BAR CODED BILL PAYMENT SYSTEM AND METHOD
First Claim
1. A bar code for use in an electronic monetary transaction, the bar code comprising a set of electronically readable data, the set including information about at least one party to the monetary transaction, the bar code further comprising an algorithmic signature identifying said bar code as corresponding to a particular type of monetary transaction and thereby permitting an electronic communication from an electronic scan of said bar code to be used to both direct a transfer of funds and to alert the at least one or another party to said transaction that the transaction has been made, wherein the bar code may be presented by a user to a third party for purposes of carrying out the transaction.
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Accused Products
Abstract
A system and method for payment is provided, wherein consumers pay their bills at supermarkets, large retail chain, or other stores and receive immediate credit from billers for their payments. Payments are made using a bar code printed on the bill or sent to the consumer, e.g. by fax or email. The biller receives good payment funds, deposited directly into his bank account, and error-free electronic payment data for consumer bill payments by the very next business day. The biller backdates the received bill payments to the time and date the consumer actually paid, regardless of the time that the payment data takes to post to the biller'"'"'s accounts receivable system. In another aspect, a method for person-to-person money transfers is provided, wherein a bar coded deposit slip, card, or other printout permits a sender to remit funds directly into a receiver'"'"'s bank account, and such funds are quickly accessible for withdrawal at a nearby automated teller machine, or for a debit card purchase.
93 Citations
20 Claims
- 1. A bar code for use in an electronic monetary transaction, the bar code comprising a set of electronically readable data, the set including information about at least one party to the monetary transaction, the bar code further comprising an algorithmic signature identifying said bar code as corresponding to a particular type of monetary transaction and thereby permitting an electronic communication from an electronic scan of said bar code to be used to both direct a transfer of funds and to alert the at least one or another party to said transaction that the transaction has been made, wherein the bar code may be presented by a user to a third party for purposes of carrying out the transaction.
- 9. A method of permitting an electronic monetary transaction, the method comprising generating a bar code comprising a set of electronically readable data, the set including information about at least one party to the monetary transaction, the bar code further comprising an algorithmic signature identifying said bar code as corresponding to a particular type of monetary transaction and thereby permitting an electronic communication from an electronic scan of said bar code to be used to both direct a transfer of funds and to alert the at least one or another party to said transaction that the transaction has been made, wherein the bar code may be presented by a user to a third party for purposes of carrying out the transaction.
- 11. A method of effectuating an electronic monetary transaction, the method comprising scanning a unique bar code using a scanning apparatus coupled to a computer in communication with a monetary transfer network, wherein the bar code comprises a set of electronically readable data, the set including information about at least one party to the monetary transaction, the bar code further comprising an algorithmic signature identifying said bar code as corresponding to a particular type of monetary transaction and thereby permitting an electronic communication from an electronic scan of said bar code to be used to both direct a transfer of funds and to alert the at least one or another party to said transaction that the transaction has been made, wherein the bar code may be presented by a user to a third party for purposes of carrying out the transaction.
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13. A method of processing an electronic monetary transaction between a first and second party, the method comprising:
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receiving from a third party monetary transaction information that the third party obtained from scanning a unique bar code presented by the first party to the transaction, wherein the bar code comprises a set of electronically readable data, the set including information about the second party to the monetary transaction, the bar code further comprising an algorithmic signature identifying said bar code as corresponding to a particular type of monetary transaction and thereby permitting an electronic communication from the scanning of said bar code to both direct a transfer of funds and to alert the second party to said transaction that the transaction has been made, and providing said received information to a computer-implemented monetary transaction network whereby such information may be used to direct both a transfer of funds and an identification of the first party to the second party. - View Dependent Claims (14, 15, 16)
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17. An electronic monetary transaction between a first party and second party, the transaction comprising:
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scanning a bar code using a scanning apparatus coupled to a computer in communication with a monetary transfer network, the bar code comprising information about at least the first or second party; and prompting the input of supplemental information not provided in the bar code. - View Dependent Claims (18, 19, 20)
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Specification