Our Treasury Management groups wants to onboard a company called SnapCheck. Apparently they facilitate digital checks for B2B or P2P payments, which avoids the ACH rails. From everything I've read, these digital checks aren't subject to Reg E or Reg DD. So, I'm struggling to understand what regulation, if any, applies? UCC? I know Bank of the West is listed on their site as a partner...
From SnapCheck's FAQ's, they say it is- "SnapCheck is a high speed, highly secure, and universally accepted solution dedicated to eliminating paper checks. SnapCheck’s financial service platform enables consumers, businesses, and partners to digitize payments by creating paperless checks. A SnapCheck can be written and sent instantly and works just like a papercheck when depositing it at an ATM, with a teller, or by an institution’s mobile app."
Any help or insight anyone can provide would be appreciated.