CheckAlt Buys Check 21 Software Firm from Diebold

CheckAlt, a Los Angeles-based payment processing company, has purchased ERAS, a financial software firm that was owned by Diebold Inc.

CheckAlt and Miami-based ERAS both provide image-capturing services to help regional banks comply with the Check 21 Act, which facilitated wide-scale electronic check processing.

"With the acquisition of ERAS, CheckAlt is able to meet the needs of the bank's internal operations unit as well as the bank's merchant customers, all from a single vendor," says Shai Stern, Check Alt's chief executive, in a June 10 press release.

The financial terms of the deal were not disclosed.

Kristin Broughton

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