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Provo, Utah – July 22, 2003 – DoxTek, Inc. is working with international check processing equipment manufacturer Seac Banche to provide companies with the technology to convert checks into electronic transactions—similar to a debit card transaction.
“One of the benefits of using TrueCheck is it allows companies to receive payments much more quickly,” said Michael Miles, president of DoxTek. “The more quickly a check can be processed, the less likely an individual can get away with fraud.”
Instead of reading a magnetic strip, like those found on credit cards, TrueCheck automatically pulls the check number, routing number and account number off a MICR line (Magnetic Ink Character Recognition) located at the bottom of all checks. An operator is needed to enter the account holder’s name, date and check amount.
“DoxTek’s application, together with our desktop check scanners, will bring new benefits to businesses by enabling them to automate check transactions at the point of payment,” said Heiko Oberman, president of Seac Banche USA, Inc.
After the data fields have been filled, either automatically or by an operator, TrueCheck saves the information as a secure transaction file.
Point-of-sale and retail organizations will send the secure transaction file to an ACH (Automated Clearing House) Processor where the actual Electronic Funds Transfer, via the ACH Network and the Federal Reserve Banking System, will take place.
Electronic payment application providers, such as Affirmative Technologies, Inc. based in Florida, will integrate TrueCheck features into their applications and make them available to third party ACH Processors.
“The check is the only paper part of the process and it stays with our clients,” said Dick Titterud, president of Affirmative Technologies, Inc. “We make it possible to receive the check data electronically and process it electronically. It is like Direct Deposit for checks.”
In addition to converting checks into a one-time electronic Accounts Receivable Transaction, TrueCheck provides additional features including search and retrieval of check images, account reconciliation and batch reporting.
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About DoxTek, Inc.: DoxTek is a Utah corporation. It specializes in high-speed scanning systems, information management, business process automation, and custom integration solutions. DoxTek’s products and services center on capturing, managing, storing, retrieving and outputting information electronically; thus, automating business processes and resulting in substantial productivity gains. For more information visit www.doxtek.com.
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