Email Communication from CEO Ed Starrs:
Great information from Ed regarding Version 3.0 PR:
Me:
Quote:
Version 3.0 of the Check Payment System sounds fantastic. The way I am reading the PR, it looks to open up many opportunities for the company that may have been much more challenging prior. Will MyECheck still need to partner with the various banks , or will this new Method allow the complete bypass of partnering all together?
The upgraded Security and anti-fraud capabilities should significantly increase customer acceptance of the new payment technology and help with the potential concerns that Businesses and Municipalities may have previously had as well. Truly amazing. Thank you for sharing with us.
Will there be a new Patent filed, if not already, for Version 3.0, or will it be an upgrade to the previous patents?
Ed:
Quote:
3.0 bypasses the need for partner banks but they can still be useful in many other ways. We now deposit directly into customers existing banks accounts making merchant adoption easier and faster.
Security has been raised as a concern with new payment methods of this type by uninformed pontificators with ulterior agendas. However the facts support that we have the safest, most secure electronic payment method ever created and we have the physical data to support that fact.
The existing patent covers what we do still, although I would like to file a patent for my invention Biometrically Authorized Device Signatures.
Me:
Quote:
Biometrically Authorized Device Signatures: Would that be requiring a fingerprint or retinal scan of some sort in order to have a payment authorized? If so, would that allow for a control in which the Account Holder could add allowed users, such as a parent authorizing their child to use their account for purchases, or Company Accounts where multiple key employees/officers may have the need to use the same account?
Ed:
Quote:
It's much more than a biometric authorization, biometric authorizations can be captured, stolen and reused by third parties with authorization. BADS are a form of real time secure biometric payment authorization whereby the biometric is used only to unlock a device-unique key that is sent to authorize a transaction. The biometric itself is encrypted , fire walled and never leaves the device.
Email between Ed and myself:
Me:
Quote:
"PayPal spends 300 million a year to prevent fraud. Mostly due to stolen credit cards.
I can imagine Ed Starr's walking into the PayPal office and saying "I can save you $300 million per year.
Do you think they would listen ?
Go MYEC"
Posted by someone today on IHUB
Chris
Ed:
Quote:
Add to that the losses they incur as a result of fraud. Great info, thanks!
Sent from my Galaxy S®III
Me:
Quote:
$190B lost due to fraud according to a Lexis Nexis study in 2009.
Great information from Ed regarding Version 3.0 PR:
Me:
Quote:
Version 3.0 of the Check Payment System sounds fantastic. The way I am reading the PR, it looks to open up many opportunities for the company that may have been much more challenging prior. Will MyECheck still need to partner with the various banks , or will this new Method allow the complete bypass of partnering all together?
The upgraded Security and anti-fraud capabilities should significantly increase customer acceptance of the new payment technology and help with the potential concerns that Businesses and Municipalities may have previously had as well. Truly amazing. Thank you for sharing with us.
Will there be a new Patent filed, if not already, for Version 3.0, or will it be an upgrade to the previous patents?
Ed:
Quote:
3.0 bypasses the need for partner banks but they can still be useful in many other ways. We now deposit directly into customers existing banks accounts making merchant adoption easier and faster.
Security has been raised as a concern with new payment methods of this type by uninformed pontificators with ulterior agendas. However the facts support that we have the safest, most secure electronic payment method ever created and we have the physical data to support that fact.
The existing patent covers what we do still, although I would like to file a patent for my invention Biometrically Authorized Device Signatures.
Me:
Quote:
Biometrically Authorized Device Signatures: Would that be requiring a fingerprint or retinal scan of some sort in order to have a payment authorized? If so, would that allow for a control in which the Account Holder could add allowed users, such as a parent authorizing their child to use their account for purchases, or Company Accounts where multiple key employees/officers may have the need to use the same account?
Ed:
Quote:
It's much more than a biometric authorization, biometric authorizations can be captured, stolen and reused by third parties with authorization. BADS are a form of real time secure biometric payment authorization whereby the biometric is used only to unlock a device-unique key that is sent to authorize a transaction. The biometric itself is encrypted , fire walled and never leaves the device.
Email between Ed and myself:
Me:
Quote:
"PayPal spends 300 million a year to prevent fraud. Mostly due to stolen credit cards.
I can imagine Ed Starr's walking into the PayPal office and saying "I can save you $300 million per year.
Do you think they would listen ?
Go MYEC"
Posted by someone today on IHUB
Chris
Ed:
Quote:
Add to that the losses they incur as a result of fraud. Great info, thanks!
Sent from my Galaxy S®III
Me:
Quote:
$190B lost due to fraud according to a Lexis Nexis study in 2009.
