OKLAHOMA CITY, March 23, 2005 â Metavante Corporation today announced that The Endpoint Exchange Network has endorsed and will adopt the check image exchange rules established by the Electronic Check Clearing House Organization (ECCHO).
ECCHO took the lead in representing the industryâs interests in the creation and implementation of a comprehensive set of image exchange rules. These rules facilitate the transition to a more efficient check payment system and every depository institution is eligible for membership in ECCHO.
ECCHO is recognized and is supported as the national provider of clearing house rules for electronic check presentment and check image exchange by leading financial services trade associations, clearing houses, and data processors.
With this announcement, more than 4,000 Endpoint Exchange Network member institutions will be eligible to exchange checks under the ECCHO rule set in accordance with the sponsorship agreement. Endpoint Exchange Network member institutions can leverage ECCHO membership to insure collection and settlement of electronic cash letters is controlled by a single, standard, national rule set.
"This agreement between ECCHO and the Endpoint Exchange Network is a key step in achieving the universal exchange of check images across the U.S. We anticipate that Endpointâs decision to become a sponsoring organization, will hasten the achievement of that objective. We are very pleased with our new relationship with the Endpoint Exchange Network," said David Walker, ECCHO president.
"The ECCHO rules are the accepted industry standard for check image exchange," said Mark Craig, general manager of CheckClear LLC, which operates the Endpoint Exchange Network. "Our member institutions will benefit from common image exchange rules and also from ECCHOâs leadership since 1990 to eliminate legal barriers to use technology to enhance check payments."
According to industry analysts, check image exchange is expected to increase significantly over the next few years as paper check volumes continue to decline. Check image exchange provides faster clearing and settlement, reduced float, narrowing the window for check fraud and a significant reduction in the transportation infrastructure needed to move paper checks.