Zipmark: to kill paper cheque digitalize it from the start

Zipmark's system works like a digital chequebook. Users connect it to their bank account and then download an app that lets them make payments by creating an electronic representation of a cheque.
The firm's platform accepts payments from any bank, thrift or credit union current account, charging one per cent for each transaction with a cap at $5 regardless of the amount. 
From interview for Finextra: Jay Bhattacharya, CEO and co-founder - and a former SVP at Citi Ventures - says: "Our goal is to modernise the chequebook - to reduce the amount of time and money it takes to make a cheque payment, eliminate the possibility for bounced cheques, and take all risk out of the equation for payer and payee alike."The company claims "overwhelmingly positive" results from a pilot program with New York real estate company Sunshine Suites: after four months, 10% of Sunshine Suites' tenants began paying their bills via Zipmark, significantly reducing payment processing fees for the company. 


For French readers, in the US you can create an electronic cheque directly on a computer and introduce it in ACH. In France you have to create a paper cheque before digitalize it. The Zipmark solution is may be a good solution for the United Kingdom, where the war is declared between the cheque killers and the cheque lovers.

More details : 
http://gigaom.com/2011/12/13/zipmark-raises-2m-for-check-based-payment-system/
http://www.finextra.com/news/fullstory.aspx?newsitemid=23260