LOS ANGELES, June 30 /PRNewswire/ -- Skyline's DirectFED Payment Solutions, the first business-centric processor performing Remote Deposit Capture (RDC), has teamed up with My Payment Network Inc. to offer the company's RDC system to My Payment's clients in education, including its K – 12 sector and business customers. Skyline's DirectFED's RDC system will allow schools to convert all paper checks into electronic checks for rapid settlement from any office.
My Payment Network Inc. offers schools, businesses and parent-teacher associations, groups and companies that traditionally have not had access to eCommerce, an easy, low-cost online payment service. Through the agreement, Skyline's DirectFED's cutting-edge RDC software has been customized so that My Payment's client base can process paper checks faster and more efficiently than any other method available. In addition to speed and efficiency, schools will realize operational advantages, cost-savings and increased settlement times from their current check-processing solutions.
"Skyline's DirectFED and My Payment Network have joined forces to offer the first integrated solution available to schools where district staff can view all online and paper checks in one system," stated David Dunaway, CEO of My Payment Network. "Schools still manage as many as 30 checks per student per year and by combining Remote Deposit Capture with our eCommerce solution, will allow My Payment Network to provide districts with the most comprehensive payment solutions available today."
"Our relationship with My Payment Network is important to providing the most uniquely suited RDC solution available to the K – 12 sector," stated Shai Z. Stern, Co-Chairman of Skyline's DirectFED Payment Solutions. "My Payment Network has a unique understanding of K - 12 payment needs. Their research shows that the average district handles more than 55,000 paper checks per year, and allocates 2.25 full time employees to process payments. By combining forces, we bring two leaders of different payment processes together, to deliver a comprehensive solution that will streamline the gross majority of every K - 12 payment."
Stern added, "With RDC, My Payment's clients will certainly improve their bottom line since the checks can now be processed without a trip to the bank. In addition to providing My Payment's network of school districts with our services, technical support is also readily available to assist clients through any issues at any time, making our services a one-stop shop for all users."
Having processed more than 8.5 million checks totaling more than $7.1 billion in transactions, Skyline's DirectFED Payment Solutions is the fastest growing check-processing company.
About Skyline's DirectFED Payment Solutions
Founded in 2004, Skyline's DirectFED Payment Solutions is the first business-centric processor performing Remote Deposit Capture for a wide range of companies and organizations. Skyline's DirectFED was created to take advantage of the benefits created by Congress passing The Check Clearing for the 21st Century Act ("Check 21"). Our goals for our customers are to optimize float to their advantage, reduce bank fees and provide significant back-office savings by using the new laws and technology to their advantage. Our patented suite of products provides unique solutions for businesses that range from multinationals to small enterprises, not-for-profits, municipalities and all types of financial institutions. For more information on Skyline's DirectFED, visit www.directfed.com.
About My Payment Network
My Payment Network, Inc. delivers online payment services to more than 1,000 schools, PTAs, businesses, and associations, through its MyPayNet® and SchoolPay® (www.mypaynet.com/?schoolpay) services. These online, self-service tools deliver electronic payment to groups and companies that traditionally have not had access to eCommerce. My Payment Network is based in Pittsburgh, PA. For more information, please visit www.mypaynet.com.
SOURCE Skyline's DirectFED Payment Solutions