NOVA Information Systems (NOVA), a wholly owned subsidiary of U.S. Bancorp announced that it has enhanced its Electronic Check Service (ECS) product to meet the needs of multi-lane retailers by eliminating the investment in check imaging technology at the point of sale (POS). ECS now combines the benefits of real-time check authorization and risk mitigation services with back-office image uploads, resulting in improved cash flow and reduced risk.

NOVA is the only provider of electronic check acceptance solutions to automatically and systemically leverage three hosted processing methods: direct DDA access, ACH processing, and the banking network adhering to Check 21 regulations. Retailers can choose from flexible guarantee and verification service levels, perform real-time authorization utilizing existing MICR technology at their point of sale, and eliminate the hassles of paper deposit preparation by simply uploading check images at the end of the day via a high-speed check imaging device located in their backroom cash office. NOVA manages the electronic funding and handles all exception handling on behalf of retailers, and prices the service inclusively with no hidden fees or charges. Further, most retailers will experience same-day settlement, and funds will be deposited within 24-48 hours.

"NOVA has hit a home run in the area of electronic check processing by responding directly to the needs of multi-lane retailers," said Stuart C. Harvey, Jr., president, NOVA. "Though check usage is declining, both check fraud and the costs associated with check acceptance are increasing. NOVA's ability to provide a complete integrated solution that encompasses implementation services, real-time check processing backed by risk services, and automated returns management closes a gap that has existed in the industry."

"We are excited that NACHA's new rules change supporting ACH Back Office Conversion (BOC) is fueling the development of innovative solutions," said Elliott McEntee, president, NACHA. "The previous point-of-purchase regulations resulted in cost and operational hurdles for multi-lane retailers that have now been cleared, opening up new market opportunities."