EL DORADO HILLS, CA -- (Marketwired) -- 02/19/14 -- MyECheck, Inc. (OTC Pink: MYEC), an electronic payment solutions provider and the leader in fully electronic check technology, is pleased to announce the launch of Version 3.0 of its patented electronic check data processing engine. The new platform with significantly enhanced security and functionality can quickly integrate with any bank in the US Federal Reserve banking system, eliminating the need for MyECheck customers to open a new account at a specific partner bank such as Bank of Kentucky. MyECheck is now successfully using the new platform to deposit real time electronic payments into customer accounts at Bank of America, Chase, and many other banks.
New proprietary security and anti-fraud systems within MyECheck Version 3.0 are being introduced into the industry and further reduce the likelihood of fraudulent transactions. The new systems further validate all data associated with a transaction in real time and enable new types of real time commerce and revenue streams for MyECheck customers and licensees such as real time mobile payments.
Other features of MyECheck 3.0 include plug-ins for mobile commerce apps, easier and faster customer integration, licensee modules and reporting, faster processing speeds and much higher processing capacity, with additional functionality to be easily added as plug-in modules. Future security technologies being developed now include 'Biometrically Authorized Device Signatures', and technology that correlates validated bank account ownership to a validated identity.
MyECheck CEO, Ed Starrs commented, "MyECheck Version 3.0 represents a major system upgrade over 2.0 released in July 2006. New capabilities equip us to handle our new revenue streams, higher capacities and evolving customer needs while improving efficiency. Most importantly, we are on the leading edge of fraud prevention technology and practices in the payments industry. After over 10,000,000 fully electronic checks processed, MyECheck has never had a fraud complaint or refund, and security protocols and new technologies in MyECheck Version 3.0 will help ensure we continue to stay ahead of fraud."
"Key to widespread adoption and acceptance of MyECheck technologies is a completely safe and trusted real-time electronic payment system that works for anyone, anytime on any device. The system must also be low cost, simple to use and easily added to any commerce application, that's the ultimate US payment system and that is what we are delivering right now," Starrs added.
The Company also today announced that it has entered into a long-term agreement with Quality Technology Services (QTS) to provide outsourced hosting services in Sacramento. MyECheck's primary production environment now resides at their highly secure and redundant data center.
QTS owns, operates and manages over 3.8 million square feet of secure, state-of-the-art data center infrastructure and provides dependable mission-critical IT operations for over 800 customers. QTS is one of the largest data center providers in the US and provides core data center services -- Custom Data Center Services, Colocation Services, and Cloud Services.
Mr. Starrs has 16 years experience developing anti-fraud technology related to network transactions and has previously worked with the US National Security Agency under a Co-Operative Research and Development Agreement and Patent License Agreement to develop and commercialize network security related technology. Steve Blandford, MyECheck CTO, also has very extensive security and anti fraud technical expertise, and has experience with Mr. Starrs on security and fraud prevention technologies for over 10 years including leading development on the NSA project and others.
MyECheck Inc. is a leading payment data processor and technology developer & licensor that provides a new electronic payment method used as a preferred alterative to cash, paper checks, credit & debit cards, and ACH "e-check" payments. MyECheck's patented payment method is the fastest, most secure and most cost effective payment method in the US and is poised to be a significant payment platform. As the leader in Check 21 solutions and check image processing for online and mobile transactions, MyECheck provides merchants with the easiest, fastest, safest, and lowest cost way to collect money electronically from the most customers. MyECheck customers include corporations, retailers, governments, payment processors and financial institutions.
Please visit www.myecheck.com
Forward-looking statements in this release are made pursuant to "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of mentioned products, increased levels of competition, new products and technological changes, dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in reports filed with the SEC.