SnapCheck brings digital checks worldwide via the Open Banking Project

SAN FRANCISCO - Oct. 24, 2016 - PRLog -- SnapCheck and TESOBE / Open Bank Project today announced a strategic partnership to bring about new era for the world's most enduring payment form: the check.  The integrated solution of SnapCheck with the Open Bank Project reimagines the check as a digital experience that leverages the universality of the check but strips away all the shortcomings that are inherent in the traditionally physical payment instrument.

SnapCheck blockchain-enabled digital checking platform provides a turn-key solution to modernize checking.  "The check has a rich history throughout the world.  Under one name or another, the check has existed for 2000 years.  Unfortunately, so have the problems with the physical paper check," said Ken Kruszka, CEO of SnapCheck.  "At SnapCheck, we strip away the paper and with it the high cost, slow speed, and high fraud risk that have plagued paper checks.  We are thrilled to join the Open Bank Project Featured App Program. This partnership will solve our core-banking integration challenge and help us get international exposure – bringing the speed, convenience, and security of SnapCheck digital checks to banks worldwide."

The OpenBank project provides an open source, developer friendly API for banks that developers and companies can use to build innovative applications and services for accountholder, based on their actual, real-time account data.  The Open Bank Project exposes transaction data and services in a simple and consistent structure by abstracting away the peculiarities of each banking system.

"We're excited that SnapCheck has chosen to deploy their digital checking platform in conjunction with the Open Bank Project, in order to modernize checking for our global users.  Checks still account for over 60% of global transaction volume, and it's high time that we brought that payment method into the 21^st Century," said Simon Redfern, CEO of TESOBE / Open Bank Project.

About SnapCheck

SnapCheck is a global payments technology company that is bridging the digital divide in payments.  SnapCheck's revolutionary blockchain-enabled digital checking platform marries the ubiquity of checks with the speed and security of electronic payments.  SnapCheck's platform combines the ubiquity of checks, the cost of ACH, the data of EDI, the speed of Wires, and the security of Blockchain.  For more information on SnapCheck, please visit http://www.goSnapCheck.com

About TESOBE

TESOBE is a Berlin-based software company behind the Open Bank Project, an open source API and App store for banks that empowers financial institutions to securely and rapidly enhance their digital offerings using an ecosystem of 3^rd party applications and services.  TESOBE assists banks in executing effective API strategies by providing a proven API technology platform supported by an active community of developers and partners.  For more information on TESOBE, please visit http://www.tesobe.com