Magazine article American Banker

Banc One Unit Forms Firm to Offer Check Clearing Services with UPS

Magazine article American Banker

Banc One Unit Forms Firm to Offer Check Clearing Services with UPS

Article excerpt

Liberty National Bank and Trust Co. has formed a new company to provide payment system services using a unit of United Parcel Service.

The new company, called Liberty Payment Services Inc., is scheduled to open in January and offer check clearing services to financial institutions nationwide.

"We see this as an opportunity to leverage the bank's longstanding reputation in check clearing services on a regional level and expand it nationally," said Malcolm Chancey Jr., chairman of Liberty National and its holding company, Banc One Kentucky Corp.

"This new organization will allow us to utilize new technologies and the transportation capabilities of UPS to offer better service to our existing customers while providing the foundation to attract new ones."

The UPS unit, UPS Worldwide Logistics, will manage the transportation of the checks from Liberty Payment's customers to a central processing site in Louisville, Ky.

The Liberty Payment site, situated next to UPS' air operations facility at the Louisville airport, has been designed to take advantage of new technologies, such as electronic check presentment and future payment systems.

"Two years ago, we initiated a study to see how we could utilize UPS to transport physical items in order to provide same-day settlement," said W. LeGrande Rives, executive vice president of Liberty National Bank.

"What we came up with is a seamless system that moves items from the receiving bank to the paying bank through Liberty while meeting regulation guidelines. …

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