03 May Two Milwaukee finance IT firms agree to exchange check images
Milwaukee — Fiserv Inc. and the Endpoint Exchange Network said on Tuesday that financial institutions who are clients of either firm will be able to exchange check data and images, starting with a pilot program in the third quarter.
Fiserv is an IT service provider claiming 4,000 financial clients. Endpoint Exchange Network is an electronic check interchange and a part of Metavante, the technology arm of Marshall & Ilsley Corporation, and also claims around 4,000 members.
Since last October a new law called Check 21 has allowed banks to replace checks with digital images or data. Because of the amount of IT infrastructure involved the change has come slowly. In particular, banks need partnerships – such as this one – with other banks to be able to exchange data in agreed-upon ways.