The Infrared Data Association Announces the First Step in New Retail Digital Payment Application.Business Editors WALNUT CREEK Walnut Creek, residential city (1990 pop. 60,569), Contra Costa co., W Calif., in the San Francisco Bay area; inc. 1914. It is the trade and shipping center of an extensive agricultural area where walnuts are among the major product. , Calif.--(BUSINESS WIRE)--Aug. 22, 2000 The Infrared Data Association See IrDA. (standard, body) Infrared Data Association - (IrDA) A non-profit trade association providing standards to ensure the quality and interoperability of infrared (IR) hardware. (IrDA - www.irda.org) announced that the recently formed Special Interest Group for Financial Messaging (IrFM) has successfully utilized an infrared messaging system Software that provides an electronic mail delivery system. It is made up of the following functional components, which may be packaged together or independently. Mail User Agent to complete a check authorization transaction. CrossCheck cross·check tr.v. cross·checked, cross·check·ing, cross·checks 1. To verify by comparing with parallel or supplementary data. 2. , Inc. and Personal Solutions Corp., co-leaders of IrFM, demonstrated this digital transfer of financial information at IrDA's quarterly meeting in July. The transaction has been demonstrated using a Palm and an Ir-enabled Libretto libretto (ləbrĕt`ō) [Ital.,=little book], the text of an opera or an oratorio. Although a play usually emphasizes an integrated plot, a libretto is most often a loose plot connecting a series of episodes. . A request for check authorization was beamed to a POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale device, the VeriFone Tranz 330 terminal, retrofitted with an infrared device from ACTiSYS and a custom cable developed by CrossCheck. The request from the terminal was then sent to CrossCheck's main processing center through a dial-up server and, after verification, a check authorization message was sent back to the terminal in less than 4 seconds. This demonstration was an important first step in an IrDA approved pilot program, which has the following objectives: -- Establish an Infrared Financial Messaging protocol -- Use existing equipment and connections to send an infrared payment message. -- Employ existing network infrastructure to pass the message through standard clearing and settlement -- Ensure that settlement can be made using credit card or deposit accounts "Digital payments are the future of financial transactions. What makes this project so exciting is that we are using equipment that is already out in the marketplace and in use. More importantly, the hassles of paper checks and plastic cards will be replaced with a one step process - the customer simply beams the instructions from their personal information appliance. The customer and the merchant will have much less to do, records are instant, precise and easily managed. The entire transaction process will be much faster," stated H. R. Damon Gonzalez, Jr., CrossCheck's Vice President of Business Development and Marketing Co-Chair of IrDA. "IrDA will be in the forefront of a new financial application opportunity and is working with other associations such as the Financial Services Technology Consortium (FSTC FSTC Financial Services Technology Consortium (Electronic Financial Services) FSTC Food Service Technology Center FSTC Foreign Science & Technology Center (Army) FSTC Federal Software Testing Center ) to assure that financial industry leaders are involved in the standards process," emphasizes IrDA Executive Director, Lawrence Faulkner. |
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