Toshiba America Business Solutions (TABS), a provider of managed print services and part of Toshiba Corp, has announced a partnership agreement with magnetic ink character recognition (MICR) technology company, Source Technologies.

MICR is a technological standard method used by the financial industry for the printing of negotiable documents, such as cheques. Although cheque payments are being phased out by a large number of UK retailers, the US is still a major user of this payment technique, cashing over 30 billion cheques each year. A US Federal Reserve study indicated that cheque fraud costs the industry over $20 billion p/a; hence the US MICR secure technology market has achieved a value of around $1.5 billion.

By combining their respective skills and experience, TABS and Source Technologies will be offering a range of secure MICR printers with high profile security technologies embedded as standard. Source Technologies has been operating in the MICR, barcode and laser printing market for over 25 years, selling into the governmental and financial sectors, amongst many others.

Product and Solution Marketing Director at TABS, Joe Contreras, stated: "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. 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."

Partner Alliances Director at Source Technologies, Mimi Bartholomew, added: "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. Collectively, our combined expertise will provide uncompromised value in a complete financial solution."

Author: Mike King, Analyst