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A Thing New Kid on the Conversion Block

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New Kid on the Conversion Block

T -TECH, a wholly owned subsidiary of First Citizens Bank, has launched a new company to facilitate electronic check conversion. T-TECH will offer the check conversion processing services to banks who can, in turn, market the product directly to their business customers. Some of our readers may already be aware of T-TECH's services, as First Citizens Bank is marketing the service to small and mid-size banks. The company does not deal directly with merchants. Revenue is generated on a per item basis, similar to debit cards.

"Even as electronic payment systems make advances, consumers continue to write billions of checks every year, and we see no signs that consumer preference for paper checks is slowing," said Jim Hyler, vice chairperson of First Citizens. "Electronic check conversion allows consumers to retain the use of paper checks while offering businesses the greater efficiency of electronic transactions."

As many GS readers know, electronic check conversion uses the existing automated clearinghouse (ACH) system to collect checks at the point of sale as electronic debits. The check is scanned through a reader and the transaction is completed electronically. The funds are collected electronically and direct deposited into the merchant's checking account. (For more see our upcoming May 2001 GSQ issue.)

Wiley Tillett, a former First Citizens executive in electronic commerce and item processing, is president of T-TECH. "Merchants who have been a part of the pilot for this system say that the efficiencies involved in converting checks are realized immediately," Tillett said.

For more information about T-TECH visit www.t-techcheck.com.

   

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 Copyright 2001 The Green Sheet, Inc.