Hy-Vee to Deploy Back-Office Check Conversion

WEST DES MOINES, Iowa — Hy-Vee here will deploy remote check deposit capture with back-office conversion (BOC) across its 224-store chain, using technology from NCR, Dayton, Ohio, NCR announced yesterday. Hy-Vee is taking advantage of a new BOC ruling by the National Automated Clearing House Association, effective March 2007, which allows businesses to collect a check written at the checkout counter and convert it to an ACH transaction in the back office and then deposit that transaction electronically. "We wanted more control over our costs and a way to utilize our bank operations,” said Kevin Reeve, assistant vice president and controller at Hy-Vee, in a statement. “We felt our best option was to bring the technology in-house and look for ways to leverage our investment. ACH alone will save us about 4 cents on every deposited check. Based on what we have seen so far, we anticipate significant cost savings when the rollout is complete." Hy-Vee is the owner of Midwest Heritage Bank.

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