First of Omaha Merchant Processing recently completed an ACH cross-border transfer, one of the first transfers of this type via VisaNet's ACH Cross-Border Service. The transfer was to Insight Direct's account in Canada.
What's the big deal? Yes, ACH is a common practice in our industry, and has been for some time. But, the services have been generally limited to domestic markets. Cross-border ACH transfers have been piloted only recently.
Michael Phelan, senior vice president of business development for First of Omaha said, "Transferring funds in this manner results in increased savings to our clients, improves their cash flow and also provides alternatives to traditional treasury funding."
First of Omaha Merchant Processing manages domestic and international bankcard transactions and is a subsidiary of First National Bank of Omaha. We are told that CrossCheck, Inc., is looking at cross-border ACH as one more way to pay their expanding Canadian customer base. CrossCheck Cross-Border payments--a great solution.
