Historically they have served small FIs.....those served by dp outsopurcers like M&I, Goldleaf, NCR, and software providers such as Ultradata and virtually none of the major financial institutions CF targeted.
Their system used to (and presumably still does) have some serious flaws. For instance, although they advertised it as a pay anyone system, if you wanted to add a payee not on their database, their had to be nine other requests for that payee in order for it to be accepted.....which of course meant that you were unlikely ever to be able to pay the guy who did your yard!
They also didn't have the ability to use check & list when sending to non-electronically linked payees, and thus were very expensive.
They will get a large share of the credit unions and small fi's, who are initially expensive to implement and require major handholding, don't market, and which will have slow growth. The vast majority of them will never be able to offer Quicken, Money, or HFN software. That system could very well be available, since it doesn't compare to Citi's.
By the way Benny, I read a while back on YHOO where you indicated something to the effect that FDC would have difficulty outsourcing their check production, and that isn't really right, since that is what ISC used to do...to Moore in phoenix, I think. The problem with that solution is that it was a nightmare getting reliable remittance data back into a customer service system that could be effectively managed. |
