Electronic Funds Clearinghouse, Inc., a Delaware Corporation, together with E-Funds Corporation a California corporation, (successor in interest to Barclays Bank, N.A., ACH Div.) are forging new payment transmission and intake conduits over the Internet. As one of the only Third Party Automated Clearing House (ACH) processors in the United States, E-Funds , has be quietly accomodating Internet related Electronic Funds Transfers (EFT) for several years. E-Funds uses its proprietary state of the art real-time, on-line, instantaneous verfications cross referencing filters into the Automated Teller Machine (ATM) Networks database. E-Funds Corporation has already fully developed and employs on behalf of M.C.I. (among others) this "hot-key" real-time, on-line fifteen (15) second checking account verification technology that simultaneously reports back to a merchant critical information regarding the Magnetic Ink Character Recognition (MICR) number related to the payee's checking account and effectuates the EFT transaction. RSA, PGP, SSL, SET, S-HTTP, SPRY, Open Market, and almost any other permutation of public-key / private-key encrypted transmission formulae are automatically decipherable by E-Funds in completing the EFT. Electronic Data Interchange (EDI) mapping is only a small component of what E-Funds is capable of performing in regards to Internet or direct computer to computer credit and debit transactions.

Electronic Funds Clearinghouse, Inc. has been quietly marketing to thousands of merchants the E-Fund turn-key, off-the-shelf EFT software package WinEFT which effectuates the EFT debit/credit ACH transaction. WinEFT performs both the intake, transmission (individually or in a batch), automatically logs onto E-Funds ACH system with the password past the ACH firewall, de-encrypts the data, downloads it, intakes the negative database file infomation, reports exceptions and other settlement information. E-Funds then performs the ACH settlement according to the fastest and least expensive conduits: Federal Reserve Bank or (preferably) alternative Federal Reserve {i.e. New York Clearing House, Arizona Clearing House, VisaNet} windows of opportunity. The debit from the payor/customer's bank account is automatically made and the credit is automatically made to the payee/merchant's bank account.