LAS VEGAS, NV -- 11/03/09 --
Xcellink International Inc. (OTCBB: XCEL), a
developer of patented mobile payments and banking platforms, and MyECheck
Inc. (OTCBB: MYEC), an electronic transaction processor and provider of
alternative payment solutions, are pleased to announce that they have
signed a letter of intent whereby MyECheck will be providing its patented
Check 21 Electronic Payment Processing to Xcellink.
Under the terms of the agreement, MyECheck's patented software will be
integrated into Xcellink's mobile payment application, providing Xcellink
with the ability to process mobile payments using the Check 21 electronic
check system.
MyECheck utilizes a proprietary, patented method of creating and clearing
remotely created checks (RCCs) for exceedingly fast, secure and convenient
payments. MyECheck requires no physical check from the payor or payee for
processing. It generates electronic checks that adhere to the Check 21
specifications and transfers them for further processing to banks or
directly to the check clearing system.
MyECheck does not utilize the ACH network and although ACH represents a
large portion of electronic payments, most ACH payments start out as checks
and are converted to ACH. With MyECheck, those items no longer need to be
converted, can be processed as images and will clear faster, have higher
clearing rates and fewer returns. MyECheck processed payments are also not
subject to NACHA regulations, rules, fees and fines, giving MyECheck a
competitive advantage.
ABI Research estimates only about 400,000 mobile banking users existed in
2007, a figure that skyrocketed to 3.1 million in 2008. In 2009, the
numbers of subscribers will more than double, hitting the 7 million mark.
Beccue's long-term estimate: 32 million by 2013.
And the value of remote mobile payment by smart phones is set to reach $389
million in 2009, rising rapidly to $8.6 billion by 2014, according to
forecasts from Mercator Advisory Group.
About Xcellink
Xcellink International Inc. is a developer of advanced platform-independent
customer-centric payment systems and methodologies. Xcellink's patented
system has the technical ability to replace all credit, debit, charge and
smart cards, providing all functions of order, warehousing, delivery and
payment for all types of goods and services in a customer-centric manner
that is more efficient, economical, and secure than systems operating
today. Xcellink's unique process enables customers, rather than the
merchant, to initiate, control and pay for all transactions, without the
need for credit cards, in real-time anywhere, anytime, and at a fraction of
the cost of current transactions. Please visit www.xcellink.com.
About MyECheck
MyECheck Inc. is a leading electronic transaction processor and provider of
alternative payment solutions for brick & mortar, internet, and mobile
commerce. MyECheck utilizes a patented method of creating and clearing
remotely created checks for exceedingly fast, secure and cost effective
payments. As the leader in Check 21 solutions and check image processing
for online merchants, MyECheck provides merchants with financial access to
more customers than any other payment method. Please visit
www.myecheck.com.
Forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risks
and uncertainties, including, without limitation, continued acceptance of
mentioned products, increased levels of competition, new products and
technological changes, dependence upon third-party suppliers, intellectual
property rights, and other risks detailed from time to time in reports
filed with the Securities and Exchange Commission.
Investor Relations Xcellink
Barry Duane
Email Contact
(866) 953-XCEL (9235)
Investor Relations MyECheck
Edward Starrs
Email Contact
916.932.0089
