<CnP'd from the NT alt. thread...>
Thx for the link (referring to
this post). Digging around the ICBA site I came across
this...
[ QUOTE ]
The president also signed legislation outlawing Internet gambling, which prohibits financial institutions and credit card companies from processing Internet gambling payment transactions.
ICBA convinced lawmakers to limit the burden on banks by directing the Federal Reserve and Treasury to exempt from the regulations transactions, such as checks and ACH payments, that cannot feasibly be tracked and blocked.
[/ QUOTE ]
In light of recent (well recently discovered, anyway) info, it seems to me the initial not-so-encouraging viewpoints of insiders (including our own
Performify's) on the ease of implementing ACH coding were off. In fact, as I understand
the FinCEN document I linked in another thread, they talk about not being able to have this in action for another 2 1/2 years or so.
It would be great if Performify, or any others in the banking industry would step in here and clarify/elaborate.