SYSTEMS AND METHODS FOR DETECTING CORPORATE FINANCIAL TRANSACTIONS

• US 20080142584A1
• Filed: 02/04/2008
• Published: 06/19/2008
• Est. Priority Date: 09/30/2003
• Status: Abandoned Application

• Current Assignee: Cheryl Phillips, Kerry Sellen
• Original Assignee: Cheryl Phillips, Kerry Sellen
• Inventors: Phillips, Cheryl, Sellen, Kerry
• Application Number:
  US12/025,599
• Publication Number:
  US 20080142584A1
• Time in Patent Office: Days
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/04 Payment circuits
• 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 20/4016 involving fraud or risk level assessment in transaction processing
• 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

Systems and methods for electronically processing financial transactions involving corporate checks. A front end device at a location associated with a merchant and a check processing service configured to detect and process corporate checks. In one embodiment, the detection of the corporate check is achieved at the front end device by reading of an auxiliary on-us field in the check'"'"'s magnetic ink character recognition (MICR) line. Such information denoting the check as a corporate check is used by the check processing service to at least partially base its assessment of whether to approve and process the corporate check electronically.

Claims

1. A front end device for initial local processing of a promissory payment instrument tendered at a merchant location in a financial transaction, wherein the front end device automatically detects presence or absence of an auxiliary field of the tendered promissory payment instrument and automatically obtains at least some transaction data from the tendered promissory payment instrument and communicates the obtained transaction data to a remote system for electronic processing of the financial transaction when the auxiliary field is detected.

2. The front end device of claim 1, wherein the front end device comprises a scanning component and wherein the front end device detects the presence or absence of the auxiliary field of the tendered promissory payment instrument by scanning the tendered promissory payment instrument.

3. The front end device of claim 2, wherein the scanning component scans a magnetic ink character recognition line of the tendered promissory payment instrument.

4. The front end device of claim 1, wherein the device automatically detects presence of an auxiliary on-us field of the tendered promissory payment instrument indicative that the tendered promissory payment instrument is a corporate type check.

5. The front end device of claim 4, wherein the device communicates the obtained transaction data to an automated clearing house for processing the tendered promissory payment instrument as a cash concentration disbursement when the auxiliary field is detected.

6. The front end device of claim 1, further comprising a display and wherein the front end device receives risk assessment information indicative of risk associated with accepting the tendered promissory payment instrument for the financial transaction and wherein the risk assessment information is determined at least in part on the detected presence or absence of the auxiliary field.

7. The front end device of claim 1, wherein the device determines the contents of the auxiliary field and communicates the contents of the auxiliary field to the remote system when the auxiliary field is detected.

8. An apparatus for conducting a financial transaction, comprising:

an electronic device that captures a field associated with the financial transaction and wherein the electronic device is associated with a merchant involved in the financial transaction; and

a processor configured to determine whether the financial transaction is a corporate type transaction based on the presence of the field and to communicate the determination to a check processing service wherein the check processing service;

applies selected merchant-defined rules to the financial transaction when the financial transaction is the corporate type transaction, wherein the merchant-defined rules comprise at least one of the group consisting of chosen check acceptance level and corporate check transaction capability;

performs a risk assessment of the financial transaction to authorize or decline the financial transaction when the financial transaction passes the merchant-defined rules; and

processes the financial transaction as a cash concentration disbursement (CCD) transaction via an automated clearing house (ACH) when the financial transaction is authorized.

9. The apparatus of claim 8, wherein the electronic device comprises a check scanner adapted to capture at least a portion of a check the check scanner scans.

10. The apparatus of claim 8, wherein the electronic device comprises a computing device configured to capture the information about the check transaction.

11. The apparatus of claim 8, wherein the information about the financial transaction obtained by the electronic device includes magnetic ink character recognition (MICR) information associated with the financial transaction.

12. The apparatus of claim 11, wherein the processor determines whether the financial transaction is a corporate type or a non-corporate type transaction by determining whether the MICR information includes an auxiliary on-us field wherein the presence of the auxiliary on-us field is indicative that the financial transaction is the corporate type transaction.

13. The apparatus of claim 8, wherein the processor denotes the information about the financial transaction in a manner that allows processing of the financial transaction as the corporate type transaction if the field is present.

14. The apparatus of claim 8, wherein the check processing service performs the risk assessment of the financial transaction based at least partly on the information about the financial transaction to determine whether to authorize or decline the financial transaction.

15. The apparatus of claim 8, wherein the processor obtains an image of at least a portion of a check for financial transactions involving checks upon determination that the financial transaction is the corporate type.

16. An apparatus for conducting a financial transaction, comprising:

means for reading magnetic ink character recognition (MICR) information from a check;

means for determining that the check is a corporate check when the MICR information includes an auxiliary on-us field;

means for applying selected merchant-defined rules to the financial transaction when the financial transaction is the corporate type transaction, wherein the merchant-defined rules comprise at least one of the group consisting of chosen check acceptance level and corporate check transaction capability;

means for performing a risk assessment of the financial transaction to authorize or decline the check transaction when the financial transaction passes the merchant-defined rules; and

means for processing the financial transaction as a cash concentration disbursement (CCD) transaction via an automated clearing house (ACH) when the check transaction is authorized.

17. The apparatus of claim 16, wherein the check processing service performs the risk assessment of the check based at least partly on the information about the financial transaction to determine whether to authorize or decline the check.

18. The apparatus of claim 16, wherein the means for determining further comprises obtaining an image of at least a portion of a check for financial transactions involving checks upon determination that the financial transaction is the corporate type.

19. The apparatus of claim 16, wherein the means for reading MICR information comprises a scanner.

20. The apparatus of claim 16, further comprising means for displaying data indicative of the risk assessment.