Ms. Anne O'Toole

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  ls.fstc.org/archives-ftp/uvx-core/uvx-core.200207 - [Cached Version]
  Published on: 3/25/2003    Last Visited: 3/26/2004  

  Anne O'Toole, the executive director of New York-based SafeCheck, is a proponent of EFTs.Her company, a part of the SVPCo division of the New York Clearing House, authorizes paper checks and can electronically debit them against actual account balances at the point of sale.
  
  Checks that go through an EFT are settled right away, Ms. O'Toole pointed out; those going through the ACH usually take a day or two, so they are more susceptible to bouncing.
  
  "SafeCheck eliminates the need to have an image, because it's real-time," Ms. O'Toole said."If the transaction is approved, it's done; if the transaction is denied, it's done as well.There's no need for the image."
  
  There is also some wiggle room if the EFT route is taken, Ms. O'Toole said.Even if funds are insufficient, a bank may choose to approve a debit for what it considers a reliable customer, she said.
  
  SafeCheck's board is made up of 11 major banks and the three major EFT networks - Star, NYCE, and Pulse.Transactions under SafeCheck's auspices are routed through those networks rather than the ACH.
  
  "There is a need for an image when it goes down the ACH, because the check could be returned, it could bounce," Ms. O'Toole said.Without an image of the check, which must be returned immediately at the point of sale, the merchant may have neither the person's real name nor address.If a bank is not associated with SafeCheck or the EFT network that covers the merchant, such checks are sent down the ACH, she said.
  ...
  Ms. O'Toole of SafeCheck pointed out that a paper check is regulated by the Uniform Commercial Code unless converted to an electronic debit at the point of sale.
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  Ms. O'Toole said there will be four more by yearend.

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  'Electronified' sales cancel your check while you wait - [Cached Version]
  Published on: 2/3/2002    Last Visited: 2/3/2002  

  "This turns checks into a single-use debit card," said Anne O'Toole, executive director of SafeCheck."That makes it safer and easier for merchants - and other businesses - to accept checks, even those drawn on out-of-town accounts."
  
  SafeCheck can get a look at account information because its owners include Wells Fargo, US Bank and nine other banks that account for 60 percent to 70 percent of consumer deposits, O'Toole said.Many of the banks also sell TeleCheck's service.
  
  Just about all the big banks, credit-card companies and organizations that run ATM and other electronic transaction processing networks have check electronification programs in place or are about to launch them.

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  BAI Online | Banking Strategies | March/April 2002:... - [Cached Version]
  Published on: 3/23/2002    Last Visited: 3/24/2002  

  Anne O'Toole, executive director of SafeCheck, emphasizes an important distinction between ACH and SafeCheck: a merchant can convert to ACH without the bank gaining any revenue, while products like SafeCheck compensate banks seven to 21 cents per transaction for the DDA information they supply.Although she concedes that banks lose the revenues associated with processing paper checks, she adds, "There's money here to offset it."
  
  While large banks currently dominate SafeCheck, this product can also be utilized by mid-sized and smaller institutions.SafeCheck is more expensive for the merchant than the ACH but also provides more security, in that funds can actually be debited from the customer's account in real time.
  
  Most merchants want an array of choices.For some checks, the ACH is fine, while for either high-value or high-risk checks, a business might desire to pay extra for the additional safety of debiting the payer's account on the spot.Most banks don't see truncation methods as an either/or decision.
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  At the end of 2001, SafeCheck was verifying at a rate of 1.7 million transactions a month and processing check debits at a rate of 300,000 a month, according to O'Toole.The 11 banks investing in SafeCheck represent 45% of the demand deposit accounts in the U.S. today.Checks drawn on other banks must go through the ACH or Visa systems.
  
  The latter option involves Visa's POS check service.Visa, which has links to 4.3 million merchants nationwide, routes and processes an electronic check transaction in much the same way it handles debit and credit card transactions.Like SafeCheck, Visa provides several service options to merchants at different price points: it can electronify the item and confirm whether the account is open; calculate the probability that the check will be paid; or guarantee the check for payment.

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  BAI Online | Banking Strategies | March/April 2002:... - [Cached Version]
  Published on: 6/5/2002    Last Visited: 6/5/2002  

  Anne O'Toole, executive director of SafeCheck, emphasizes an important distinction between ACH and SafeCheck: a merchant can convert to ACH without the bank gaining any revenue, while products like SafeCheck compensate banks seven to 21 cents per transaction for the DDA information they supply.Although she concedes that banks lose the revenues associated with processing paper checks, she adds, "There's money here to offset it."
  
  While large banks currently dominate SafeCheck, this product can also be utilized by mid-sized and smaller institutions.SafeCheck is more expensive for the merchant than the ACH but also provides more security, in that funds can actually be debited from the customer's account in real time.
  
  Most merchants want an array of choices.For some checks, the ACH is fine, while for either high-value or high-risk checks, a business might desire to pay extra for the additional safety of debiting the payer's account on the spot.Most banks don't see truncation methods as an either/or decision.
  ...
  At the end of 2001, SafeCheck was verifying at a rate of 1.7 million transactions a month and processing check debits at a rate of 300,000 a month, according to O'Toole.The 11 banks investing in SafeCheck represent 45% of the demand deposit accounts in the U.S. today.Checks drawn on other banks must go through the ACH or Visa systems.
  
  The latter option involves Visa's POS check service.Visa, which has links to 4.3 million merchants nationwide, routes and processes an electronic check transaction in much the same way it handles debit and credit card transactions.Like SafeCheck, Visa provides several service options to merchants at different price points: it can electronify the item and confirm whether the account is open; calculate the probability that the check will be paid; or guarantee the check for payment.

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  BB&T - BB&T introduces Internet-based cash management... - [Cached Version]
  Published on: 7/18/2000    Last Visited: 12/5/2000  

  We believe it is the best Internet-based solution in the market today, said Anne O'Toole, manager of BB&T Treasury Services Product Management.
  
  This solution combines the power and convenience of the Internet with new levels of payment initiation and cash flow management..
  
  Internet cash management services, rare only three years ago, are becoming commonplace.Sixty percent of major banks in a 1999 survey by Tampa, Fla.-based research firm PSI Global said they offer corporate cash management services over the Internet, up from 27 percent in 1997.
  
  BB&T's CashManager OnLine offers the following features :.
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  Anne O'TooleSr. Vice PresidentTreasury Services Product Managment

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  BB&T - BB&T introduces Internet-based cash management... - [Cached Version]
  Published on: 7/18/2000    Last Visited: 3/16/2001  

  We believe it is the best Internet-based solution in the market today," said Anne O'Toole, manager of BB&T Treasury Services Product Management.
  
  "This solution combines the power and convenience of the Internet with new levels of payment initiation and cash flow management."
  
  Internet cash management services, rare only three years ago, are becoming commonplace.Sixty percent of major banks in a 1999 survey by Tampa, Fla.-based research firm PSI Global said they offer corporate cash management services over the Internet, up from 27 percent in 1997.
  
  BB&T's CashManager OnLine offers the following features:
  ...
  Anne O'TooleSr. Vice PresidentTreasury Services Product Managment(919) 716-9163

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  BB&T - News Release - [Cached Version]
  Published on: 7/18/2000    Last Visited: 4/27/2006  

  We believe it is the best Internet-based solution in the market today," said Anne O'Toole, manager of BB&T Treasury Services Product Management.
  ...
  Anne O'TooleSr. Vice PresidentTreasury Services Product Managment(919) 716-9163

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  BB&T Offers Web Cash Management System - [Cached Version]
  Published on: 10/13/2000    Last Visited: 11/19/2001  

  We believe it is the best Internet-based solution in the market today," says Anne O'Toole, BB&T treasury services product management svp."This solution combines the power and convenience of the Internet with new levels of payment initiation and cash flow management."
  
  Internet cash management services, rare only three years ago, are becoming commonplace.Sixty percent of major banks in a 1999 survey by Tampa, Fla.-based research firm PSI Global said they offer corporate cash management services over the Internet, up from 27 percent in 1997.
  
  BB&T's CashManager OnLine offers the following features:
  ...
  Contact: Anne O'Toole, BB&T Corp., 1100 Reynolds Blvd., Winston-Salem NC 27102-1547 (919/716-9163); Kate Seefeldt, BROKAT, 6625 The Corners Parkway, Suite 500, Norcross, GA 30092. (678/533-4600)

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  BROKAT Financial Systems - [Cached Version]
  Published on: 2/22/1999    Last Visited: 9/11/2000  

  After carefully evaluating a number of vendors, we found BROKAT offered the best combination of products, support and experience to help us meet our short and long term goals, said Anne O'Toole, Senior Vice President of BB&T's Treasury Services Product Management.In addition to providing the most comprehensive product suite and allowing us to work with a single vendor, outsourcing to BROKAT's service bureau will enable us to get to market quickly with a web-based solution.The company's track record in converting other bank clients was also an important factor in our decision..
  
  Ranked second among the nation's top small business friendly bank holding companies by the U.S. Small Business Administration, BB&T is deeply committed to providing its small business and commercial clients with evolving products and services.Our goal is to develop web-based products that will meet the specific requirements of both our commercial and small business clients, while still focusing on what BB&T values the most ; client relationships, continued O'Toole.Leveraging BROKAT's next-generation e-services platform and web-based cash management applications, we will be able to offer our clients even greater control over cash flow through two new product offerings designated to our small business and commercial client segments..

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  Checks out? (1/15/2002) - [Cached Version]
  Published on: 6/11/2001    Last Visited: 1/15/2002  

  "This turns checks into a single use debit card," says Anne O'Toole, executive director of SafeCheck."That makes it safer and easier for merchants -- and other businesses -- to accept checks, even those drawn on out-of-town accounts."
  
  SafeCheck can get a look at account information because its owners include Wells Fargo, US Bank and nine other banks that account for 60 to 70 percent of consumer deposits, says O'Toole.Many of the banks also sell TeleCheck's service.
  
  COST-SAVING MEASURE
  
  Just about all the big banks, credit card companies and organizations that run ATM and other electronic transaction processing networks have check electronification programs in place or are about to launch them.

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