Magic Line Inc., the Midwest electronic banking network, has agreed to market Checkfree Corp.'s home banking and bill payment systems to its nearly 1,000 member banks.
Magic Line will offer to sell, implement, and manage Checkfree's BankStreet and other programs. Banks will have access to several levels of service, from touch-tone telephone banking to full PC-based budgeting and electronic checkbook capabilities.
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The increasing adoption of virtual card payments by accounts payable departments has created an unexpected complication for suppliers: more friction in the processing, posting and reconciliation of payments and receivables.