Interoperable Check Fraud Prevention Patent Granted to Advanced Software Design; Paves Way to Validation of Image Survivable Check Security Features at Any Point of Capture.RICHMOND HILL, Ontario Richmond Hill (2006 population 162,704) is a town in York Region north of Toronto, Ontario, Canada. It is part of the Greater Toronto Area. History The area was first surveyed by Lieutenant-Governor John Graves Simcoe in 1794 while he was constructing Yonge Street. -- Advanced Software Design (ASD ASD abbr. atrial septal defect ASD Atrial septal defect, see there ) Corporation, a leader in innovative fraud prevention solutions for banks and credit unions, announces it has been granted a patent from the U.S. Patent and Trademark Office, for its payment validation and authorization systems and related methods. The company has been marketing systems for validation of checks and SAND(R) security features, at the point of presentment, under the trade name ValidateCheck(TM). This latest addition to ASD's portfolio of patents, which already includes three patents for application of encryption technology to checks, is a culmination of many years of research and development. "ASD is pleased to respond to the needs of our customers and alliance partners, to pave and secure the way toward more comprehensive fraud prevention both in batch process and real-time modes," said Calin Sandru, President of ASD. "Check fraud affects everyone, and ValidateCheck(TM) is a collaborative way to prevent fraud for all parties involved in the check clearing process - banks of first deposit, merchants, and paying banks - by enabling financial institutions to interoperate and validate checks drawn on each other, and increase the value of their existing investments," said Sandru. Currently ASD's customers use the SAND(R) and OASIS(TM) technologies to protect and verify their On-Us checks. With ValidateCheck(TM) banks can also verify transit checks A transit check or not on-us check is a negotiable item (check) which is drawn on another bank than that at which it is presented for payment. For example, a check drawn on Bank of America, presented for deposit at Wells Fargo Bank, would be considered a transit item , including check security features, signatures, check stock and payment patterns, so they will know at the time of encashment En`cash´ment n. 1. (Eng. Banking) The payment in cash of a note, draft, etc. , if a transit check is genuine. ASD will be licensing its patented ValidateCheck(TM) systems and/or related methods to customers. About Advanced Software Design Corporation Advanced Software Design Corporation (ASD) is a privately held software company and innovative provider of end-to-end solutions (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. to prevent fraud, and enable financial institutions to derive value from image-based and transaction-based fraud prevention services across multiple market segments. ASD's patented SAND(R) interoperable image survivable sur·viv·a·ble adj. 1. Capable of surviving: survivable organisms in a hostile environment. 2. That can be survived: a survivable, but very serious, illness. security feature, payee The person who is to receive the stated amount of money on a check, bill, or note. payee n. the one named on a check or promissory note to receive payment. PAYEE. The person in whose favor a bill of exchange is made payable. positive pay, OASIS(TM) transaction analysis, signature and check stock verification, and ValidateCheck(TM) enable detection of check alterations, counterfeits and forgeries, at the point of presentment, and interoperability in Check 21 and image-exchange environments. For more information, call 1-877-ASD-CORP, or visit www.asdc.com. |
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