MOSINEE, Wis. — Wausau Financial Systems, which provides image-based payment processing solutions, exceeded 100 million Accounts Receivable Conversion originations during the fourth quarter of 2004, according to a news release. ARC is the conversion of ABA routing and account information on paper checks into Automated Clearing House transactions.
In 2004, nearly one-third of OLE_LINK6Automated Clearing House network's 942 million interbank ARC transactions originated from Wausau's Optima3 ImageRPS remittance platform.
ARC continues to be the fastest growing segment in ACH payments for Wausau — growing more than 338 percent from 4Q '03 to 4Q '04.
ARC transactions are governed by NACHA — The Electronic Payments Association regulations and efficiencies in item processing, reduced paper handling, increased access to deposited funds, reduced transit item-deposit costs, minimized credit risk exposure, and overall reduction in the volume and labor associated with processing return items.
OLE_LINK7WFS' premier MICR decision partner is CheckFree. WFS utilizes CheckFree's PEP+ reACH MICR database to offer an ARC module that is fully integrated — offering item capture, data completion, origination, archiving, reporting and ACH returns processing in the same system.
WFS' ARC module automatically identifies ARC eligible checks, compiles non-ARC eligible item-exclusion files and allows for multiple third-party ABA database validation options. ARC processing features include user-defined workflow based on item return codes, integrated viewing of actual item-images during returns-decisioning, reversal posting file creation and printing, and submitting paper image replacement drafts. Those features allow for a single software vendor to provide the operational remittance workflow with integrated-decisioning and system-learning necessary for the lowest return rates and highest ARC conversion percentages in the industry.
