Control features in a system and method for processing checks and check transactions
First Claim
1. A method for processing paper checks, comprising:
- a) receiving, at a third party payment processor computer, a transaction data file containing a plurality of transaction records with each transaction record containing an amount of a transaction that used a paper check and MICR information extracted from the paper check;
b) associating, at the third party payment processor computer, a first portion of the transaction records with an indication of an end of a trial period;
c) receiving, at the third party payment processor computer, a check image file containingi) a plurality of digital check images generated by scanning the paper checks, andii) MICR information associated with each of the digital check images;
d) determining, at the third party payment processor computer, whether each transaction record is ACH-eligible or ACH-ineligible;
e) submitting, from the third party payment processor computer, ACH-ineligible transaction records and ACH-eligible transaction records that are not beyond the trial period to a matching protocol that matches the MICR information in a submitted transaction record to matching MICR information associated with a matched digital check image found in the check image file; and
f) submitting, from the third party payment processor computer, ACH-eligible transaction records that are beyond the trial period to the ACH network for settlement without submission to the matching protocol.
2 Assignments
0 Petitions
Accused Products
Abstract
A method of processing paper checks that divides into two independent paths the processing of a data file representing a check and the digital image of the check. The data files and image files are separated both in time and in space, with the data files being used to promptly initiate the transfer of funds to and from appropriate accounts, while the paper checks, at a remote location and typically lagging in time, are scanned to create digital image files and deposited as an image or substitute check if deemed ACH ineligible. The process further provides for a trial period protocol for performing image matching on ACH-eligible items during a trial period before sending such transactions for settlement.
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Citations
4 Claims
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1. A method for processing paper checks, comprising:
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a) receiving, at a third party payment processor computer, a transaction data file containing a plurality of transaction records with each transaction record containing an amount of a transaction that used a paper check and MICR information extracted from the paper check; b) associating, at the third party payment processor computer, a first portion of the transaction records with an indication of an end of a trial period; c) receiving, at the third party payment processor computer, a check image file containing i) a plurality of digital check images generated by scanning the paper checks, and ii) MICR information associated with each of the digital check images; d) determining, at the third party payment processor computer, whether each transaction record is ACH-eligible or ACH-ineligible; e) submitting, from the third party payment processor computer, ACH-ineligible transaction records and ACH-eligible transaction records that are not beyond the trial period to a matching protocol that matches the MICR information in a submitted transaction record to matching MICR information associated with a matched digital check image found in the check image file; and f) submitting, from the third party payment processor computer, ACH-eligible transaction records that are beyond the trial period to the ACH network for settlement without submission to the matching protocol. - View Dependent Claims (2, 3, 4)
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Specification