Mag-Tek Inc., a magnetic stripe technology company, has introduced two new products.
The MICR Plus reads cards and checks. It has a PIN pad, signature capture, and scanner attachments. It also rejects fraudulent checks by looking for altered account identification numbers.
The HiCo MCAT is a magnetic stripe encoder for bank branch use that allows customers to choose their own personal identification numbers.
HiCo technology has been around for about 10 years, but an industry standard has just been developed to allow the high density stripe to be read by existing ATM and point of sale terminals, Mag-Tek said.
"There will be a significant cost benefit for a bank, to minimize the cost associated with reissuing," said company president Tom McGeary. "It will also extend the life of the card."
He added that HiCo MCAT technology will increase the life of the average card by 50%, to three years.