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.