MyECheck Inc.(OTCBB: MYEC), a major provider of comprehensive alternative payment solutions and electronic payment processing via patent pending software solutions, today announced that Checkgateway, a leading provider of electronic payment services, is now using MyECheck’s patented software to process e-checks on behalf of its merchant clients.
Checkgateway, a participating electronic payments gateway partner, and its clients are now able to process Remotely Created Check (RCC) check transactions using MyECheck’s payment engine.
This RCC, applicable to Internet, phone, and batch payments, offers financial access to more consumers than any other payment method, and – in accordance with the Check Clearing for the 21st Century Act (HR 5414 – “Check 21”) specifications, provides the safest method for processing electronic payments from customers. In addition, transmission of MyECheck funds occurs in near real-time, making for more readily available funds.
Checkgateway is both a leader and innovator in the Automated Clearing House (ACH) industry, a nationwide electronic funds transfer (EFT) system that facilitates inter-bank clearing of credit and debit transactions. The company has been an ACH service bureau member since 1993, and is also an affiliate member of the NACHA (formerly the National Automated Clearing House Association), or The Electronic Payments Association, which is a not-for-profit organization that oversees the ACH by developing operating rules and business practices.
MyECheck, which offers both RCC and RDC (Remote Deposit Capture) transaction processing facilities, is finding that its Check 21 solution is experiencing rapid growth in the growing e-commerce and electronic payments industries. This RCC image service is now the world’s first Check 21 solution for remote transactions.
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