SANTA ANA, Calif.--(BUSINESS WIRE)--Aug. 26, 2004--TROY Group Inc. (NASDAQ:TROY), the Leader in Secure Output Solutions, announces the first MICR printing solution specifically designed to print individual Image Replacement Documents (IRDs) with no paper waste. The new TROY IRD 9000 1up is the latest in a line of Check 21 IRD printing solutions from TROY. The TROY IRD 9000 1up avoids the complexity of other IRD printing solutions that require additional costly document finishing equipment.
The TROY IRD 9000 1up, based on the award winning HP 9000 LaserJet Printer from Hewlett-Packard, includes specially designed paper handling features that allow check-processing operations in banks, credit unions or outsource providers to print individual IRDs. Other IRD printing solutions require full sheets of paper to be printed, forcing check-processing operations to print two, three or four checks on each sheet of paper and then to separate and sort each document individually. By printing single IRDs, the TROY IRD 9000 1up eliminates the need for document bursters or cutters costing thousands of dollars. In addition, financial institutions avoid the operational complexity and labor associated with document bursting and collation.
The TROY IRD 9000 1up prints 25 Forward or Return IRDs per minute. If needed, the TROY IRD 9000 1up can be easily reconfigured to print IRDs on two, three or four up forms, resulting in a printing speed of up to 75 forward IRDs per minute. Like all TROY IRD printers, the IRD 9000 1up is equipped with MICR toner sensing, the optimized TROY E13B MICR font for superior check readability, and Disable Jam Recovery (prevents the printing duplicate IRDs if a printer jam occurs). The printer will be offered in two configurations, which offer a range of MICR printing and security options.
Image Replacement Documents (IRDs), or substitute checks, will be in common use when the Check Clearing for the 21st Century Act, or Check 21 banking initiative, goes into effect on Oct. 28. The ANSI X9 committee, of which TROY is an originating member, has defined IRDs in two primary types: Forward and Return. The specification for individual IRDs is defined in the ANSI X9.110-140 standard released in July of 2004. A Forward IRD has a paper size of 3.667" x 8.5" and a Return IRD has a paper size of 4.292" x 8.5".
"Banks and credit unions preparing for Check 21 are looking for solutions that will save them money, not add new costs and complexities to their operations," stated Patrick J. Dirk, chairman and CEO of TROY Group. "The IRD 9000 1up is the answer to this challenge." Sheet fed document bursters, which can handle a form with 3 IRDs, currently cost several thousand dollars. In addition, check-processing operations will need to dedicate labor to IRD bursting and collating functions when printing multiple IRDs on a form. "Check processing customers are also pointing out added benefits of the TROY IRD 9000 1up," added Dirk. "Labor intensive return item processing operations can be streamlined by printing the new return IRD form, and check clearing deadlines will be much easier to hit without having to burst and collate checks."
The TROY IRD 9000 1up is an ideal IRD printing solution for any financial institution that needs to print IRDs on demand. "One of the biggest questions on the minds of financial institutions today is how much IRD printing they will need to do," stated Mike Stewart, VP of sales and marketing of TROY Group Inc. "The IRD 9000 1up provides a much lower cost of entry into IRD printing than high-end solutions. And, if IRD printing volume drops in a few years as expected, the TROY IRD 9000 1up can be reconfigured at a nominal cost for general office or statement printing. The TROY IRD 9000 1up provides a no-risk way of implementing IRD printing."
TROY anticipates that the TROY IRD 9000 1up will begin shipping this fall. TROY will be sho
