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Official Check/Money Order Program
Merchant Returned Item Representment via ACH (RCK)
Remittance Processing and Remote Deposit Capture (ARC/IRD)
MoneyGram, (formerly known as Travelers Express) is a recognized leader in outsourced solutions for Official Checks, Cashier’s Check and Money Order issuance and processing, as well as point-to-point consumer funds transfer delivered through our MoneyGram Money Transfer service.
Their proven program reduces operational expense, provides significant non-interest fee income through the administration of your outstanding balances, and mitigates official check fraud through the utilization of positive pay functionality and dedicated account management. Moneygram’s product suite is a MUST for the de novo institution, enabling them to focus on more meaningful activities than back-office account reconciliation.
Many banks are experiencing sales success utilizing our unique PrimeLinkplus™ solution, which enables a bank's corporate clients to produce good funds checks on site at their remote locations. PrimeLinkplus not only attracts stable corporate deposits, it also adds value to existing client relationships.
MoneyGram provides an official check program, which relieves the community bank of the cost of printing these expensive checks. Additionally, they help relieve the operations staff of having to reconcile the checks daily or certifying them monthly. Escheatment will also be a thing of the past. Community banks will receive a competitive return on their outstanding balances from MoneyGram that can be booked as non-interest fee income.
- Increased Fee Income – Through increased balances and higher earnings rates
- Reduced expenses – Potential cost savings over your current program. Savings of $.50 or more per item. Based on fed funds cost analysis.
- Custom Check Stock – Included with program
- Eliminate nearly all back-office reconcilement functions – performed by MoneyGram
- Contribute significantly to your fraud prevention efforts
- True Positive Pay – Daily reconciliation with exception notification
- Internet access for stop payments & Official Check images
- Management reporting – Daily, weekly and monthly reporting
- Branch Earnings & Analysis – Detailed reporting by branch and department
- Full back room & customer service support – your own dedicated Account Specialist
Additional services available:
- Complete turn-key money order program, including fully automated dispenser options
- CheckTRACK merchant NSF item representment program with revenue sharing
- CheckMARC Remittance Processing and Remote Deposit Capture service
- MoneyGram Money Transfer Service for retail, point-to-point money transfer
ACH Commerce – A Division of Moneygram
ACH Commerce is the company that banks of all sizes turn to with confidence when they need to provide a full line of electronic payment processing services to their customers. ACH Commerce can offer you and your customers’ end-to-end solutions covering all aspects of the electronic payments industry. With over 20 years experience in the ACH and banking industries, the Accredited ACH Professionals (AAPs) at ACH Commerce are ready to be your guide down this challenging road. ACH Commerce has a direct link to the Federal Reserve Bank, which enables them to provide banks and their customers with flexible, customizable ACH processing services. Their secure internet front-end solution supports consumer and corporate disbursements and collections; phone initiated payments; WEB payments; check conversion and Check21; credit card processing; and a variety of validation services.
ACH Commerce’s powerful backroom ACH processing services, which can help mitigate risk, are also available but not required, when using our front-end solutions. Their data conversion expertise allows them to accept non-formatted ACH files and convert them for processing and all electronic return information is available to your customers, regardless of the method used to submit the transactions. ACH Commerce strives to build a long-term partnership with banks and their customers and provide consulting services in the areas of managing risk; addressing compliance issues; sales and marketing assistance; and technical support. Their full service electronic payment processing services can help you generate substantial non-interest fee income and increase customer relationships while retaining your current client base.
Link below to learn more about the Banking Services we provide!
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