Commerce Bancorp Inc. of Cherry Hill, N.J., agreed to use automated clearing house payments software from CheckFree Corp. of Atlanta. CheckFree, which announced the deal Monday, said Commerce will use its Account Reconciliation Package and its Service Management System to originate and receive ACH payments and offer an online positive pay system.
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Also, Commerce will use CheckFree's Teller Positive Pay software, which allows tellers to submit check inquiries to CheckFree's system, and a payee verification module to fight fraud.
Commerce already uses CheckFree's risk compliance software and has been a customer since 2001, the vendor said.
