Trustcash completes addition of ACH processing to its payments suite

Trustcash Holdings announced the completion of its adding ACH processing to its suite of payment services. The addition of ACH marks an important step in broadening the marketability of the Trustcash payment system. This advance will provide Trustcash the opportunity to tap into the large ACH processing market.

Claudio Lai, CTO, of Trustcash commented: "Our work with Electracash to add ACH processing functionality to our service offerings has been successful. We have processed a number of ACH transactions and look forward to our clients taking advantage of ACH for their payment services needs."

ACH payments include:

• Direct Deposit of payroll, Social Security and other government benefits, and tax refunds;
• Direct Payment of consumer bills such as mortgages, loans, utility bills and insurance premiums;
• Business-to-business payments;
• E-checks;
• E-commerce payments;
• Federal, state and local tax payments.

The number of ACH payments originated by financial institutions increased to 8.05 billion in 2002, up 13.6 percent from 2001. These payments were valued at $21.7 trillion. Including payments originated by the Federal government, there were a total of 8.94 billion ACH payments in 2002 worth more than $24.4 trillion.