PayToo launches new eCheck solution

eCheck solution

PayToo, a mobile phone solutions company, is launching a new payment processing solution for its ecommerce division in partnership with several unidentified banks (view press release). The solution will allow users to draft a virtual check from their smartphone (drawing from their US checking account), verify and sign on the smartphone interface, and then submit to the merchant. The platform also incudes a security process using geolocalisation and phone verification designed to counter fraud and unauthorised transactions. Paytoo claims the solution is an alternative to the existing methods of drafting a paper check or remotely creating a virtual check using Check 21, which the company claims “lacks tight security and the ‘convenience factor.”

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