In a bid to jump start the stalled use of financial electronic data interchange in banking, the National Automated Clearing House Association has enlisted MCI Communications Corp. to develop a low-cost service.

In April, the Herndon, Va.-based payments trade group asked vendors to develop and market an affordable remittance-handling service for small and medium-sized banks. Of the nearly 11,000 commercial banks in the nation, only a fraction have committed the considerable technical resources required to develop such a service.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.