Financial data processing system
First Claim
1. The method of effecting a financial transaction involving a financial institution and a customer of the institution comprising the steps of:
- making entries on a unit record detailing a portion of the transaction, the entries being made by the customer;
transmitting the unit record information to the financial institution;
effecting automatic funds transfer at the financial institution from the transmitted unit record information; and
recording summary information as to the transaction on the unit record under control of the financial institution whereby electronic funds transfer is effected without rehandling of the unit record and the customer retains the unit record as evidence both of his intention and the actual completion of the transaction.
1 Assignment
0 Petitions
Accused Products
Abstract
Methods and systems for effecting a variety of electronic funds transfer transactions are based upon the use of unit records containing preprinted non-machine readable data, preprinted machine readable data, and manually entered data, and conversion of such records from negotiable instruments to documentary evidence of the satisfactory completion of the transaction. By first automatically reading the encoded data on the unit record and incorporating transaction data and security information in messages transmitted from a terminal, a financial institution can verify the validity of the transaction, effect the transaction and return an authorization message containing both reference and transaction information for imprinting on the unit record. The record then evidences the satisfactory completion of the transaction, and no further document generation or handling are needed at the merchant and financial institutions involved. The record is capable of usage as a conventional negotiable instrument if terminal facilities are inoperable or not available.
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Citations
82 Claims
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1. The method of effecting a financial transaction involving a financial institution and a customer of the institution comprising the steps of:
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making entries on a unit record detailing a portion of the transaction, the entries being made by the customer; transmitting the unit record information to the financial institution;
effecting automatic funds transfer at the financial institution from the transmitted unit record information; andrecording summary information as to the transaction on the unit record under control of the financial institution whereby electronic funds transfer is effected without rehandling of the unit record and the customer retains the unit record as evidence both of his intention and the actual completion of the transaction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. The method of effecting an automatic funds transfer transaction between a customer and an institution while providing protection for the parties thereto against fraud and error, comprising the steps of:
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filling out, by the customer, of a portion of a unit record containing machine readable information including customer account information; entering information detailing the financial aspects of the transaction; transmitting a message to the institution containing the customer account and transaction related information; verifying customer identification by the institution using at least the customer account and transaction related information; executing the requested funds transfer, including adjustment of the customer'"'"'s account, immediately, whereby the recipient of the transfer is assured of its validity; transmitting data to the customer indicating that the transaction was satisfactorily completed; and recording at least part of the returned data on the unit record to evidence the manner in which the transaction was effected and convert the unit record to a further unusable document. - View Dependent Claims (16, 17, 18)
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19. The method of effecting a financial transaction involving a financial institution, a customer of the institution, an input terminal and a unit record having machine readable information thereon comprising the steps of:
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entering, by the customer, information on the unit record as to a part of the transaction; entering, under customer control at least financial data via the input terminal; machine reading of information on the unit record at the input terminal; transmitting the customer controlled data entry and machine read information to the financial institution; verifying the transaction and execution of the transaction at the financial institution; transmitting an authorization message to the terminal from the financial institution; and recording at least a portion of the authorization message on the unit record to evidence authorization and completion of the transaction. - View Dependent Claims (20, 21, 22, 23, 24, 25, 26, 27, 28)
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29. The method of evidencing and completing an automatic funds transfer transaction between a customer and a financial institution, based upon usage of an independently negotiable instrument including machine readable fields, customer entry fields and imprinting fields, the method including the use of at least one customer terminal, at least one financial institution processor, and data links therebetween, and comprising the steps of:
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preparing, by the customer, customer entry fields on the instrument to initiate the transaction; assembling a transaction message at the terminal including machine reading of the instrument and customer entry of transaction information; transmitting the transaction message to the financial institution processor; returning an authorization message from the processor to the terminal evidencing execution of the funds transfer; and post-printing instrument invalidating and transaction record information on the instrument to complete the transaction, whereby the instrument is initially available for use as a negotiable document but serves as a complete customer record when used for automatic funds transfer. - View Dependent Claims (30, 31, 32, 33, 34)
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35. In a system for automatic funds transfer including a terminal having key entry and code reader devices and a data processor at an institution, the method comprising the steps of:
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accessing the system with a document evidencing customer intent and bearing machine readable data; converting the intent evidenced on the document to a fully authorized transfer utilizing key entered information; verifying the propriety of the authorized transfer at the institution; effecting the intended transfer at the institution; and rendering the document non-negotiable by control from the institution. - View Dependent Claims (36, 37)
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38. A method for effecting multiple types of financial transactions with limited document handling using a data processor system comprising the steps of:
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generating originating check documents by individual customers, each check document evidencing a part of a different transaction; using the check documents and manually entered information in consummating electronic funds transfer for each transaction; completing the check documents to evidence consummated funds transfer; generating retrievable copies of each completed document; electronically retaining transaction data, including reference to the retrievable copies, within the data processing system; and immediately returning the originating check documents to the customers, whereby the customer has a verifying document and the transaction is thereafter handled by the data processor system, while a reference audit trail is also established. - View Dependent Claims (39, 40)
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41. An integrated transaction system for debits or credits comprising:
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a transaction instrument in the form of a negotiable instrument having coded customer account indicia and customer entered transaction indicia; transaction terminal means including means for sensing account indicia on the instrument, controllable means for imprinting on the instrument, customer data entry means, and display means; processor means coupled to control the transaction terminal means for sequencing the terminal means to derive the coded customer account indicia from the instrument and the customer entered transaction indicia, including a personal identification number; an electronic funds transfer system coupled to the processor means for receiving the coded customer account indicia, the transaction indicia and the personal identification number, and providing authorization and transaction information where the transaction is permissible, while entering the transaction in the system; and the processor means and terminal means responding to the authorization and transaction information to print the same on the instrument, whereby the customer has a complete and immediate record of the transaction in the form of a non-negotiable instrument with security against unauthorized access to his account. - View Dependent Claims (42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55)
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56. A system for enabling electronic funds transfer utilizing a conventionally negotiable instrument such as a check having a machine readable account code and comprising:
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processor controlled terminal means including means for reading the account code on the instrument and means for customer entry of transaction data and a personal identification; electronic funds transfer means including means (1) responsive to the account code and personal identification for authorizing a transaction (2) responsive to the transaction data for effecting electronic funds transfer and (3) for generating unit record identification; and means coupled to said processor controlled terminal means and responsive to the electronic funds transfer means for imprinting unit record information on the check, whereby the customer may obtain a record evidencing a completed secure transaction or use the check in conventional fashion. - View Dependent Claims (57, 58, 59, 60, 61)
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62. A system for automatically processing checks presented by the payor of the check comprising a central computer capable of recording financial tranactions;
- a remote data processing terminal capable of recognizing information on a check indicating the identity of the payor, the terminal comprising means for generating signals indicative of the identity of the payor, the amount to be paid, the account to be paid, and the identity of the remote terminal, the remote terminal also comprising means for printing on the check a record of the transaction, and means for storing a duplicate record of the transaction; and
means for relaying signals between the remote terminal and the central computer. - View Dependent Claims (63, 64, 65, 66, 67, 68, 69, 70)
- a remote data processing terminal capable of recognizing information on a check indicating the identity of the payor, the terminal comprising means for generating signals indicative of the identity of the payor, the amount to be paid, the account to be paid, and the identity of the remote terminal, the remote terminal also comprising means for printing on the check a record of the transaction, and means for storing a duplicate record of the transaction; and
- 71. A remote data processing terminal to be used with the central computer of a financial institution comprising means for reading account identification information from a financial institution check and for generating signals indicative thereof, means for generating signals indicative of transaction data related to the financial institution check, means for displaying information as to the transaction, and means responsive to the central computer and the transaction data for recording information on the financial institution check that converts the check to a non-negotiable record for return to the customer.
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73. A unit record for use as a negotiable instrument or alternatively as a document for initiating electronic funds transfer and recordation thereof, comprising:
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a machine readable code field identifying at least an account number and financial institution and including a field for entry of voiding data; manually enterable fields for receiving at least transaction and account holder data; and imprintable fields comprising at least amount and confirmation data evidencing completion of the transaction. - View Dependent Claims (74, 75, 76, 77, 78, 79, 80)
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- 82. A unit record as set forth in claim 83 above, wherein the imprintable fields include in addition a field for imprinting information identifying the merchant and terminal or seller, a field for identifying the debit or credit status of the transaction.
Specification