Addmaster to License Check Encoding Patent; Technology improves accuracy, reliability of automated check processing.Business Editors MONROVIA, Calif.--(BUSINESS WIRE)--April 23, 2002 Addmaster Corporation announced that it will make available its patented check processing technology to financial institutions. Addmaster's patent automates the process of magnetically encoding See encode. the amount field on checks. The process substantially improves the reliability of "Power Encoding" over available Courtesy Amount Recognition (CAR) technology. Addmaster's promising new approach involves printing on a check, during a bank or retail transaction, an optically readable non-magnetic code, such as a bar-code, that represents the amount of the check. During subsequent check processing the optical code is automatically read causing the amount to be magnetically encoded on the check. "Power encoding can finally deliver on its promise. With our patented process, banks don't need to settle for 70% read-rates. Using the Addmaster method, 99% read-rates are possible," said Hugh Clary clary: see sage. , Addmaster's vice-president, who is heading up the company's licensing efforts. "We believe this is a valuable patent for banks to license because of the enormous benefits from labor savings, higher throughput and error reduction." The process utilizes existing technology, though it may require some modification to installed check processing equipment. Standard teller TELLER. An officer in a bank or other institution. He is said to take that name from tallier, or one who kept a tally, because it is his duty to keep the accounts between the bank or other institution and its customers, or to make their accounts tally. receipt printers and point-of-sale printers, such as Addmaster's IJ6080 printer, are used on the front-end to print the code on the check. "There is no efficiency loss during the transaction, because checks are already printed on anyway," said Clary. In addition to checks, the process can be applied to other bank documents requiring amount field encoding, such as cash substitution tickets. A copy of the patent, U.S. Patent number 5,187,351, can be obtained at the U.S. Patent and Trademark Office website, www.uspto.org, or by writing the company. For further details on licensing the patent, interested parties should contact Hugh Clary at 626-358-2395. About Addmaster Corporation Addmaster Corporation is a leading manufacturer of bank teller A bank teller is an employee of a bank who deals directly with most customers. In some places this employee is known as a cashier. Tellers are considered a "front line" in the banking business. receipt and validation printers, with over 150,000 printers installed in U.S. banks. Addmaster is also an OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and provider of MICR (Magnetic Ink Character Recognition) The machine recognition of numeric data printed with magnetically charged ink. It is used on bank checks and deposit slips. MICR readers detect the characters and convert them into digital data. check reading technology to major bank equipment manufacturers. Founded in 1962, the company is headquartered in Monrovia, California Monrovia is a city located in the foothills of the San Gabriel Mountains in the San Gabriel Valley of Los Angeles County, California, United States. The population was 36,929 at the 2000 census. . |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion