Amricon launches state-of-the-art SMART Cheque solution

The Smart Cheque solution is globally patented in over 100 countries.

Despite the availability of multiple payment methods around the globe, cheques still rank as one of the most convenient and commonly used payment methods world wide. Amricon SMART Cheque leverages the standard printed cheque by embedding Radio Frequency Identification (RFID) chip to securely store information needed at participating point of sale locations to verify the payer and store transaction specific information on the cheque. This information can then be used to authenticate cheques electronically and guarantee payment prior to proceeding with the cheque clearing process. The Smart Cheque Solution significantly improves the security of cheques by addressing cheque fraud and guaranteeing payment to the payee instantly by checking and blocking funds at the time of the transaction using secure communications to authenticate and complete the transaction digitally.

"Despite new electronic methods of payment, cheque usage is expected to remain high globally. Amricon's SMART Cheque technology, aims to make cheques more secure while minimizing the risk of cheque fraud for both the payer with the use of advanced authorization and the payee by guaranteeing payment; the Smart Cheque solution also reduces cheque processing and clearance time from 3-5 days to instant clearing"

said Mohamad Jarrar, Managing Director, Amricon.

"SMART Cheque presents a unique investment opportunity in patented future technology that has local, regional and global impact. The building blocks of SMART Cheque Solution as an investment opportunity include innovation, high demand for a growing global problem of cheque fraud, and cutting edge RFID technology, this significant value proposition appeals to regional as well as global savvy investors." said Jarrar.

As a premier smart solutions company whose core business strength continues to be its ability to constantly innovate, Amricon has been focusing its attention on developing its R&D capabilities, it is heartening to note that these efforts are yielding dividends both financially and in the introduction of new solutions. The launch of SMART Cheque is testament to the technological flexibility and prowess that Amricon possesses. The SMART Cheque is expected to capture the attention of key investors and strategic decision makers that will see first hand demo of the SMART Cheque solution at Amricon's stand in Gitex 2006, Zabeel Hall, stand ZS-1.