ProgressSoft introduces Prompt e-Check, a complementary member product of the PS-ECC suite. Prompt e-Check will completely replace the paper check with a new electronic instrument based on Public Key Infrastructure (PKI) security algorithms. The new instrument replaces paper check security features with more solid electronic forms of digital security based on cryptography. The process of issuing, writing, and signing an e-Check is entirely electronic, utilizing channels that include internet banking, mobile banking, and corporate banking systems.
Prompt e-Check provides the means for the banks’ retail and corporate consumers to issue, write, sign, share, and deposit electronic checks that are digitally signed with the private key of the issuer and related cosigners.
Being a member of PS-ECC suite of products, Prompt e-Check seamlessly integrates with the currently implemented electronic clearing cycle for both inter-bank clearing and in-house (OnUS) e-Check clearing, utilizing current PS-ECC setup infrastructure and the core banking system integration in place.
Payers are free to use any of their bank’s facilities to issue an e-Check; subject to registration. A payer will use the bank’s mobile application, internet banking or any of the digital channels that the bank provides to the customers to request an e-check.
All e-Checks are exchanged in PDF format during issuance and signing, which means that e-Checks issued and signed are delivered in PDF format and can then be printed or submitted using any communication channel chosen between the payer and the beneficiary.
e-Check movement requiring a signature by corporate customers follows the same approach. The corporate issuer will release the e-Check PDF with the amount, date and beneficiary information they added and send it using corporate emails to the corporate authorized cosigner to sign the e-Check before final submission to the beneficiary.
In addition to being able to issue an e-Check anytime, anywhere, Prompt e-Check enables faster processing of payments, and allowing them to become portable as clients can utilize their mobile devices to issue an e-Check.
Furthermore, Prompt e-Check provides control over the check issuing cycle, reducing potential fraud while removing the need to reconcile paper checks and utilizes the existing infrastructure for other electronic payment methods.
Prompt e-Check can be added as a functionality to all of the banking channels such as mobile banking and internet banking, and it can be seamlessly integrated with ProgressSoft’s Prompt Check and Prompt Clear, in addition to the Core Banking System of the bank.