Pairing Paper Checks.... with FinTech
QCheque Inc., is tokenizing & reinventing check payment system for banks to reduce fraud and increase revenue/fee income with new product qTcheck™.
Problem: The traditional paper check shows account number and makes you vulnerable to fraud. US Postal Service intercepted fraudulent checks worth $62 billion last year.
Solution: QCheque masks the account number with an encrypted token and facilitates every phase of check life cycle.
Product demo @ FinovateSpring 2018, Silicon Valley, CA
Vision: Eliminate check fraud.
Mission: Make checks the most secure form of payment.
* Bank offers QCheque™ as a new product to reduce fraud and increase revenue
* Customer opts-into using the QCheque™ because it does not show the bank account number and it is more secure
* Merchant accepts QCheque™ as a method of payment because it is more efficient and less costly
* QCheque Inc., facilitates every phase of check processing life cycle
Title: What Does the Future Hold for Check Payments? Summary: Despite the decline in the use ofLearn More
A bank or credit union that facilitates the account number. Financial institutions issuingLearn More
Merchant is a recipient of the Qcheque. Anyone who accepts Qcheque (paper check) as a method ofLearn More
Magnetic Ink Character Recognition aka MICR line is printed at the bottom of every check. ItLearn More
Checks have been around since 352 B.C. However, we'll fast forward and tell you what's relevant
Magnetic Ink Character Recognition aka MICR line printed at the bottom of every check was introduced for faster check processing.
The Check Clearing for the 21st century Act aka Check21 was passed by the congress to allow the recipient of a check to create digital copy of the check and process it electronically / remotely.
Introducing QCheque™ a new type of check, product line that is offered by banks and credit unions establishments. It replaces the Magnetic Ink Character Recognition aka MICR line with the QR code on the checks.