BioPay Introduces New Features to Check Cashing Software

Herndon, VA — November 15, 2000

BioPay, LLC, a leading provider of biometric payment services, today announced the release of its Check Cashing Software Version 2.5.

The updated software includes: a video camera, two-dimension bar code reader, multi-lane functionality, and shared negative database. The new features, together with the existing biometric-based identification and verification system, provide merchants with a revolutionary new way to prevent fraud and manage their check cashing operations.

"They asked for it, we gave them what they wanted. After several months of testing and feedback from our beta customers, we added these new features to provide a turn-key check cashing product for anyone currently in the business, or looking to get started," said Tim Robinson, president of BioPay. "Version 2.5 is simple to use and a huge deterrent to those interested in defrauding merchants. We've seen that BioPay simply causes check cashing fraud and its perpetrators to go away."

How It Works

BioPay's Check Cashing Software uses biometric technology, specifically finger scanning, to identify customers and authorize transactions. During a quick, one-time enrollment session, a customer's general information and identification is entered into the BioPay system along with scanned images of the person's two index fingers. Once the customer has been registered, all future transactions can be initiated and authorized quickly with the touch of a customer's finger. The software operates on standard PCs or laptops, with peripheral hardware consisting of an optical finger scanning device, a PC camera and MICR check/magnetic stripe reader combo unit.

New Features

• Video Camera — The video camera captures and stores a picture of the customer with the rest of their information. When the customer returns to cash their next check, their picture is also displayed as confirmation of ID.
• 2D Bar Code Reader — For some states using 2D bar codes instead of magnetic stripes on their drivers licenses, used during enrollment, this device quickly decodes customer data stored on drivers licenses and copies it to the associated customer file. This significantly reduces data entry, allowing for a much faster enrollment time and more accurate data capture.
• Shared Negative Database — The real power of the BioPay system is the shared negative database of fraudulent check writer information that prevents acceptance of fraudulent checks. All BioPay users benefit because individuals known to be associated with bad checks and their biometrics, as well as companies that have outstanding checks are automatically declined by the BioPay software. With biometrics as the basis for the system, even criminals that change their names or print fake drivers licenses are still declined because they simply cannot change their fingerprints.
• Multi-Lane Functionality — This allows merchants with more than one lane to link all lanes' databases and provides a client-server set-up requiring only one system to connect to the BioPay central database.

About BioPay, LLC

Since 1999, BioPay has been providing smart, secure methods for processing financial transactions. Its Paycheck Secure systems help businesses substantially reduce fraud and give consumers a convenient method for cashing checks. BioPay's payment service offers merchants a low-cost form of customer payment and gives consumers a secure, fast and convenient way to pay for purchases. BioPay's patent-pending systems for merchants, banks and financial service organizations have been implemented across the nation. BioPay's value to consumers and merchants has created the nation's largest commercial electronic biometric database. For more information on BioPay and its market-leading products please visit www.biopay.com.