Nacha Extends Pilot For Debits by Phone
HERNDON, Va. - Nacha, the electronic payments association, has extended a pilot program under which a creditor can telephone consumers to get oral authorization for one-time-payment electronic debits.The test, which started in mid-1999, was to have ended in March but has now been extended to Sept. 14. Twenty-five banks are involved.
Debtors had been getting such authorization before the test started, but Nacha decided it needed to develop standards for the practice.
Authorization by phone would be acceptable only for payments to businesses with which the consumer already has a relationship.
"Telephone authorizations provide consumers with an easy and convenient method to make one-time payments," said Elliott C. McEntee, president and chief executive officer of Nacha, which develops rules for the automated clearing house. "The participation and success we have had with the pilot program signaled that an extension was appropriate while we review the development of permanent operating rules."Written authorization is required for recurring electronic debits, such as mortgage or telephone bill payments.
Industry Gets Its Own Electronic Language
NEW YORK - The financial industry now has its own version of the Internet communications standard, eXtensible Markup Language.The eXtensible Business Reporting Language, known as XBRL and formerly code-named XFRML, is an electronic language for financial reporting. It standardizes how to prepare, publish, extract, and exchange financial statements such as balance sheets and income statements.
Va. Tech Vendor Adds Electronic Bill Service
FAIRFAX, Va. - American Management Systems Inc., a systems integrator and computer services provider, has created AMS Open Financial Solutions, a technology service that can help banks develop electronic bill presentment and payment.The company said the service complies with the Open Financial Exchange data communications standards and is the first product to be certified by Spectrum, a venture of Chase Manhattan Corp., First Union Corp., and Wells Fargo & Co. that plans to facilitate electronic bill presentment and payments.
The AMS service is the result of its partnership with 1View Networks and Just in Time Solutions Inc., both of which are based in San Francisco.
B of A Hires IntraLinks For Syndication Messages
NEW YORK - Banc of America Securities LLC. has signed a contract with the secure messaging system service of IntraLinks Inc. for its online loan syndication services.Bank of America will pay New York-based IntraLinks a monthly subscription fee to exchange information about syndication loans with its clients in a secure online environment that can be accessed anywhere in the world with an appropriate password.
Bank of America Securities initiated its relationship with IntraLinks in June 1997, three months after IntraLinks was founded. Until recently customers paid it transaction fees; now payment is by monthly subscription.
Bank of America Corp is also one of the managing underwriters for InterLinks Inc.'s initial public offering registration statement, which was filed with the Securities Exchange Commission at the end of March.