Electronic payment systems and methods utilizing digitally originated checks
First Claim
Patent Images
1. An electronic payment system, comprising:
- a data store configured to store a digital payment file;
a network interface configured to connect to a plurality of users; and
one or more processors connected to the data store and the network interface, wherein the one or more processors are configured to;
receive input from a payor;
create a digitally originated check to one or more payees responsive to the input from the payor;
store the digitally originated check in the data store created based on the input of the payor in the data store as metadata in the digital payment file for further processing of the digitally originated check by the electronic payment system instead of printing a paper check or a check image file, wherein the digitally originated check comprises a legal check item created without an original paper check that is maintained electronically from creation to clearing in the electronic payment system;
notify the one or more payees associated with the created digitally originated check after the digitally originated check is created and stored that the digitally originate check is available in the data store of the electronic payment system;
track the digitally originated check for activity associated with the digitally originated check; and
process the digitally originated check by the one or more payees, wherein the one or more payees access the digitally originated check through the electronic payment system;
wherein the digitally originated check is created by the payor, and wherein the metadata comprises the payment instruction, a globally unique identifier, tracking information, and security information; and
wherein an output from the metadata in the digital payment file is interoperable with both paper and electronic clearing methods associated with check clearing systems;
wherein the electronic payment system further comprising;
accepting by both the payor and the payee a full set of warranties and indemnities applicable to banks of first deposit and clearing banks thereby enabling electronic presentment from payor to payee of the digital originated check under the Uniform Commercial Code and extending existing check clearing regulations between payor to payee and through associated banks of first deposit and clearing banks.
3 Assignments
0 Petitions
Accused Products
Abstract
The present invention provides 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 EPS is operable to clear the DOC through either paper or electronic Check 21 mechanisms.
-
Citations
19 Claims
-
1. An electronic payment system, comprising:
-
a data store configured to store a digital payment file; a network interface configured to connect to a plurality of users; and one or more processors connected to the data store and the network interface, wherein the one or more processors are configured to;
receive input from a payor;create a digitally originated check to one or more payees responsive to the input from the payor; store the digitally originated check in the data store created based on the input of the payor in the data store as metadata in the digital payment file for further processing of the digitally originated check by the electronic payment system instead of printing a paper check or a check image file, wherein the digitally originated check comprises a legal check item created without an original paper check that is maintained electronically from creation to clearing in the electronic payment system; notify the one or more payees associated with the created digitally originated check after the digitally originated check is created and stored that the digitally originate check is available in the data store of the electronic payment system; track the digitally originated check for activity associated with the digitally originated check; and process the digitally originated check by the one or more payees, wherein the one or more payees access the digitally originated check through the electronic payment system; wherein the digitally originated check is created by the payor, and wherein the metadata comprises the payment instruction, a globally unique identifier, tracking information, and security information; and wherein an output from the metadata in the digital payment file is interoperable with both paper and electronic clearing methods associated with check clearing systems; wherein the electronic payment system further comprising; accepting by both the payor and the payee a full set of warranties and indemnities applicable to banks of first deposit and clearing banks thereby enabling electronic presentment from payor to payee of the digital originated check under the Uniform Commercial Code and extending existing check clearing regulations between payor to payee and through associated banks of first deposit and clearing banks. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
-
-
11. An electronic payment method, comprising:
-
providing an electronic payment system comprising a computer system connected to a network and a data store configured to store a plurality of digital payment files; providing a payor access to the electronic payment system through the network;
receiving data from the payor associated with a payment from the payor to one or more payees;creating a digitally originated check responsive to the data from the payor, wherein the data comprises payment instructions, wherein the digitally originated check is stored as metadata in the data store in a digital payment file of the plurality of digital payment files for further processing of the digitally originated check by the electronic payment system instead of printing a paper check or a check image file, and wherein the metadata comprises the payment instructions, a globally unique identifier, tracking information, and security information, wherein the digitally originated check comprises a legal check item created without an original paper check that is maintained electronically from creation to clearing in the electronic payment system; notifying the payees of the digitally originated check after the digitally originated check is created and stored that the digitally originate check is available in the data store of the electronic payment system; tracking the digitally originated check for activity associated with the digitally originated check; providing the one or more payees access to the electronic payment system; and
processing the digitally originated check by the one or more payees;wherein an output from the metadata is interoperable with both paper and electronic clearing methods associated with check clearing systems; wherein the electronic payment method further comprising; accepting by both the payor and the payee a full set of warranties and indemnities applicable to banks of first deposit and clearing banks thereby enabling electronic presentment from payor to payee of the digital originated check under the Uniform Commercial Code and extending existing check clearing regulations between payor to payee and through associated banks of first deposit and clearing banks. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18)
-
-
19. An electronic payment system, comprising:
-
a data store; a network interface configured to connect to a plurality of users; and one or more processors connected to the data store and the network interface, wherein the one or more processors are configured to; transmit and receive data with a first user of the plurality of users and confirm the first user'"'"'s acceptance of a contract; generate an electronic payment file comprising metadata defining a negotiable instrument from the first user to a second user based upon the data provided by the first user, wherein the electronic payment file comprises a legal check item created without an original paper check that is maintained electronically from creation to clearing in the electronic payment system; transmit data to the second user that the electronic payment file is available after the digitally originated check is generated, wherein the electronic payment file resides in the data store and the second user is made aware of availability of the electronic payment file in the data store; and process, by the electronic payment system, the electronic payment file to provide a payment to the second user; wherein the electronic payment system further comprising; accepting by both the payor and the payee a full set of warranties and indemnities applicable to banks of first deposit and clearing banks thereby enabling electronic presentment from payor to payee of the digital originated check under the Uniform Commercial Code and extending existing check clearing regulations between payor to payee and through associated banks of first deposit and clearing banks.
-
Specification