By Polly Raymond, 1 July 1998 09:49
NEWS The US Treasury will unveil Echeck this week, a pioneering system for making payments over the Internet. The system was developed in 1995 by a consortium of technology and finance companies including IBM, Sun Microsystems, BankBoston, BankAmerica and NationsBank. The Echeck programme uses software which signs the cheque with an electronic signature. The creditor has corresponding software that can verify the signature and accept the cheque. Project leaders hope the Echeck system will be taken on globally. To mark the technology's launch, GTE Corporation will be paid $32,000 (£20,000) for a US Air Force contract in a cheque sent via email, a first in Web history.
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