Wildcard Wireless Solutions Inc. (Wildcard) (CDNX:WDC.) is pleased to announce the signing of an agreement with C Technologies AB (publ) of Sweden that brings mobile check capture to the North American banking market.
The Companies will work together to integrate C Technologies C-Pen platform with the Wildcard's TransAKT(TM) Wireless Point-of-Sale technology.
The new handheld device, to be marketed under Wildcard's own brand, the TranSCAN(TM), will allow a mobile merchant to quickly and conveniently scan check information and send this information to a TransAKT(TM) terminal for secure transmission to a check clearinghouse for authorization, significantly reducing the merchant's risk of fraud and bad checks. The TranSCAN(TM) launch in North America is anticipated to be in early 2002. Wildcard has filed all the necessary documents for patenting this application.
Check fraud is big business. According to the American Bankers Association, check fraud costs US banks, businesses and individuals more than $50 billion a year. Processing over 200 million checks daily, banks have the responsibility to approve and transfer funds for these transactions as fast as possible, while at the same time protecting the depositor from the over 1 million checks per day that are fraudulent. The risk to small and medium-sized businesses is greatest because they don't often have the controls in place, particularly in a mobile environment, or the banking relationship to protect them.
"The TranSCAN(TM) pen is a perfect complement to our expanding suite of secure mobile transaction devices and applications that focus on providing the merchant with enhanced functionality and security when processing electronic payments, such as bank checks, in the mobile environment. C Technologies platform enables rapid development of competitive solutions to facilitate electronic payment transactions," stated Dan Pomerleau, President of Wildcard.
TranSCAN(TM) has the ability to read the specific fonts at the bottom of personal checks. Wildcard is developing the SCANCheck application program on the TranSCAN(TM), which prompts the merchant to scan the check routing information and then sends this information wirelessly to the TransAKT(TM) for transmission to a check clearinghouse for authorization. The SCANCheck application also verifies that the character string capture conforms to the American Bankers Association (ABA) rules for a valid routing code.
"We regard electronic commerce as one of the most important application areas for our technology," says Mats Lindoff, CEO of C Technologies. "This collaboration is important to C Technologies as it not only signals a breakthrough in the North American market, but it puts us in a strategically competitive position for wireless applications."
As a handheld Optical Character Recognition (OCR) device, TranSCAN(TM) also has the ability to scan and transmit text and barcode based information, enabling the mobile merchant to easily and quickly verify personal information, capture product codes and other valuable information on the customer's doorstep.
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