In reply to Joseph Corcoran.

Please correct me if I am wrong but that I am aware there are only two ways to gain remote access to consumers’ funds in licensed banking accounts: the safer interactive way for both payers and payees is via a credit card, which costs the merchant a higher fee, and the other way is via the primitive non-interactive ACH direct debit function, which costs the merchant only a nominal fee but does not offer either the payer or the merchant any guarantee as direct debits are not interactive and may be reversed by the bank the following day.

Again, payers get the protection that the merchant pays for when they pay via a credit card. Most of the credit card fee goes to the issuing bank to cover the risk involved in accepting such credit card debits. If you think that the banks are going to forgo those fees and thereby provide a saving of those fees to the MCX group, and still accept the risk, or that consumers are going to open themselves up to a system that offers them less transaction security than does the credit card system—dream on ...

Still, I am always interested in new ideas; and, as you claim to have a patent for your solution, why don’t you supply a layman’s explanation of your “secret sauce”; I have no doubt that all the readers here would be most interested to hear it …

Hey, maybe your MCX group should have a chat with eBay’s Johnny Ho; his PayPal, too, has found a cheap way to access payer’s funds—ACH direct debits … ho, ho, ho …