Payment Processing Technology to Support Growing Demand for Management of Un-Cashed Items
Keane, the number one provider of unclaimed property communications, compliance, and consulting services in the country, today announced it has signed an agreement with DST Systems, Inc. to utilize the global provider’s technology for payment processing and check printing.
The relationship with DST Systems, which currently provides payment processing technology to over 120 financial service companies, will increase Keane’s check reissuance capacity to support growing demand for the service.
The outsourced payment functions complement Keane’s existing unclaimed property solutions, includingunclaimed property consulting, unclaimed property reporting, and customized communication services.
“In our industry, we encounter numerous companies needing assistance in managing large volumes of un-cashed checks that result from rebates, vendor items, and other disbursements,” said Nick Nichols, Keane’s Chief Operating Officer. “We’re confident that DST’s payment processing technology will combine with our successful outreach programs to provide these companies with significant new efficiencies.”
Keane’s clients currently have the ability to completely outsource the management of un-cashed items, from time of issue until escheatment, eliminating the time-consuming efforts of tracking, re-issuance and escheatment. The software provided by DST Systems is expected to improve the efficiency and flexibility of the payment process while providing a scalable, expanded service offering.