EFT Network Launches Direct2Fed System to Leading Financial Institutions

EFT Network, Inc. (www.redeposit.com), a leading provider of ACH and Check Processing Solutions, today launched Direct2Fed system, a leading edge, web based system with remote and branch capture technology that processes checks at high speed, for Financial Institutions. Now with the ability to remote and branch capture customer deposits, EFT Network?s new Direct2Fed system allows financial institutions to have their checks sent directly to the Federal Reserve in an image cash letter DSTU X9.37-2003 format.

Direct2Fed is a patent pending system with the ability to operate as a hybrid Accounts Receivable Conversion (ARC) / Check 21 solution, EFT Network?s flagship product that easily processes and deposits any type of paper check received via the U.S. mail or at payment locations, deposited as electronic transactions, all through a single point of entry system. In addition, our ARC Check 21 solution can operate as an in-house Lock Box system with the ability to scan payment coupons. CAR-LAR technology is scheduled to release by the end of December 2005.