System and method for verifying the authenticity of a check and authorizing payment thereof
First Claim
1. A system for verifying authenticity of a negotiable instrument, said system comprising:
- a) an issuing terminal including a first input facility structured to generate a first set of data;
b) a cashing terminal including a second input facility structured to generate identifying data;
c) said first set of data comprising at least account data and payee data as originally appearing on the negotiable instrument, said identifying data derived from identifying information existing on the negotiable instrument when presented for redemption;
d) a central processing unit communicatively linked to said issuing terminal and said cashing terminal and structured to compare identifying data existing on said negotiable instrument when issued with identifying data existing on the negotiable instrument when presented for redemption at said cashing terminal, and e) said central processing unit further structured to communicate at least some of said first set of data to said cashing terminal, for comparison at said cashing terminal, with said first set of data appearing on the negotiable instrument at said cashing terminal.
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Accused Products
Abstract
A system and method for verifying the authenticity and payment of a bank check at any of a plurality of banks or check cashing sites, wherein a payor or issuing site determines a first set of data including account and individualized payee data, which is communicated to a processing center for temporary storage and eventual comparison. Upon presentation of the check for redemption, the cashing site will establish a second set of data at least including the pre-printed account data and, depending on the embodiment, the individualized payee data that appears on the face of the check when presented. The second set of data is communicated to the processing center where the first and second sets of data are compared. Subsequent to comparison, authenticating data will be communicated to the cashing site, which is indicative of redemption authorization or refusal.
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Citations
23 Claims
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1. A system for verifying authenticity of a negotiable instrument, said system comprising:
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a) an issuing terminal including a first input facility structured to generate a first set of data;
b) a cashing terminal including a second input facility structured to generate identifying data;
c) said first set of data comprising at least account data and payee data as originally appearing on the negotiable instrument, said identifying data derived from identifying information existing on the negotiable instrument when presented for redemption;
d) a central processing unit communicatively linked to said issuing terminal and said cashing terminal and structured to compare identifying data existing on said negotiable instrument when issued with identifying data existing on the negotiable instrument when presented for redemption at said cashing terminal, and e) said central processing unit further structured to communicate at least some of said first set of data to said cashing terminal, for comparison at said cashing terminal, with said first set of data appearing on the negotiable instrument at said cashing terminal. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A method of verifying authenticity and authorizing payment of a negotiable instrument, said method comprising:
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a) establishing a first set of data of a given negotiable instrument including account data and payee data at an issuing site;
b) communicating the first set of data as originally appearing on the negotiable instrument to a processing site for storage;
c) establishing identifying data from identifying information disposed on said negotiable instrument;
d) communicating said identifying data as appearing on the bank check at a cashing site to the processing site and comparing the identifying data to identifying data from the negotiable instrument communicated to the processing center from an issuing site;
e) communicating at least a portion of the first data to the issuing site upon a positive comparison of said identifying data at the processing site; and
f) authorizing payment of the negotiable instrument at the cashing site upon a positive comparison of the first set of data with corresponding data appearing on the negotiable instrument at the cashing site. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20, 21)
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22. A system for verifying an authenticity of a bank check, said system comprising:
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a) an issuing terminal including a first input facility structured to generate a first set of data;
b) a cashing terminal including a second input facility structured to generate a second set of data;
c) said first set of data comprising account and payee data as originally appearing on the bank check, said second set of data comprising at least said account data as appears on the same bank check when presented for redemption;
d) a central processing unit communicatively linked to said issuing terminal and said cashing terminal and structured to compare said first and second sets of data;
e) said central processing unit further structured to communicate authenticating data to said cashing terminal for comparison of said first and second sets of data;
f) said authenticating data comprising a verification signal indicative of authenticity upon determination by said central processing unit of a positive comparison between said first and second sets of data;
g) an electronic substitute check generated for subsequent processing after cashing of the given bank check; and
h) said electronic substitute check structured for communication and processing as a replacement for processing the bank check. - View Dependent Claims (23)
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Specification