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Method and system for duplicate commercial paper detection

  • US 7,028,886 B1
  • Filed: 11/19/2004
  • Issued: 04/18/2006
  • Est. Priority Date: 11/19/2004
  • Status: Active Grant
First Claim
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1. A method for detecting duplicate commercial paper transactions comprising:

  • identifying a check identification code from a commercial paper transaction, the check identification code comprising a plurality of fields;

    determining a first hash value based on at least a portion of the plurality of fields;

    communicating the first hash value to a repository storing a plurality of hash values, each hash value associated with an authenticated commercial paper transaction;

    if the repository does not include the first hash value as one of the plurality of hash values, authenticating the commercial paper transaction;

    if the repository includes the first hash value as one of the plurality of hash values, identifying the commercial paper transaction as a duplicate;

    identifying an updated check identification code based on a bank'"'"'s processing of the authenticated transaction;

    determining a second hash value based on the updated check identification code;

    communicating the second hash value to the repository;

    if the repository does not include the second hash value as one of the plurality of hash values, authenticating the processed commercial paper transaction; and

    if the repository includes the second hash value as one of the plurality of hash values, identifying the processed commercial paper transaction as a duplicate.

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