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VERIFONE ANNOUNCES OMNICHECK(TM) -- A COMPACT ELECTRONIC READER FOR AUTOMATING POINT-OF-SALE CHECK TRANSACTIONS

 REDWOOD CITY, Calif., Aug. 10 /PRNewswire/ -- VeriFone, Inc. (NASDAQ: VFIC), a leading supplier of Transaction Automation system solutions worldwide, today announced OMNICheck, a compact device designed to automate check authorization at the point of sale (POS). OMNICheck targets supermarkets and other high-traffic retail environments that process a large number of check transactions. By automating check authorization, merchants can accelerate customer checkout time, reduce check-handling costs and losses due to fraud, and eliminate errors associated with manual entry of check data.
 "While the majority of credit and debit card transactions are automated, authorization for check-based purchases -- one fifth of all consumer payments -- remains a manual, inefficient process," said Roger Bertman, VeriFone's vice president and general manager of marketing and the Network Systems Division. "VeriFone led the payment processing industry in the automation of card-based POS transactions, and is now bringing that same focus to check authorization. OMNICheck's compact size, simple operation and compatibility with a wide range of POS systems make it a natural choice. By selecting VeriFone, merchants gain the added benefit of comprehensive service and support from an industry leader with broad experience in all aspects of Transaction Automation."
 A Compact, Reliable Performer
 Using proven magnetic ink character recognition (MICR) technology, OMNICheck accurately reads virtually any check and transmits the MICR data electronically to the merchant's check authorization service. Because the product feeds and reads checks automatically, no special clerk training is required. OMNICheck can detect fraudulent documents such as photocopied checks and checks with altered MICR lines. The device supports the two most commonly used MICR fonts -- E13B and CMC7 -- making it well-suited for applications worldwide.
 Unlike other check readers, OMNICheck requires no free area behind the unit for feeding checks, thereby saving valuable counter space. The device includes an RS-232 serial interface and can communicate with VeriFone's TRANZ(R) and OMNI(TM) families of Transaction Automation systems as well as with leading electronic cash registers (ECRs) and POS devices. This enables merchants to easily add electronic check authorization capability to their existing POS systems. OMNICheck can be configured to transmit check data in the format accepted by the check authorization service.
 OMNICheck is the product of a technology licensing agreement between VeriFone and Soricon Corp. (NASDAQ: SRCC), announced by Soricon on June 29, 1993.
 Price and Availability
 OMNICheck is available now in the United States. Reseller pricing ranges from $175 to $230, depending upon quantity. Additional product information can be obtained from VeriFone regional sales offices or resellers, or by calling VeriFone's U.S. Division sales hotline at 800-545-5557.
 The Company
 VeriFone, Inc., based in Redwood City, Calif., is a leading global provider of Transaction Automation solutions used to deliver payment processing and other transaction services to the retail, healthcare and government markets. The company has more than 30 facilities -- including regional offices, development centers, and manufacturing and distribution centers -- located throughout the United States and in or near Frankfurt; London; Madrid, Spain; Milan, Italy; Paris; Singapore; Sydney, Australia; Taipei and Kaohsiung, Taiwan, R.O.C.; and Bangalore, India. To date, VeriFone has shipped more than 3.0 million Transaction Automation systems, which have been installed in over 70 countries. The company's 1992 revenues totaled $226.1 million. VeriFone was named one of the 200 best small companies by Forbes in 1991 and 1992, and one of the 100 best companies in California by California Business in 1992 and 1993.
 NOTE: VeriFone and TRANZ are registered trademarks of VeriFone, Inc. OMNICheck and OMNI are trademarks of VeriFone, Inc.
 -0- 8/10/93
 /CONTACT: David Barnes of VeriFone, 415-696-8823; or Beth Pampaloni of Wilson McHenry, 415-592-7600, for VeriFone/
 (VFIC SRCC)


CO: VeriFone Inc. ST: California IN: CPR SU: PDT

TM -- SJ001 -- 1142 08/10/93 11:02 EDT
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Publication:PR Newswire
Date:Aug 10, 1993
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