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He all ready said he would not RS so please move along...
KB
The Federal Reserve System’s New Payment Instrument, The Electronic Check
Posted on March 9, 2014 by Ed Starrs, CEO, MyECheck
On February 4, 2014, the Board of Governors of the Federal Reserve System took the final step before creating a new law that will define a new payment official instrument called the “electronic check”. Here’s what they intend to do, and some excerpts from my patent below.
Federal Reserve Proposed New Rule, February 4, 2014
The Federal Reserve Board proposes to include two new defined terms, ‘‘electronic check’’ and ‘‘electronic returned check,’’ in Regulation CC, and would define ‘‘electronic check’’ and ‘‘electronic returned check’’ as (1) an electronic image of a check, or returned check, or electronic information related to a check, or returned check, that a bank sends to a receiving bank pursuant to an agreement with the receiving bank, and (2) that conforms with ANS X9.100–187, unless the Board determines that a different standard applies or the parties otherwise agree.
“Electronically-created items are electronic images that resemble images of the fronts and backs of paper checks but that were created electronically and not from, for example, scanning a paper check in order to create the electronic image. Electronically-created items are also sometimes referred to as ‘‘electronic payment orders’’ or ‘‘EPOs.’’ For example, a corporate customer sending payments might, rather than printing and mailing a paper check, electronically create an image that looks exactly like an image of the corporate customer’s paper checks, and email the image to the payee. Alternatively, a consumer might use a smart-phone application through which the consumer is able to fill in the payee and amount, and provide a signature, on the phone’s screen. The application then electronically sends the image to the payee.”
“Four commenters, including the group letter and one Reserve Bank commenter, stated that items created by a paying bank’s customer are a potentially useful payment innovation.”
http://www.gpo.gov/fdsys/pkg/FR-2014-02-04/pdf/2013-30024.pdf
US Patent 7389913 Method and apparatus for online check processing
SUMMARY OF THE INVENTION
In general, in one aspect, this specification describes a computer-implemented method for processing an online payment for an item. The method includes receiving information from a user corresponding to the online payment for the item. The information from the user is received through a graphical user interface, and includes an authorization to pay for the item using an electronic check. The method further includes creating an electronic image of an authorized demand draft based on the authorization received from the user. The electronic image of the authorized demand draft is created directly from the information provided by the user through the graphical user interface.
Particular implementations can include one or more of the following features. Creating an electronic image of an authorized demand draft can include creating an electronic image of an authorized demand draft that is compliant with the Check Clearing for the 21st Century Act (Check 21). The electronic image of the authorized demand draft can be unsigned by the user. The method can further include transmitting the electronic image of the authorized demand draft to a financial institution, and receiving funds from the financial institution based on the electronic image of the authorized demand draft to provide payment for the item. Creating an electronic image of an authorized demand draft, transmitting the electronic image of the authorized demand draft to a financial institution, and receiving funds from the financial institution based on the electronic image of the authorized demand draft can be performed substantially in real-time. The method can further include performing one or more real-time verifications on the user prior to creating the electronic image of the authorized demand draft.
A check processing system for processing an online payment from a user, the online payment being for an item that is purchasable through a website of a merchant.
Particular implementations can include one or more of the following features. The item can comprise one of a physical product, a service, digital media, or digital content. The financial institution can be one of a bank, savings and loan (S&L), credit union, or Federal Reserve.
Implementations may provide one or more of the following advantages. In one implementation, a fully integrated online check processing system is provided that functions much like credit card authorization and settlement, but is much more universally available to consumers or other users.
Implementations of the present invention relates generally to data processing, and more particularly to methods and apparatus for processing a bank instrument. Various modifications to implementations and the generic principles and features described herein will be readily apparent to those skilled in the art. Thus, the present invention is not intended to be limited to the implementations shown but is to be accorded the widest scope consistent with the principles and features described herein.
www.google.com/patents/us7389913
The Patent is referenced in 14 follow-on patents by IBM, AT&T, Google, Moneygram, Telesign, and others
www.google.com/patents/us7389913#forward-citations
It is going to run for LIFE...
KB
InDaZone - your chart knowledge is second to none. Thank you for all you do here as Golden Erection is eminent...
KB
Welcome back Ron!
KB
We are all going to be a bunch of rich idiots soon LOL...
KB
Paypal would be very exciting indeed. Just not sure with Ed's comments. That would be a dream PR though if it happened!
KB
Excellent point and one I have not thought of. So looking forward to those audited numbers - I agree once that happens it is going to get crazy with PR's coming at us left and right.
KB
I would agree with everything you are saying except that Ed shot down this rumor himself. Who knows for sure though - time will tell.
KB
Thank you for doing this Uubar - greatly appreciated!!!
KB
Audited Numbers are on the way - going to be fun!
KB
With my 2000 post - No, I bet other than his ex wife I am one of the few people out there he has hung up on. I feel honored LOL...
KB
I read some of the things Ed is saying on FB and I am just speechless - loving this restart as it is going to be more than any of us have ever dreamed...
KB
Congrats Carpasiano - I am glad it finally got over your average. For a while there we never thought it was going to happen. I did not realize it at the time but I was so pissed on that last dip to .0014 and I started to have doubts but I end decided to buy one more time at .002 and got my average down to .0025 and just a few short months later I sure as hell glad I did.
Feeling blessed to be a part of what is about to happen.
KB
I don't see this ever going below 0240 again. That became support yesterday IMHO.
KB
I don't think it is a big deal at all how many Ihubs follow the stock. I actually miss the way the board was 6 months ago but I sure don't miss where the PPS was back then. What will take then to the next level is institutional buyers and I believe that is what is taking place. Big boys coming aboard. Either way it is now just a waiting game for wealth...
KB
Classic!
KB
Did you guys notice that Ed has upped the requirement from 100m/year to 100m/month? WHAT WHAT!?!?!
KB
Yes it will and this is just the start.
KB
Thanks for linking LTMCIU99 - I hope everyone enjoys the reading!
KB
MYEC FB Page was a nice thing to wake up too - should be another exciting day.
Loving this restart!
KB
Nice....
Ha - I have had one to many!
KB
With the web site down, what we have here is Golden Shrinkage...
KB
Wow
KB
Much longer indeed!
KB
Yes we are Golden!
KB
Luck is not needed here. DD and dedication.
Waiting to be a millionaire. I will happen soon than anyone here expects.
KB
Some people just love patting themselves on the back when they guess right every once in a while LO but they never seem to mention when they are wrong...
KB
My average is .0025 - I am right, you are wrong.
KB
It means NOTHING
Good Morning all - we welcome all to the "restart" of MYEC and to the longs here who have been here for a long while before all these new guys showed up the last few weeks - Congrats to us all.
2014 is the year many of us will become millionaires - going to be a great year!
KB
It is the only way MM can cover their shorts - Ed has warned them and they are nervous. It is hard to stomach watching hundreds of thousands of dollars leave your account but it is only paper until you sell. We really are golden here. I don't have a worry in the world about it.
KB
Today is nothing more then a big old cleaning out of weak hands and stop loss orders. They are hunting for real shares...
KB
Companies will need what MYEC has to stay relevant moving forward. Just wait and see...
KB
PS - Study the patent
I won't be needing any...
KB
You are CRAZY!
KB
We laugh in their general direction!
KB
Well it is not as fun getting over .02 this time as it was the first time but all is good - per Tate - Golden Erection is on the way!
KB
You will shut up soon enough - go do your own DD..
KB