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AllTrust Networks Granted Electronic Depositing Patent
Thursday, June 18, 2009
Patent Confirms Leadership in Identity-Linked Check Processing
Herndon, VA -- AllTrust Networks, the leading biometric check cashing and identity management service, announced today that the company has been issued a patent for its electronic deposit (Check 21) processing feature.
U.S. patent 7,520,422 (filed in January 2005) covers systems and methods for electronic depositing negotiable instruments (e.g. paper checks). The invention covers a process by which a 3rd-party paper check is imaged by the acceptor along with consumer identification and electronically sends the data to a depository bank after which the funds are transferred to the acceptor’s local bank.
The Check Clearing for the 21st Century Act ("Check 21") was passed and became effective October 28, 2004 so that check images could clear through the banking system without the need for the paper checks to be presented back to the paying institution. Retailers accepting 3rd-party checks have implemented Check 21 in order to streamline the depository process, reduce check handling costs, and speed the funds settlement process.
AllTrust’s electronic deposit service works in conjunction with its Paycheck Secure check cashing service. Paycheck Secure captures an image of the check during the verification of check cashing transaction; then at the click of a button, the check is deposited electronically. The bank of first deposit receives the check image for deposit, processes it through the banking system, and then settles funds to the retailer’s local bank with funds being available as quickly as the next morning.
"We are excited about the continued growth of our Check 21 deposit service and also about the opportunities to license this technology within the retail and financial services industry," says Jon Dorsey, CEO of AllTrust Networks.
About AllTrust Networks
With more than five million registered consumers, AllTrust Networks (formerly BioPay Paycheck Secure) is the most widely used biometric financial transaction database and provides key risk analytics tools for walk-in financial services.
Paycheck Secure is a complete payroll and government check cashing solution designed to stop fraud and speed check cashing transactions. The system is used in thousands of retail locations across 46 states. With a proven record of preventing losses, the product offers retailers and banks full MSB compliance features as well as embedded Check 21 processing.
For more information on AllTrust Networks, visit www.alltrustnetworks.com.
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