System and Method for Commingled Remittance Payment Processing

• US 20050065893A1
• Filed: 09/19/2003
• Published: 03/24/2005
• Est. Priority Date: 09/19/2003
• Status: Abandoned Application

• Current Assignee: Alliance Group Incorporated
• Original Assignee: Alliance Group Incorporated
• Inventors: Josephson, Stanley M.
• Application Number:
  US10/605,278
• Publication Number:
  US 20050065893A1
• Time in Patent Office: Days
• US Class Current: 705/64
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system and method for processing payment materials having at least one side with payment information, comprising providing a database having at least one electronic template having biller information specific to a biller, scanning the side of the payment materials to create a digital image, parsing the digital image for the payment information; and matching the payment information with the biller information.

Claims

1. A method of processing payment material, comprising:

providing a database having an electronic template having a biller identifier and a validating record field;

providing on the payment material a biller identification and a payment field;

scanning the payment material to create a digital image;

parsing the digital image for the the biller identification and the payment field;

matching the biller identification with the biller identifier; and

determining if the payment filed matches the input field of the electronic template for the biller.

3. The method as claimed in claim 1 wherein the biller identification is selected from a group consisting essentially of a mailing address of the biller, icons, logos, telephone numbers, symbols and watermarks.

4. The method as claimed in claim 1 wherein the biller identification includes machine readable font.

5. The method as claimed in claim 4 wherein the machine readable font includes magnetic ink character recognition font.

6. The method as claimed in claim 4 wherein the machine readable font includes a bar code font.

7. The method as claimed in claim 4 wherein the machine readable font includes an optical character recognizable font.

8. The method as claimed in claim 1 wherein the payment material further includes an accounts receivable conversion truncation indication.

2. (canceled)

9-21. -21. (canceled)

22. A method of determining if a customer has requested to opt out of truncation of a negotiable document, comprising:

providing on a payment document, that is to be submitted with the negotiable document, an accounts receivable conversion truncation indicator;

scanning the payment document to create a digital image;

parsing the digital image to determine if the accounts receivable conversion truncation indicator is present.

23. A payment document used for submission with a customer'"'"'s monetary document comprising an accounts receivable conversion truncation indicator to signify the customer'"'"'s desire of participation in an accounts receivable conversion truncation process.