Extraction of bank routing number from information entered by a user

• US 20040236690A1
• Filed: 07/02/2004
• Published: 11/25/2004
• Est. Priority Date: 09/27/1999
• Status: Active Grant

• Current Assignee: Fuming Young, Matthew T. Bogosian, Nicholas K. Peddy
• Original Assignee: Fuming Young, Matthew T. Bogosian, Nicholas K. Peddy
• Inventors: Young, Fuming, Peddy, Nicholas K., Bogosian, Matthew T.
• Granted Patent: US 7,546,261 B2
• Time in Patent Office: Days
• US Class Current: 705/42
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/202 Interconnection or interaction of plural electronic cash registers [ECR] or to host computer, e.g. network details, transfer of information from host to ECR or from ECR to ECR
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06V 30/2253 Recognition of characters printed with magnetic ink G06V30/2247 takes precedence
• CPC Class Codes: G07F 7/00 Mechanisms actuated by objects other than coins to free or to actuate vending, hiring, coin or paper currency dispensing or refunding apparatus

Abstract

The present invention provides various features for extracting a user'"'"'s bank account information for use in facilitating the electronic transfer of funds to or from the user'"'"'s bank account. One feature of the invention involves a method and system for extracting a bank routing number from character strings provided by a user from the face of a bank check. The method involves receiving from the user a magnetic ink character recognition (MICR) line. A contiguous string of characters within the MICR line that satisfies a checksum test is stored as the bank routing number for the user. A check number and an account number may also be received from the user. A test is performed to verify that the check number, the account number, and the bank routing number all coexist within the MICR line. Another feature of the invention involves a method and system for facilitating the transfer of funds between a buyer and a seller. A bank routing number is determined for the seller as noted above. A credit card account associated with the buyer is then charged to collect funds for purchasing one or more items from the seller, and at least a portion of the collected funds is deposited into the bank account of the seller using the extracted bank routing number.

Claims

1. A computer-implemented method of assisting the transfer of funds between a buyer and a seller, comprising:

(a) prompting the seller to enter information from the face of a check corresponding to a bank account of the seller;

(b) determining at least a routing number associated with the bank account of the seller using the information entered by the seller in response to (a);

(c) charging a credit card of the buyer to collect funds for one or more items purchased by the buyer from the seller; and

(d) depositing at least a portion of the funds into the bank account of the seller using the routing determined in (b).

2. The method of claim 1, further comprising, in response to successful completion of (b), displaying, in association with an item posted for sale by the seller, an indication that the seller is enabled to accept payment electronically.

3. The method as in claim 1, wherein the information on the face of the check includes a MICR line, a check number, and an account number.

4. The method as in claim 3, wherein the prompting includes a generalized image of a check with indicators of the locations of the MICR line, check number, and account number.

5. The method as in claim 2, wherein displaying an indication comprises presenting the buyer an option to purchase the item using a default credit card number previously specified by the buyer.

6. The method of claim 1, further comprising sending the seller mailing address information previously specified by the buyer.

7. The method as in claim 3, wherein determining a routing number includes identifying a contiguous string of characters within the MICR line that satisfy a checksum test.

8. The method as in claim 7, wherein determining a routing number further includes performing a coexistence test within the MICR line on the check number, the account number, and the contiguous string that satisfies the checksum test.

9. The method as in claim 7, wherein determining a routing number further includes comparing the contiguous string that satisfies the checksum test with a database of known bank routing numbers.