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RealTime IT News

The Check Is In the E-Mail

With the e-commerce market expanding at a rapid pace, ChequeMARK Inc., a subsidiary of LML Payment Systems Inc., Thursday launched an alternative online payment solution that it calls, "electronic checking" to capitalize on the trend.

The ChequeMARK System enables retailers to convert a paper check transaction into a fully automated paperless electronic transaction. It was made specifically for Internet payments, the company said, and is an alternative to current methods such as credit card, paper check drafts and virtual cash.

The solution is a patented checkwriting point-of-sale system comprised of a central database and authorization system administering various consumer payment services. Internet consumers will be able to access funds residing in their bank accounts in order to make purchases at a Web merchant's site, the company said.

ChequeMARK said it plans to make the system available to Internet commerce service providers and Internet payment processors who design and develop other payment methods on behalf of the rapidly expanding universe of e-tailers.

"Personal electronic checking will form an integral part of the Internet commerce industry and ChequeMARK's entry expects to become one of the dominant methods of payment," the company said.