a. plan. 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 operations through Visa and the Federal Reserve are functioning normally. "WesPay is grateful for the cooperation of its member institutions and the diligence of its professional staff and suppliers during this time of national emergency," Milano said. "Our thoughts are with our colleagues in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of financial community and with the many American families American Family is a photographic artwork exhibition by Renée Cox. See also
n. 1. A mark left on the skin after a surface injury or wound has healed. 2. A lingering sign of damage or injury, either mental or physical: by these events." Up-to-the minute information is available to members through WesPay's emergency communications facilities. General information is available at www.wespay.org. About WesPay The Western Payments Alliance is one of the nation's largest regional payment associations, with more than 1,200 members in the western U.S. and Pacific region. The Western Payments Alliance serves as a cooperative, non-profit organization A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. enabling member financial institutions to efficiently execute electronic and paper-based financial transactions. The Western Payments Alliance also acts as the rulemaking authority governing member transactions flowing through the Automated Clearing House See ACH. (ACH). Each day, the Western Payments Alliance collects and clears more than 5 million checks totaling $7 billion in value. For more information, call 415/433-1230, or www.wespay.org. |
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