System and method for electronic deposit of a financial instrument by banking customers from remote locations by use of a digital image

• US 9,946,998 B1
• Filed: 04/30/2014
• Issued: 04/17/2018
• Est. Priority Date: 02/18/2000
• Status: Expired due to Term

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Acharya, Ravi V.
• Primary Examiner(s): Monfeldt, Sarah M
• Assistant Examiner(s): Gregg, Mary M
• Application Number:
  US14/265,506
• Time in Patent Office: 1,448 Days
• CPC Class Codes: G06F 40/174 Form filling; Merging
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/0457 the tickets being sent electronically
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/32 using wireless devices
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists

Abstract

A system and method for initiating a deposit transaction, where the depositor is a banking customer located at a remote location, and where the item to be deposited is a financial instrument, such as a paper check from a third party, payable to the depositor. The enabling system features a Remote Customer Terminal (RCT) with certain input devices, connected to a bank system. An image and/or other data of the financial instrument are transmitted from the RCT to the Bank of First Deposit (BOFD) where the data may be processed by conversion to Electronic Funds Transfer (EFT), via Electronic Check Presentment (ECP), or via check reconstruction. The deposit transaction can be accomplished without physical transfer of the financial instrument to or through the bank system. The system and method provide convenience and improved transaction processing speed compared to other deposit transactions of financial instruments.

Claims

1. A method, comprising:

receiving, by an automated electronic banking system, from a remote customer terminal, a log on request from a banking customer, the log on request comprising identification information associated with the banking customer, wherein the automated electronic banking system comprises at least one computer processor and the remote customer terminal comprises at least one computer processor, at least one digital camera configured to capture a digital image, and optical recognition software configured to convert machine printed characters to electronic text or an intelligent character recognition configured to convert handwritten characters to electronic text from a digital image of a financial instrument, wherein further the automated electronic banking system and the remote customer terminal are communicatively coupled over a computer based network, and wherein the remote customer terminal is a telephone capable of performing these functions;

receiving, by the automated electronic banking system, a request, from the telephone, for depositing a value of a financial instrument;

receiving, by the automated electronic banking system, transaction data associated with the financial instrument that has been entered into an interface on the telephone;

receiving, electronically, by the automated electronic banking system, a digital image of the financial instrument that is transmitted from the telephone, wherein the digital image is taken, prior to transmission, using the at least one digital camera of the telephone;

receiving, electronically, by the automated electronic banking system, an image data set for the financial instrument that is transmitted from the telephone, wherein the image data set is comprised of text converted from the digital image of the financial instrument; and

depositing, by the automated electronic banking system, the value of the financial instrument into a bank account based the received transaction data.

2. The method of claim 1, wherein the telephone further comprises at least one of a keypad, a keyboard, or a microphone.

3. The method of claim 1, wherein the bank account comprises a demand deposit account.

4. The method of claim 1, wherein the financial instrument comprises a negotiable instrument.

5. The method of claim 1, wherein the financial instrument comprises a check.

6. The method of claim 1, wherein the result of the transaction comprises a credit to the banking customer'"'"'s account, a provisional credit to the banking customer payee'"'"'s account, or a denial of the transaction.

7. The method of claim 1, further comprising subjecting the financial instrument to one or more actions to prevent redeposit of the financial instrument.

8. The method of claim 1, wherein the identification information associated with the banking customer comprises biometric information.

9. The method of claim 1, wherein the banking customer is not required to produce a physical copy of the financial instrument to the financial institution.

10. A system for remote electronic deposit of a financial instrument, the system comprising:

an automated electronic banking portion and a remote customer terminal, the automated electronic banking portion configured to receive, from the remote customer terminal, a log on request from a banking account holder, the log on request comprising identification information associated with the banking account holder, wherein the automated electronic banking portion comprises at least one computer processor and the remote customer terminal is a telephone that comprises at least one computer processor and at least one digital camera configured to capture a digital image, and optical recognition software configured to convert machine printed characters to electronic text or an intelligent character recognition configured to convert handwritten characters to electronic text from a digital image of a financial instrument, and wherein further the automated electronic banking portion and the telephone are communicatively coupled over a computer based network;

the automated electronic banking portion further configured to receive a request from the telephone for depositing a value of a financial instrument, transaction data associated with the financial instrument that has been entered into an interface on the telephone, a digital image of the financial instrument, and an image data set comprising text converted from the digital image of the financial instrument, the digital image and image data set being transmitted from the telephone, and the digital image being stored in a computer memory communicatively coupled to the telephone prior to being transmitted and further the digital image having been received by the banking account holder from a third party prior to being transmitted; and

the automated electronic banking portion further configured to deposit the value of the financial instrument into a bank account of the banking account holder based the received transaction data.

11. The system of claim 10, wherein the bank account comprises a demand deposit account.

12. The system of claim 10, wherein the financial instrument comprises a negotiable instrument.

13. The system of claim 10, wherein the financial instrument comprises a check.

14. The system of claim 10, wherein the result of the transaction comprises a credit to the banking customer'"'"'s account, a provisional credit to the banking customer payee'"'"'s account, or a denial of the transaction.

15. The system of claim 10, further comprising subjecting the financial instrument to one or more actions to prevent redeposit of the financial instrument.

16. The system of claim 10, wherein the digital image of the financial instrument is stored in a computer memory of the telephone.

17. The system of claim 10, wherein the identification information associated with the banking customer comprises biometric information.