Before an audience of authorized Toshiba dealers and subsidiaries at the 2011 Toshiba Dealer Meeting, Toshiba America Business Solutions Inc. (TABS) announced that it has entered into a partnership with Source Technologies to provide Source Technologies' magnetic ink character recognition (MICR) products through Toshiba Business Solutions (TBS) and authorized independent Toshiba dealers across the country. MICR is the technological standard for the printing of negotiable documents within the financial services industry, and represents an estimated $1.5 billion market within the United States.
As part of this partnership, Toshiba dealers and TBS subsidiaries will be able to offer customers Source Technologies' full line of available secure MICR printers. With cutting-edge security features, Source Technologies' secure MICR printers are engineered specifically to print checks and negotiable documents, ultimately offering the greatest protection from fraud. And by using MICR printers, customers can banish costly pre-printed stock by printing all necessary check information, including the MICR line, in a single printer pass.
"Innovation has long been the cornerstone of Toshiba's business model, and that includes establishing partnerships with like-minded companies offering products and services that help our dealers and subsidiaries better serve their customers," commented Joe Contreras, director, Product and Solution Marketing, TABS. "Source Technologies' MICR printers are a prime example of a product line extension that fits well with Toshiba's current line-up, while opening up a whole new market opportunity for our dealers and subs, and we're proud to welcome them into the Toshiba family."
The United States still relies heavily on checks as a payment method. According to the most recent Federal Reserve study, approximately 30.5 billion checks are paid each year in the United States. And with more than 1.2 million fraudulent checks written each year, it's no surprise that check fraud is a $20 billion per year problem.
"As the leader in secure MICR printing solutions, Source Technologies is pleased to partner with Toshiba America Business Solutions, an organization that continues to lead the business world in innovation," offered Mimi Bartholomew, director, Partner Alliances, Source Technologies. "Collectively, our combined expertise will provide uncompromised value in a complete financial solution."