Thursday, June 12, 2014 3:40:48 PM
Competition
There is REAL competition to MYEC which I cover below (there are others, but these 2 look to be our biggest that I am aware of). Are they legally processing these transactions? I’m not sure. Have they found legal ways to circumvent Ed’s patent? If not, should the CEO take action to file suit against these potential infringers? Could they become new licensed partners of MYEC? These are all valid questions we need Mr. Starrs to address ASAP in my view to insure the fruitation of the business. If our clients were half as large, I feel we would be at a MUCH higher price per share RIGTH NOW! Most probably above $1/share
Between CheckAlt & MVI, they already have operational apps for both the iPhone & Android being used by customers for purchases at restaurants, retailers telecoms & bill payments, as well as serving the healthcare industry & the unbanked, not to mention rolling out unmanned full service kiosks. The technology used by both is already being used in thousands of financial institutions, service bureaus & billers processing billions of checks & claims annually, along with a staggering & impressive amount of Credit Unions. In all likelihood the companies have already been contacted by MYEC about the possible violation to Ed’s patent, yet they don’t show signs of going away...
CheckAlt
It’s been said CheckAlt is operating in violation of MyECheck’s patent (which I have no qualms with), but they are our competition & look to be gaining traction at a faster rate than Ed has so far, they are much bigger (according to their LinkIN profile, they have between 11-50 employees) & their revenue is presumably much greater when reflecting on the size of their clients. We already know that they’ve successfully poached one of our clients Spindle. Their list of clients are growing at an enormous rate. CheckAlt’s clients include banks, credit unions, check cashiers and MSBs (money service businesses), insurance companies, municipalities, utilities, and small and medium-sized enterprises.
“CheckAlt delivers x9.37/ICL files to 200 + financial institutions daily and possesses the most robust integration tools in the industry.“
It’s hard to determine how much revenues the company is generating, but there are signs that they are thriving & growing quite rapidly. What we do know is that where investors are happy to see MYEC has over 1500 likes on facebook, CheckAlt has over 4,600 likes & where everyone had hopes Ed would attend industry tradeshows to get the word out (which remains unconfirmed & if he did, he didn’t have a booth to increase exposure) We can see from CheckAlt’s Event list, they are VERY actively promoting their services in the industry with 13 events planned & upcoming this year alone.
Most recently, CheckAlt acquired ERAS Subsidiary from Diebold to Extend Imaging and Item Processing Capabilities
They have a partnership with eDeposit which enables buyers such as restaurants and other retailers to create an eDeposit account directly through their iOS and Android mobile applications in a streamlined setup process
With Payteller, LLC who offers prepaid cellular phone top-up, international long distance and bill pay, with features such as money transfer, prepaid debit card loading and prepaid debit card issuance. They are also targeting the “Unbanked” and are in the process of rolling out a fleet of unmanned FSKs Full Service Kiosks with big plans for the New York & New Jersey areas
ESP which is a core data processing solutions specially designed for credit unions partnered with CheckAlt stating the below;
“We selected CheckAlt as our Check21 partner because of their robust suite of applications for the credit union industry, including branch capture, teller capture, share draft/in clearings, merchant and mobile RDC, and its newly released CheckAltBatch processing service,”
Orbograph also joined the list of CheckAlt’s clients. They are a premier provider of recognition services and software for check processing in the financial industry and electronic/paper automation solutions in healthcare revenue cycle management. Orbograph technologies are in use in over 1,500 financial institutions, service bureaus and billers processing billions of checks and claims annually. Orbograph solutions are utilized by 20 of the top 30 U.S. financial institutions with in-house check processing. In healthcare payments
They have also PRed several Credit Unions as customers including;
a partnership with Pikes Peak Credit Union which was established in 1982 & is the oldest credit union in Colorado Springs.
Point West Credit Union and Dowell Federal Credit Union. Point West CU began operations in 1932 (over 80 years of service & over $80 million in assets) & participates as part of the CO-OP Shared Brance network, which means they share nearly 30,000 ATM locations nationwide, nearly 5,000 credit union branches and over 2,000 self-service locations when your credit union is part of CO-OP Shared Branch
FAA Federal Credit Union, University of Nebraska Federal Credit Union and Valley Credit Union. the University of Nebraska FCU has over 10,000 members and over $84 million in assets. It offers mobile banking, mobile deposit, Internet banking, checking and savings accounts, credit cards, consumer loans, mortgage loans, business loans, online bill pay and many other services. Valley Credit Union is Canada's 597 credit unions and affiliated caisses populaires have combined assets of over $70.5 billion and serve 4.6 million owners. Dakotaland Federal Credit Union was formed in 1935 which has expanded to nearly 28,000 members and over $253 million in assets with branch offices located in Brookings, DeSmet, Huron, Madison, Redfield, Volga, Mitchell and Woonsocket.
MVI (Millennial Vision Inc)
I came across the company a while back, at the time I didn’t think much of them or if they were really competing in the same market, but a recent PR from Antuar has ran full circle & led me back to Millennial vision which made me realize they are in fact actively competing against us at MYEC & from what I’ve gathered, are doing better than MyECheck in many ways.
MVI has a number of Credit Unions already operating as clients such as Heritage USA Federal Credit Union, North Shore Federal Credit Union , http://www.mviusa.com/news/press-releases/109-2013-02-20-mvi-signs-episys-user-ufcu-to-use-ecm-software" rel="nofollow" target="_blank" >The University Credit Union
We also see in their newsletter that they’ve partnered with Cachet Financial to offer an integrated Mobile deposit check capture solution as part of MVi’s Check 21 Product via Apple & Android apps (which was also PRed here). Cachet Financial has a formidable list of partners as seen here not mentioning their widespread reach as covered in their News & Press Releases. Cachet also has their own proprietary “CheckReview” which allows for real-time check verification of funds as discussed here (presumably via the old ACH system)
Some of Cachet Financial clients include;
Minnesota Item Processing Corporation
Chexar Networks, Inc. is targeting the under-banked population now estimated to be almost 100 million people
CUAOk Services, Inc.
Allied Solutions, one of the largest providers of insurance, lending, and marketing products to financial institutions (about 4,000 financial institutions)
MEA Financial Enterprises, LLC
Catch21, Inc.
Access Softek is a partner with Microsoft, Intuit, H&R Block, Fiserv, Diebold, Online Resources, and its customers include over 200 banks and credit unions.
FI-MOBILE helps credit unions, banks and financial institutions deliver a unified mobile banking experience on the iPhone, iPad, Android, and web-enabled mobile devices
Northwoods Credit Union
eDOC Innovations which services more than 400 member credit unions
City National Bank is one of the nation’s top financial institutions. It is a wholly owned subsidiary of City National Corporation (NYSE: CYN). It is backed by $24.0 billion in total assets, and provides banking, investment and trust services through 79 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Tenn., and Atlanta.
Sharetec Systems, Inc. is a leading provider of core data processing systems to credit unions, which has a customer base over 300
PreCash is a leader in payments services and transaction processing. They serve more than 3 million consumers and touches nearly $3 billion in payments annually. Our products are serviced in more than 100,000 retail locations nationwide.
Simple
PSCU is a leading provider of traditional and online financial services to credit unions. They represent more than 680 credit unions, making them the nation’s leading Credit Union Services Organization (CUSO). They offer industry-leading credit, debit/ATM and prepaid card servicing to more than 14 million cardholders and innovative bill payment solutions to over a million online bill payment subscribers. They also provide a range of ecommerce solutions options to include electronic home and mobile banking.
Tyfone
Volunteer Corporate Credit Union They currently serve 325 credit unions. Volunteer Corporate has over $1 billion in total assets.
Member Service Solutions, LLC is a respected provider of insurance and financial solutions for credit unions and financial institutions.
Texas Trust Credit Union which has assets in excess of $500 million
Ingo Money, Inc. Some of the top 50 banks and non-bank financial services companies in the country rely on Ingo Money to evaluate, manage, and guarantee funding risk for them.
Nitro Mobile Solutions Established in 2009 in Tampa, Florida, Nitro now also maintains offices in Denver, Colorado and Austin, Texas to serve a growing list of clients ranging from small entrepreneurs to Fortune 30 corporations.
YellowPepper has over 2.5 million users. They are based out of Miami but service Latin America across 9 countries Mexico, Colombia, Peru, Ecuador, Guatemala, Dominican Republic, Bolivia, Haiti and Panama
To finish my thought, as we see here one of Parascript’s partners is Cachet. Also in Cachet’s 10-K filings they mention “Parascript, LLC” under the section highlighted below;
Under our current business model, we rely upon third parties to provide software integration, hardware, fulfillment, and support and maintenance services in connection with our RDC solutions.
The next sign in the piece of the puzzle is that we see that Antuar has partnered with Parascript for Check 21 processing
So combining all that I have uncovered leads me to the belief that it is actually MVI who will be providing the check 21 backend processing to Antuar in support of all 100 branches of the America First Credit Union (AFCU) network which is one of the largest, most stable and innovative credit unions in the U.S., with nearly $6 billion in assets and over 100 branches across Utah and Nevada.
=============================
But in the end, I prefer to refer to both MVI & CheckAlt Defendants & MyECheck as Plaintiff
There is REAL competition to MYEC which I cover below (there are others, but these 2 look to be our biggest that I am aware of). Are they legally processing these transactions? I’m not sure. Have they found legal ways to circumvent Ed’s patent? If not, should the CEO take action to file suit against these potential infringers? Could they become new licensed partners of MYEC? These are all valid questions we need Mr. Starrs to address ASAP in my view to insure the fruitation of the business. If our clients were half as large, I feel we would be at a MUCH higher price per share RIGTH NOW! Most probably above $1/share
Between CheckAlt & MVI, they already have operational apps for both the iPhone & Android being used by customers for purchases at restaurants, retailers telecoms & bill payments, as well as serving the healthcare industry & the unbanked, not to mention rolling out unmanned full service kiosks. The technology used by both is already being used in thousands of financial institutions, service bureaus & billers processing billions of checks & claims annually, along with a staggering & impressive amount of Credit Unions. In all likelihood the companies have already been contacted by MYEC about the possible violation to Ed’s patent, yet they don’t show signs of going away...
CheckAlt
It’s been said CheckAlt is operating in violation of MyECheck’s patent (which I have no qualms with), but they are our competition & look to be gaining traction at a faster rate than Ed has so far, they are much bigger (according to their LinkIN profile, they have between 11-50 employees) & their revenue is presumably much greater when reflecting on the size of their clients. We already know that they’ve successfully poached one of our clients Spindle. Their list of clients are growing at an enormous rate. CheckAlt’s clients include banks, credit unions, check cashiers and MSBs (money service businesses), insurance companies, municipalities, utilities, and small and medium-sized enterprises.
“CheckAlt delivers x9.37/ICL files to 200 + financial institutions daily and possesses the most robust integration tools in the industry.“
It’s hard to determine how much revenues the company is generating, but there are signs that they are thriving & growing quite rapidly. What we do know is that where investors are happy to see MYEC has over 1500 likes on facebook, CheckAlt has over 4,600 likes & where everyone had hopes Ed would attend industry tradeshows to get the word out (which remains unconfirmed & if he did, he didn’t have a booth to increase exposure) We can see from CheckAlt’s Event list, they are VERY actively promoting their services in the industry with 13 events planned & upcoming this year alone.
Most recently, CheckAlt acquired ERAS Subsidiary from Diebold to Extend Imaging and Item Processing Capabilities
They have a partnership with eDeposit which enables buyers such as restaurants and other retailers to create an eDeposit account directly through their iOS and Android mobile applications in a streamlined setup process
With Payteller, LLC who offers prepaid cellular phone top-up, international long distance and bill pay, with features such as money transfer, prepaid debit card loading and prepaid debit card issuance. They are also targeting the “Unbanked” and are in the process of rolling out a fleet of unmanned FSKs Full Service Kiosks with big plans for the New York & New Jersey areas
ESP which is a core data processing solutions specially designed for credit unions partnered with CheckAlt stating the below;
“We selected CheckAlt as our Check21 partner because of their robust suite of applications for the credit union industry, including branch capture, teller capture, share draft/in clearings, merchant and mobile RDC, and its newly released CheckAltBatch processing service,”
Orbograph also joined the list of CheckAlt’s clients. They are a premier provider of recognition services and software for check processing in the financial industry and electronic/paper automation solutions in healthcare revenue cycle management. Orbograph technologies are in use in over 1,500 financial institutions, service bureaus and billers processing billions of checks and claims annually. Orbograph solutions are utilized by 20 of the top 30 U.S. financial institutions with in-house check processing. In healthcare payments
They have also PRed several Credit Unions as customers including;
a partnership with Pikes Peak Credit Union which was established in 1982 & is the oldest credit union in Colorado Springs.
Point West Credit Union and Dowell Federal Credit Union. Point West CU began operations in 1932 (over 80 years of service & over $80 million in assets) & participates as part of the CO-OP Shared Brance network, which means they share nearly 30,000 ATM locations nationwide, nearly 5,000 credit union branches and over 2,000 self-service locations when your credit union is part of CO-OP Shared Branch
FAA Federal Credit Union, University of Nebraska Federal Credit Union and Valley Credit Union. the University of Nebraska FCU has over 10,000 members and over $84 million in assets. It offers mobile banking, mobile deposit, Internet banking, checking and savings accounts, credit cards, consumer loans, mortgage loans, business loans, online bill pay and many other services. Valley Credit Union is Canada's 597 credit unions and affiliated caisses populaires have combined assets of over $70.5 billion and serve 4.6 million owners. Dakotaland Federal Credit Union was formed in 1935 which has expanded to nearly 28,000 members and over $253 million in assets with branch offices located in Brookings, DeSmet, Huron, Madison, Redfield, Volga, Mitchell and Woonsocket.
MVI (Millennial Vision Inc)
I came across the company a while back, at the time I didn’t think much of them or if they were really competing in the same market, but a recent PR from Antuar has ran full circle & led me back to Millennial vision which made me realize they are in fact actively competing against us at MYEC & from what I’ve gathered, are doing better than MyECheck in many ways.
MVI has a number of Credit Unions already operating as clients such as Heritage USA Federal Credit Union, North Shore Federal Credit Union , http://www.mviusa.com/news/press-releases/109-2013-02-20-mvi-signs-episys-user-ufcu-to-use-ecm-software" rel="nofollow" target="_blank" >The University Credit Union
We also see in their newsletter that they’ve partnered with Cachet Financial to offer an integrated Mobile deposit check capture solution as part of MVi’s Check 21 Product via Apple & Android apps (which was also PRed here). Cachet Financial has a formidable list of partners as seen here not mentioning their widespread reach as covered in their News & Press Releases. Cachet also has their own proprietary “CheckReview” which allows for real-time check verification of funds as discussed here (presumably via the old ACH system)
Some of Cachet Financial clients include;
Minnesota Item Processing Corporation
Chexar Networks, Inc. is targeting the under-banked population now estimated to be almost 100 million people
CUAOk Services, Inc.
Allied Solutions, one of the largest providers of insurance, lending, and marketing products to financial institutions (about 4,000 financial institutions)
MEA Financial Enterprises, LLC
Catch21, Inc.
Access Softek is a partner with Microsoft, Intuit, H&R Block, Fiserv, Diebold, Online Resources, and its customers include over 200 banks and credit unions.
FI-MOBILE helps credit unions, banks and financial institutions deliver a unified mobile banking experience on the iPhone, iPad, Android, and web-enabled mobile devices
Northwoods Credit Union
eDOC Innovations which services more than 400 member credit unions
City National Bank is one of the nation’s top financial institutions. It is a wholly owned subsidiary of City National Corporation (NYSE: CYN). It is backed by $24.0 billion in total assets, and provides banking, investment and trust services through 79 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Tenn., and Atlanta.
Sharetec Systems, Inc. is a leading provider of core data processing systems to credit unions, which has a customer base over 300
PreCash is a leader in payments services and transaction processing. They serve more than 3 million consumers and touches nearly $3 billion in payments annually. Our products are serviced in more than 100,000 retail locations nationwide.
Simple
PSCU is a leading provider of traditional and online financial services to credit unions. They represent more than 680 credit unions, making them the nation’s leading Credit Union Services Organization (CUSO). They offer industry-leading credit, debit/ATM and prepaid card servicing to more than 14 million cardholders and innovative bill payment solutions to over a million online bill payment subscribers. They also provide a range of ecommerce solutions options to include electronic home and mobile banking.
Tyfone
Volunteer Corporate Credit Union They currently serve 325 credit unions. Volunteer Corporate has over $1 billion in total assets.
Member Service Solutions, LLC is a respected provider of insurance and financial solutions for credit unions and financial institutions.
Texas Trust Credit Union which has assets in excess of $500 million
Ingo Money, Inc. Some of the top 50 banks and non-bank financial services companies in the country rely on Ingo Money to evaluate, manage, and guarantee funding risk for them.
Nitro Mobile Solutions Established in 2009 in Tampa, Florida, Nitro now also maintains offices in Denver, Colorado and Austin, Texas to serve a growing list of clients ranging from small entrepreneurs to Fortune 30 corporations.
YellowPepper has over 2.5 million users. They are based out of Miami but service Latin America across 9 countries Mexico, Colombia, Peru, Ecuador, Guatemala, Dominican Republic, Bolivia, Haiti and Panama
To finish my thought, as we see here one of Parascript’s partners is Cachet. Also in Cachet’s 10-K filings they mention “Parascript, LLC” under the section highlighted below;
Under our current business model, we rely upon third parties to provide software integration, hardware, fulfillment, and support and maintenance services in connection with our RDC solutions.
The next sign in the piece of the puzzle is that we see that Antuar has partnered with Parascript for Check 21 processing
So combining all that I have uncovered leads me to the belief that it is actually MVI who will be providing the check 21 backend processing to Antuar in support of all 100 branches of the America First Credit Union (AFCU) network which is one of the largest, most stable and innovative credit unions in the U.S., with nearly $6 billion in assets and over 100 branches across Utah and Nevada.
=============================
But in the end, I prefer to refer to both MVI & CheckAlt Defendants & MyECheck as Plaintiff
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