Checks are verified and settled against the consumer's checking account at a participating Visa member bank, or by ECHO's third-party processing, essentially turning paper checks into electronic debit transactions.
This solution moves checks into the digital age, with a unique combination of real-time check authorization, elimination of paper processing and automated electronic settlement of funds.
If the totals do not match, Check Capture can be configured to prevent the committing of checks into
an electronic document management system (EDMS).
Long-awaited rules that enable financial institutions to turn paper checks into
electronic debits for millions of re-occurring consumer payments take effect on March 15, and the changes may presage some of the most significant impacts to the nation's Automated Clearing House in recent years.
The ECCRS system automates deposits of checks into
merchant back accounts, while securely capturing and storing the check images, virtually eliminating bank disputes and the need for merchants to manually store and process paper checks.