Online Trading White Papers
The Technology Solution That Closed the Distance On Check-Clearing
Overview Western Payments Alliance (WesPay) is a private clearinghouse established in 1876 that enables member financial institutions to clear each other's checks cheaper than with the Federal Reserve. Local exchanges occur each business day in Los Angeles and San Francisco. For 20 years, member banks in the western United States have also been sharing air transport services - a costly method to collect checks in other geographies. WesPay charters flights to clear checks with distant institutions, but that proved unreliable with the shutdown of air travel after September 11. Find out how EDS introduced NetDeposit Digital Check Processing Services to enable WesPay's members to move checks electronically rather than physically, which eliminates the boundaries of geography. WesPay's board passed rule changes that enabled member institutions to use NetDeposit with other WesPay members. We worked with WesPay and eight member institutions to pilot the process.
| Publisher | EDS , Electronic Data Systems Corporation | File Format | PDF, requires Acrobat Rdr 5 |
|---|---|---|---|
| Date Published | September 2003 | Downloads | 14 |
| Format | Case Studies | ||
| Topics | |||
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