System, method, and computer program product for processing payments with a virtual preauthorized draft
First Claim
1. A method of processing a preauthorized draft, comprising:
- receiving customer information including a routing number, transit number, account number, and amount of payment;
creating a virtual preauthorized draft based on the customer information, wherein the format of the virtual preauthorized draft resembles standard check format; and
presenting the virtual preauthorized draft to an exchange network for payment on the draft.
3 Assignments
0 Petitions
Accused Products
Abstract
An image-based check processing software has the ability to create an electronic check form to be displayed, printed and/or exported to a file. Using various text fonts, such as the Magnetic Ink Character Recognition (MICR) font, a new electronic form has been created from text data that has all the characteristics of a preauthorized draft. As computer and phone payments are processed by a financial institution, the virtual draft will be created if the routing/transit numbers of the paying institution accept images of checks as presentment through, for example, an image exchange program or the eventual printing of a substitute check. The transactions will then be routed to the financial institution who will import the necessary data to create the virtual check. The image will then be presented for payment.
122 Citations
18 Claims
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1. A method of processing a preauthorized draft, comprising:
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receiving customer information including a routing number, transit number, account number, and amount of payment;
creating a virtual preauthorized draft based on the customer information, wherein the format of the virtual preauthorized draft resembles standard check format; and
presenting the virtual preauthorized draft to an exchange network for payment on the draft. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A system for processing a preauthorized draft, comprising:
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a processor; and
a memory in communication with the processor, the memory storing a plurality of processing instructions for directing the processor to;
receive customer information including a routing number, transit number, account number, and amount of payment;
create a virtual preauthorized draft based on the customer information, wherein the format of the virtual preauthorized draft resembles standard check format; and
present the virtual preauthorized draft to an exchange network for payment on the draft. - View Dependent Claims (8, 9, 10, 11, 12)
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13. A computer program product comprising a computer usable medium having control logic stored therein for causing a computer to process a preauthorized draft, said control logic comprising:
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first computer readable program code means for causing the computer to receive customer information including a routing number, transit number, account number, and amount of payment;
second computer readable program code means for causing the computer to create a virtual preauthorized draft based on the customer information, wherein the format of the virtual preauthorized draft resembles standard check format; and
third computer readable program code means for causing the computer to present the virtual preauthorized draft to an exchange network for payment on the draft. - View Dependent Claims (14, 15, 16, 17, 18)
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Specification