First of Omaha Merchant Processing announced on September 15, 1998, an Automated Clearing House (ACH) cross- border transfer of corporate debit to Insight Direct’s bank account at Toronto Dominion, Canada. This marks the one of the first transfers of this type via VisaNet’s ACH Cross-Border Service.
Automated Clearing House (ACH) services have been commonplace to the merchant processing industry. However, the services have been generally limited to domestic markets. Only recently, have cross-border ACH transfers been piloted.
“This is an important milestone for First of Omaha. It is one where continental barriers are dissolving; allowing a financial synergy between two countries and two currencies,” stated Michael Phelan, senior vice president of business development, First of Omaha. “Transferring funds in this manner results in increased savings to our clients, improves their cash flow and also provides alternatives to traditional treasury funding.”
First of Omaha Merchant Processing
First of Omaha Merchant Processing is a premier processor of domestic and international bankcard transactions for direct marketers, retailers, associations/franchise groups and banks. Known for its superior customer service, First of Omaha specializes in providing the latest in card processing technology, including an interchange management system which helps clients receive one of the lowest effective interchange rates in the industry. A wholly owned subsidiary of First National Bank of Omaha, First of Omaha is one of the few remaining in-house bank processors. First National Bank of Omaha, founded in 1863, is the 32nd oldest nationally chartered bank in existence.Details