NeoMedia to Show PaperClick as Check 21 Solution at BAI's TransPay 2004
Monday May 17, 8:30 am ET
FT. MYERS, Fla.--(BUSINESS WIRE)--May 17, 2004--NeoMedia Technologies, Inc. (OTC BB: NEOM - News), will show its patented PaperClick® technology platform and demonstrate how it meets the standards of the "Check Clearing for the 21st Century Act" (Check 21) at BAI TransPay 2004, starting tomorrow at the Paris Hotel in Las Vegas.
PaperClick will be demonstrated in the IPSO booth (#135). IPSO (www.ipso-inc.org) integrates proprietary solutions developed by its provider companies for financial institution member companies, and is a leader in meeting Check 21 standards. Enacted by Congress and signed into law last year, Check 21 requires banks to begin accepting substitute checks, called IRDs (image replacement documents), in lieu of original checks as of October 29, 2004.
The 27th annual TransPay, produced by the Bank Administration Institute, which focuses on operations, payments and technology solutions and products, "provides a unique and ideal opportunity to showcase PaperClick and its applicability and value to the banking industry, especially in the IPSO booth," said Charles T. Jensen, CPA, NeoMedia's president, COO and acting CEO. "With the mandate for IRDs just around the corner, NeoMedia has solutions ready right now to meet the new Check 21 requirements."
PaperClick, he said, supports MICR (magnetic ink character recognition) technology, with codes on checks scanned and transmitted through a secure electronic gateway into the payments system, and then through the Internet or an institution's intranet.
"PaperClick provides quick and accurate access to audit trails of checks, which will be maintained in keeping with the mission of Check 21," he said, noting that PaperClick codes can also verify the legitimacy of an original IRD or substitute check copy.
"IPSO confirms that there are more than 7,600 banks and 5,000 credit unions in the U.S. alone which will be required to accept IRDs as of October 29," Jensen said. "By putting a PaperClick code on the IRD, control and authenticity of the document can be established and maintained."
IPSO 'Excited' About PaperClick Platform
"As chairman of the Accredited Standards Committee X9B (www.x9.org), I can report that we have established a standard for IRDs which serves all businesses involved with the U.S. Payments System," said Chris Dowdell, IPSO's president. "IPSO has accepted the challenge of providing a robust infrastructure for IRDs which is efficient and cost-effective. We are excited that PaperClick can deliver an important and reliable platform and capability for validating IRD authenticity to our member companies and all participants in the transaction life-cycle, and that PaperClick will be demonstrated in our TransPay booth."
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