CrossCheck, Inc., a multi-national financial information services company, announced that they have successfully utilized an infrared messaging system to complete a check authorization transaction. This digital transfer of financial information was demonstrated by representatives of CrossCheck, Inc. before the members of the June meeting of the IrFM special interest group.

     CrossCheck, Inc., in association with IrDA, is the first company to create and process a transaction using this technology. The transaction was accomplished using an Ir-enabled Toshiba Libretto. A request for check authorization was transferred to a POS device, the VeriFone Tranz 330 terminal, retrofitted with an ACTiSYS infrared adapter and 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 four seconds.

     CrossCheck, Inc., is involved in the development and research of technology for processing financial information. This demonstration was part of a pilot program sponsored by CrossCheck, Inc., and Personal Solutions, Inc., in association with IrDA, and is an approved IrDA project within the Infrared Financial Messaging special interest group, IrFM. The pilot objectives are to:

• Establish an Infrared Financial Messaging protocol.

• Utilize existing equipment and connections to initiate an Ir digital message.

• Utilize existing network infrastructure to pass the message through standard clearing and settlement systems.

• Ensure that settlement can be made to: 1) an asset account (such as a checking account) and 2) a liability account (such as a credit card account).

     The goal is to define an open architecture for future payment processing. Infrared is an ideal communication medium as it offers security, is inexpensive, and ubiquitous in usage. There are more than 150 million infrared enabled appliances in the marketplace today and by the end of this year an additional 170 million products will ship.  This figure includes 93 million IrDA enabled cell phones. The total number of products in the market place will grow exponentially to 1.3 billion by the year 2003 according to the IrDA.

     “Digital payment transfers really represent the future of financial transactions,” stated H. R. Damon Gonzalez, Jr., CrossCheck’s Vice President of Business Development.  “What makes this technology so exciting is that we are using equipment that is already out in the marketplace and in use.  With infrared, we will be able to essentially beam information from a bank account to a payment register.  This information will be automatically processed easily, quickly, and inexpensively for both the merchant and the consumer. Consumers will have the ability to track payments with personal software for convenience and exceptional record keeping.  It is truly the next step in financial processing.”

     IrDA member companies participating in this special interest group are:  ACTiSYS, Agilent, Calibre, CrossCheck, Ericsson, Extended Systems, First Web Bank Corp., Hewlett Packard, Motorola, Nokia, Palm Computing, Personal Solutions, and Sharp Microelectronics.

     CrossCheck, Inc., provides retail point-of-sale authorization services, demographic/psychographic profiling, and payment conversion and imaging capabilities. An innovator in payment systems and an investor in technology companies since 1983, CrossCheck also develops and markets education-based services and empowerment tools to enhance the consumer shopping experience.  More information about their products and services can be found at their Web site: www.cross-check.com or contact H. R. Damon Gonzalez, Jr. at (800) 654-2365.

     Personal Solutions, Inc., headquartered in Danville, CA, is a research and development company involved in the creation and marketing of advanced consumer products, intellectual property, and financial payment technology. For more information about Personal Solutions, Inc., contact Ron Brown, Personal Solutions’ Chief Executive Officer at brownmktg@attglobal.net.

    IrDA is an International Organization that creates and promotes interoperable, low cost infrared data interconnection standards that support a walk-up, point-to-point user model. The standards support a broad range of appliances, computing, and communications devices. For more information about IrDA, contact Lawrence Faulkner, Executive Director of IrDA at  (925) 944-2930 or visit their Web site at: www.irda.org. Additional details regarding Financial Messaging and the special interest group IrFM can be accessed by visiting www.irfm.org.