On the Money Newsletter: Autumn 2006
Remote Deposit Gets a 'PASS' into Windows Vista Launch
If you've been keeping up with the latest news about Windows Vista, the next-
generation operating system from
Microsoft, you've probably heard by now about the delays that have pushed back its release to the general public until early
2007. That probably came as a disappointment to a lot of consumers in
the market for a new PC — many of whom were left facing an extra decision about technology: Do I buy a new computer before the holidays and update my software later, or hold out until the Vista launch and take care of it all at once?
In the financial world, though, Vista is bringing along some great news. For the first time, Windows will have a "click here" option if you want to your computer to handle electronic payments. Vista's interface will be slightly different from Windows XP's, but this option will be similar to including an icon that leads to a Web site or product demo.
The way it works is that you'll be able to follow a link from within Vista to the PASS (Payments as a Secure Service) Consortium, which is basically an online marketplace for e-payments services. If you want your business to be able to take credit cards over the Internet, you'll be directed to a company that can help set that up; if you want to accept PayPal, there will be a link for that, too. If you're interested in remote check deposit, you'll be directed to BankServ's DepositNow product. The idea is that by going to PASS, you'll be visiting a one-stop shop where you can set up your machine to send or receive whatever kind of electronic payments you need.
Before I make this sound like the deal to end all deals, let's put some reality checks around it. Currently, Microsoft has plans to release six versions of Windows Vista — three for consumers, two for businesses and one for developing regions. PASS is included in one of those six versions, and it's just one link among many.
But what's really important is the message that's being sent by including PASS in Vista at all: Electronic payments have become mainstream enough that any business might have a legitimate use for them. No longer restricted to massive chain retailers and quirky dot-com companies, they've quietly been building public appeal for the last several years.
When BankServ was first founded, bank-to-bank and bank-to-business transactions were the main uses for our technology. But in the 21st century, the benefits of moving money electronically are expanding to businesses everywhere, not just the biggest and the richest. Our bank customers and friends need to stay on top of the developments in this new market — or else risk being left in the dust of emerging non-bank competitors. BankServ is here to help you remain up-to-date and engaged in the e-payments industry.