CheckTech Financial Announces New IRD Printing System.Business Editors SANTA FE Santa Fe, city, Argentina Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. , N.M.--(BUSINESS WIRE)--May 13, 2004 CheckTech Financial Corp., a leading supplier of Check 21-compliant equipment and supplies to the banking industry, today announced its new Image Replacement Document (IRD IRD Institut de Recherche pour le Développement (French) IRD Inland Revenue Department (New Zealand's tax revenue collection department) IRD Integrated Receiver Decoder ) printing system in advance of the Bank Administration Institute's TransPay 2004 conference this month in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . The CheckTech IRD System will allow financial institutions to receive and print an IRD, or substitute check. Under the federal Check Clearing for the 21st Century Act, or Check 21, IRDs are the legal equivalent of an original paper check and conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" industry standards for clearing and settlement purposes. Check 21 goes into effect on Oct. 28, 2004. "CheckTech Financial has developed a complete turnkey system A complete system of hardware and software delivered to the customer ready-to-run. In other words, just "turn the key" and go.  A Turnkey Video System that gives banks and check processors the ability to print their own IRDs," said Brian Boyd Brian Boyd is a Distinguished Professor in the Department of English at the University of Auckland, New Zealand. He is known primarily as an expert on the life and works of author Vladimir Nabokov. , president of CheckTech Financial. "This is a major breakthrough for the check processing industry. Our system will speed up check truncation and improve the payment system in keeping with the spirit of Check 21." The CheckTech IRD System will include an electronic transmission network, software and support, security protection, printer and on-site maintenance. The company expects to unveil the IRD product in July. "This means that financial institutions will no longer have to wait for the physical check for forward collection or return. With our system, processors will have almost immediate access to information and documents," Boyd said. Santa Fe-based CheckTech Financial Corp. manufactures and distributes high-speed automated check stripping equipment, encoders and paper check repair strips and supplies for sale to banks, credit unions and financial service centers throughout the United States. |
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