AllCom
announced today that it has filed patents on, and is immediately
releasing to market, a new online payment handling system called
Check22.
“With
Check22, we are continuing our all-out war on the ‘grab’ model of
payment processing,” said AllCom CEO Thomas E. Skala. “The
so-called ‘Check 21’ law, passed October
28, 2003, was supposed to
modernize checking. But it really just made it easier for big
merchants to ‘grab’ money out of customer’s bank accounts,
while leaving smaller businesses behind, and increasing many risks
for consumers.
“Check22
is designed to fundamentally change the game and propel us into the
real future. In that future, individuals take back control of who
gets money from them. At the same time, Check22 lets small and
medium businesses enjoy a streamlined, automated payment handling
system, without investing a dime in software development.”
CTO
Stuart Scamman explained, “With Check22 we’ve invented another
new proprietary suite of digital solutions that leverage several of
AllCom’s existing inventions. The new business methods we’ve
created will fundamentally change the collection, payment and
settlement activities of lenders, merchants, commercial enterprises
and service providers.
“Specifically,
the API we’ve invented for Check22 extends our basic ‘push’
model into a tightly controlled, yet flexible integration by
associating a customer’s existing off-platform DDA checking account
with their Genie CashBox on one end, and a merchant’s commerce and
payment systems on the other.”
“The
existing methods all center around a merchant electronically reaching
into a customer’s ‘wallet’ and taking some amount of money,”
continued AllCom COO Randall Skala. “With Check22 – as with our
entire Genie platform – we’re putting consumers back in control
by letting them decide when and how much to give a merchant. ‘Push’
instead of ‘grab’.
“At
the same time, we are giving small and medium sized merchants, who
never had the resources to take advantage of the features of the old
‘Check 21’ law, an entire set of tools to connect with customers
and manage their payment and collection activities through Check22.”
AllCom
has announced that Check22 will be included in all Genie CashBox and
GenieChecking accounts. Consumers only need to complete a simple,
secure activation process. Merchants can activate Check22 easily and
will be given simple instructions for connecting their existing
receivables into this new service.
