For Immediate Release: Contact: Lyda Creus Molanphy
October 28, 2003
Melville, NY – DataTreasury Corporation applauds today’s signing of the “Check Clearing for the 21st Century Act” by President Bush. The bill, which can be implemented by DataTreasury’s patented technology, makes it possible for banks to approve digital images of checks instead of the actual check – a process that will automate the check clearing process.
The Check Clearing for the 21st Century Act allows banks to make the check truncation more cost and time efficient by imaging the check early in the truncation process. The “substitute check” (a digital image or a copy) will have the same legal status as the original check and can eliminate most of the physical steps involved in check truncation. According to industry experts, the electronic image exchange could save the financial services industry as much as $2.1 billion or more annually.
This landmark legislation highlights DataTreasury’s patented technology. “We are excited to participate as our patented technology helps the banking industry save billions of dollars annually,” said DataTreasury Vice-Chair Dr. Gary Knutsen. “Our patented technology enables a bank to scan the check and then send and store it with absolute security. Check 21 and our technology will revolutionize the marketplace.”
DataTreasury has licensing agreements regarding this technology with various companies, including Affiliated Computer Services (ACS) and RDM Corporation.
DataTreasury Corporation is a privately held company founded by Claudio Ballard in 1998. It is built around its patents covering Ballard’s invention: “The Global Repository Platform” which is the world’s most functional and secure informational management system. DataTreasury was issued US Patent No. 5,910,988 and US Patent No. 6,032,137 in 1999 and 2000 for image capture, centralized processing and electronic storage of document and check information.
Dr. Gary Knutsen, Vice-Chairman of DataTreasury Corporation, has been consistently recognized for his entrepreneurial achievements and has 25 years of successful business experience.