News Briefs: Deal Could Hasten Exchanges
Fiserv has announced plans to link its Fiserv Clearing Network with Metavante Corp.'s Endpoint Exchange Network in an agreement expected to accelerate image exchange systems among smaller financial institutions, including credit unions.
The deal, announced last week, should hasten adoption rates by credit unions of check imaging, which has lagged due to competing formats and a lack of agreement among major players even though the Check 21 legislation has now been in effect for six months.
Endpoint reported it currently has 3,400 financial institutions actively trading image files, and another 600 prepared to go live. Fiserv, which rolled out its Fiserv Clearing Network just one year ago, has approximately 1,700 financial institutions for which it provides outsourced check processing. A pilot test of moving images between the two exchanges is scheduled for the third quarter of this year.