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Xcellink International Inc.; MyECheck Inc.: Xcellink International Inc. Signs Letter of Intent With MyECheck Inc. to Utilize It

^{Published on 2009-11-03 03:05:51 - Market Wire}
 

LAS VEGAS, NV--(Marketwire - November 3, 2009) - 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.