Leading Third-Party Payment Provide Enforces Newly Issued RDC Patent
HAWTHORNE, N.Y. (June 22, 2020) – Any company using the Automated Clearing House (ACH) to lower costs and expedite paper check clearing may be infringing upon EFT Network, Inc.’s Remote Deposit Capture (RDC) patent, issued by the U.S. Patent and Trademark Office.
Leading third-party payment provider EFT Network’s proprietary check cashing technology was issued U.S. Patent 10,354,234 – “System and Method for Single Point of Entry Deposit” after successfully defending 15 years of denials.
“ETfs RDC technology lowers the cost of check clearing, speeds up the notification of returned converted checks, and reduces the cost of returned checks to the depositor,” explained Steven Davis, CEO of EFT Network.
“We intend on enforcing our patent. We believe there are many conversations to be had with companies that are either knowingly or unknowingly utilizing, and therefore infringing, upon our intellectual property and patent.”
Any company using the ACH for low-cost clearings should contact EFT Network regarding a license if you intend on continuing to use EFT’s intellectual property, said Davis, inviting all communication to assist companies in arranging for a use license.
Don’t Know If You are Infringing on EFT Network’s Patent?
No worries. Communication with Davis will clear up any confusion. If you are using EFT’s patented technology for check clearing, Davis will assist you in obtaining a license to continue business as usual.
If you are not yet using EFT’s RDC technology,
now may be a great time to learn why you should.
“If you are not yet using our technology, you owe it to your bottom line to find out more about EFT’s RDC,” Davis said. “I can save you money and provide a better checking cashing system. I will save you money, improve your processes, offer more features and you’ll enjoy expedited service.”
This innovative technology distinguishes between consumer and non-consumer checks for low cost clearing. EFT’s technology is designed so businesses can scan and deposit checks conveniently from their places of business or other locations using a desktop check scanner.
EFT Network was the first company to perfect and offer a fully web based remote check deposit system after recognizing the value brought by the Check 21 Act that was signed into law in 2004. In March 2004, EFT filed for patent protection with the USPTO. Upon final approval in mid-2019, the USPTO has granted EFT seven additional years to its patent protection.
Davis reiterated: “EFT Network’s patent is out there now. We want all companies to be aware of the fact that they may be infringing on our IP and we want to issue licenses right away so companies can continue to use our outstandingly low-cost, efficient remote check clearing technology.” https://www.eftnetwork.com/