Systems and methods using paperless check 21 items
First Claim
Patent Images
1. A paperless check method, comprising:
- authenticating a payor through an electronic payment system comprising a network connection to the payor;
receiving a payment instruction from the payor to a payee, wherein the payment instruction includes an instruction to debit a bank account of the payor;
creating a check comprising metadata containing the payment instruction, a globally unique identifier, tracking information, and security information, wherein the check is created electronically without an original paper check, and wherein the globally unique identifier, tracking information, and security information comprise a mechanism to transfer risk associated with the check similar to risk transference mechanisms associated with the original paper check;
electronically notifying the payee of the check;
verifying the check in the electronic payment system using the globally unique identifier prior to depositing or cashing the check; and
clearing the check with one of paper and electronic clearing methods associated with check clearing systems.
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Accused Products
Abstract
The disclosure describes a digitally originated check (DOC) through an electronic payment system (EPS) which captures payor metadata instructions regarding the intended payment to a payee. The metadata is stored in a database or the like for further processing instead of printing a paper check. The DOC can be cleared either electronically or through a paper substitute check through Check 21 clearing methods.
58 Citations
15 Claims
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1. A paperless check method, comprising:
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authenticating a payor through an electronic payment system comprising a network connection to the payor; receiving a payment instruction from the payor to a payee, wherein the payment instruction includes an instruction to debit a bank account of the payor; creating a check comprising metadata containing the payment instruction, a globally unique identifier, tracking information, and security information, wherein the check is created electronically without an original paper check, and wherein the globally unique identifier, tracking information, and security information comprise a mechanism to transfer risk associated with the check similar to risk transference mechanisms associated with the original paper check; electronically notifying the payee of the check; verifying the check in the electronic payment system using the globally unique identifier prior to depositing or cashing the check; and clearing the check with one of paper and electronic clearing methods associated with check clearing systems. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A paperless check system, comprising:
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a network interface connected to a network and operable to communicate to a plurality of payors, payees, and banks; a data storage connected to the network storage; a processor connected to the network interface and the data storage, wherein the processor is configured to; authenticate a payor through the network interface; receive a payment instruction from the payor to a payee, wherein the payment instruction includes an instruction to debit a bank account of the payor; create a check comprising metadata containing the payment instruction, a globally unique identifier, tracking information, and security information, wherein the check is created electronically without an original paper check, and wherein the globally unique identifier, tracking information, and security information comprise a mechanism to transfer risk associated with the check similar to risk transference mechanisms associated with the original paper check; store the check in the data storage; electronically notify the payee of the check through the network interface; verify the check using the globally unique identifier prior to depositing or cashing the check; and clear the check with one of paper and electronic clearing methods associated with check clearing systems. - View Dependent Claims (10, 11, 12, 13, 14, 15)
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Specification