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Larry Adelberg has received Patent 7,680,317 for the application of single pass optical and magnetic MICR Character Processing.
This patent covers the unique application of optical and magnetic data for a highly accurate identification of the characters at the bottom of checks. This processing technique provides for the most accurate read of the checks available at the point of sale, enhancing the reliable of the Check Truncation process.
Check truncation allows the merchant to convert the paper check into an electronic payment at the point of sale, thus removing the need to move paper through the financial system. This has the ability to save significant amounts of money for the banks and ultimately the federal government as it no longer has to fund the transportation of paper instruments. |
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