Method of and system for electronic funds transfer via facsimile machines

• US 4,960,981 A
• Filed: 01/17/1989
• Issued: 10/02/1990
• Est. Priority Date: 01/17/1989
• Status: Expired due to Fees

• Current Assignee: Moneyfax Incorporated
• Original Assignee: Moneyfax Incorporated
• Inventors: Benton, William M., Mee, William
• Primary Examiner(s): Pitts, Harold I.
• Application Number:
  US07/298,348
• Time in Patent Office: 623 Days
• Field of Search: 235/379, 902/40, 364/408
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 20/305 using wired telephone networks
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: H04N 1/42 Systems for two-way working , e.g. conference systems H04N1/32 takes precedence

Abstract

In a system for carrying out financial transactions via facsimile machines, account customized transaction vouchers are completed by the parties to a transaction, each filling in the amount of the transactions, whether he or she is a sender or receiver of fund, the accound number of the other party and signature. The voucher optionally contains a transparent pocket for receiving an identification card of an authorized user of the system, and each party transmits by facsimile an image of the completed voucher together with identification card to a facsimile machine at a central facility, such as an automated clearing house ACH). A character reader at the central facility reads the incoming data and authorizes the requested transaction based on personal identification numbers correctly transmitted to the central facility via telephone pushbotton switches and an adequate account balance. Upon audible confirmation of the transaction information by the central facility using a synthesized voice message over the telephones, and confirmation by the parties, the central facility clears the transaction and sends transaction reports to the parties by facsimile.

Claims

1. An electronic funds transfer system for carrying out financial transactions between parties to a transaction, comprising:

at least one remote facsimile machine at the site or sites of the parties to the transaction, each said facsimile machine including a document reader, a modem for transmitting an image of said document and receiving document images received thereat, and a document printer for printing incoming images on a recording medium;

a central facsimile machine located at a central facility for receiving incoming images sent from said at least one remote facsimile machine at the site or sites of said parties, a central computer at said central facility and means for formatting said incoming images into a form recognizable by said central computer;

a transaction voucher having a first region for containing at least the amount of a transaction, an account number and the written signature of a party to the transaction;

images of transaction vouchers sent by the at least one remote facsimile machine to said central facsimile machine being formatted and processing by said central computer; and

means incorporated in the central computer for clearing the transaction based upon said incoming voucher images received from said at least one remote facsimile machine.

2. The system of claim 1, including identification cards carried by the parties, each said card including an account number and the identification of a user authorized to carry out transactions, together with his or her signature;

and wherein said voucher contains a second region for receiving the identification card of an authorized party.

3. The system of claim 2, wherein the second region of the transaction voucher contains a transparent pocket for releasably retaining said identification card therein.

4. The system of claim 1, including voice synthesizer means at the central facility responsive to transaction data incoming from the at least one remote facsimile machine for transmitting voice messages to the parties.

5. The system of claim 1, wherein the central computer includes error detection means for detecting errors in the incoming voucher images and means responsive to the error detection means for controlling the voice synthesizer means for transmitting voice error messages to the parties

6. The system of claim 1, wherein the central computer further includes means for storing personal identification numbers (PINs) of parties authorized to carry out financial transactions, and means for comparing personal identification numbers provided by the parties with the stored personal identification numbers to determine whether the parties are authorized.

7. The system of claim 1, wherein the central computer further includes means for storing account data associated with parties authorized to carry out financial transactions, and means for comparing the amount of a requested transaction with the stored account data to determine whether a requested transaction is authorized.

8. The system of claim 1, including means establishing, via telephone voice communications between the central facility and the parties, means for transmitting from the central facility to the parties a synthesized voice message requesting personal identification numbers, and means for transmitting the personal identification numbers from the parties to the central facility via telephones.

9. The system of claim 8, including means for reading voucher images incoming to the central facility from the parties, means for converting the images to corresponding electrical signals, means for correlating the signals with regions of the vouchers from which the images are obtained and means for transmitting to the parties, via telephone, synthesized voice messages confirming transaction details read from the vouchers

10. The system of claim 1, wherein said central facility comprises an automated clearing house (ACH).

11. A method of carrying out financial transactions between parties in an electronic funds transfer system having remote facsimile machines at the sites of the parties to the transaction, each said facsimile machine including a document reader, a modem for transmitting an image of a document and receiving document images received thereat, and a document printer for printing incoming images on a recording medium;

and a central facility having at least one central facsimile machine for receiving images transmitted thereto from remote facsimile machines at the sites of the parties to the transaction, the central facility including a central computer having means for storing account data associated with the parties to the transaction and means for clearing financial transactions based upon the account data and the image data received on-line from parties to a transaction, comprising the steps of;

using the remote facsimile machines, transmitting to the central facility an image of each the transaction voucher having regions containing (1) information indicating whether a party to the transaction is a vendor or vendee, (2) information representing the amount of the transaction, (3) an account number, and (4) the written signature of the vendor or vendee to the transaction; and

clearing the transaction based on information contained in the voucher images received by the central facility and on account data stored at the central computer.

12. The method of claim 11, wherein each party carries an identification card having an account number and the identification of a user authorized to carry out transactions together with his or her signature, said method including the additional step of transmitting to the central facility an image of said identification card.

13. The method of claim 11, wherein the voucher contains a transparent pocket configured to receive the identification card, the method including the step of inserting the identification card into the pocket of the voucher prior to using the remote facsimile machine to transmit the image of said voucher to the central facility.

14. The method of claim 11, including the steps of establishing, via telephone, voice communications between the central facility and the parties, transmitting a synthesized voice from the central facility to the parties requesting personal identification numbers, and in response, transmitting the personal identification numbers from the parties to the central facility via pushbuttons of a pushbutton telephone.

15. The method of claim 11, including the steps of reading voucher images incoming to the central facility from the parties, converting the images to corresponding electrical signals, correlating the signals with regions of the vouchers from which the images are obtained and transmitting to the parties, via telephone, synthesized voice messages confirming transaction details read from the vouchers.

16. The method of claim 11, including sending by facsimile from the central facility to the parties a summary record of a completed transaction.

17. The method of claim 11, including sending by facsimile from the central facility to the parties a summary record of transaction activity during a particular period of time.

18. The method of claim 11, including sending by facsimile from the central facility to the parties a summary record of a pending transaction.

19. The method of claim 11), wherein said central facility comprises an automated clearing house (ACH).