Methods and systems for conducting financial transactions via facsimile

• US 5,594,225 A
• Filed: 06/07/1995
• Issued: 01/14/1997
• Est. Priority Date: 06/07/1995
• Status: Expired due to Fees

• Current Assignee: Arthur D. Botvin
• Original Assignee: Arthur D. Botvin
• Inventors: Botvin, Arthur D.
• Primary Examiner(s): Hajec, Donald T.
• Assistant Examiner(s): LEE, MICHAEL GUNYOUNG
• Application Number:
  US08/476,655
• Time in Patent Office: 587 Days
• Field of Search: 235/379, 235/380, 902/25, 902/29, 902/40, 902/3, 395/149, 395/153, 395/200.04
• 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 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Financial transactions are performed rapidly by creating a commercial document, delivering an image of the document to the payee via facsimile, delivering an image of the document to the drawee via facsimile and processing the image of the document using a computer which responds to software commands for retrieving electronically encrypted information on the commercial paper document.

Claims

1. A method of conducting financial transactions of a commercial paper document having a drawer party, a drawee party and a payee party, comprising the steps of:

(a) delivering an image of the commercial paper document to a payee party;

(b) electronically delivering an image of the commercial paper document from a facsimile machine at the site of the drawer to a facsimile machine at the site of the drawee party;

(c) processing the image of the commercial paper document using a computer responding to software commands for retrieving electronically encrypted information contained on the commercial paper document; and

(d) clearing the financial transaction by the drawee party after receiving a request for payment of the commercial document from the payee party or party with title to the document by comparing the information received from the drawer party image with the image presented for payment on a computer responding to software commands.

2. A method as defined in claim 1 further comprising the steps of:

(a) authorizing a transfer of a specified amount at the order of the drawer from a specified drawer account to a payee account; and

(b) electronically transferring the amount from the specified drawer account to the payee account.

3. A system for conducting financial transactions using a draft document having computer readable fields for transaction processing involving a drawer party, a drawee party and a payee party with each party located at a different site or sites comprising:

(a) a facsimile machine at the site or sites of the drawer party and the drawee party, each said facsimile machine including a document translator for translating the document into an electronic image and transmission equipment for transmitting the electronic image of the document and receiving document images received thereat; and

(b) computer equipment programmed to

(i) process the image of the draft document by responding to software commands for retrieving electronically encrypted information contained on the draft document; and

(ii) clear the financial transaction by the drawee party after receiving a request for payment of the draft document by comparing the information received from the drawer party image with the image presented for payment.

4. A system as defined in claim 3 further comprising a facsimile machine at the site or sites of the payee party for receiving the electronic image of the document when sent to the payee party by the drawer party.

5. A system as defined in claim 3 wherein said computer equipment comprises:

(a) a personal computer responding to software commands for clearing the draft document after the document is presented by the payee for payment; and

(b) means for electronically storing the draft document information after processing said draft document.

6. A system as defined in claim 3 wherein said computer equipment comprises:

(a) an application specific computer readable code reader;

(b) a personal computer attached to said application specific computer readable code reader, said personal computer containing a software program which controls the computer for processing the computer readable code fields on the draft document; and

(c) means for electronically storing the draft document information after processing said draft document.