Bank technology

Many security features meant to ensure that paper checks are valid will not work when they have been turned into digital images, as banks are preparing to do.

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Nacha, the electronic payments association, has notified banks that it is moving forward with a controversial proposal to require them to pay a fee for initiating automated clearing house transactions that turn out to be unauthorized.

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Despite numerous studies that say people who pay bills online prefer to pay them all at a single Web site, the fact remains that by a wide margin more of them are going directly to biller sites.

Banks are increasingly turning to text-messaging technology as a way to reach their customers.

SunGard Data Systems Inc. plans to spin off its disaster recovery business.

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By offering a hosted version of its image-exchange software, The Clearing House Payments Co. plans to extend its clearing and settlement service to all 1,600 institutions that use the company for check processing.

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Consumers have long said they wanted an easier way to move their money electronically, but bankers have been wary that making such a service available would simply allow their deposits to flow out to other financial institutions.

Bank of America Corp.’s decision to convert its entire telecommunications network to use Internet voice systems highlights the growing acceptance of the format as a mainstream technology, an analyst said.

Bank of America Corp., which says Six Sigma statistical analysis has improved efficiency and saved it more than $2 billion, is now using the technique to speed up its deposit business.