27 Dec Big banks join electronic check-clearing network
Milwaukee, Wis. – Nearly half of the nation’s top 25 banks have joined an electronic check-clearing network offered by the Endpoint Exchange, LLC, a business unit of Metavante Corp., the technology subsidiary of Marshall & Ilsley Corp.
Twelve of the nation’s largest banks now will be able to electronically exchange images of checks instead of having to physically convey them, a capability that was encouraged by the federal government following the Sept. 11 terrorist attacks.
The Endpoint Exchange network includes banks, credit unions, and other financial institutions of varying sizes that have chosen to scan checks and send them electronically. In all, the network gives the 12 large banks about 4,000 new routing points for existing customers.
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