Automated payment system and method

  • US 5,727,249 A
  • Filed: 04/01/1996
  • Issued: 03/10/1998
  • Est. Priority Date: 10/15/1992
  • Status: Expired due to Term
First Claim
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1. An automated computer-based apparatus for generating a plurality of authorized drafts on financial accounts belonging to a plurality of payers, the drafts payable to one of a fixed set of one or more payees, comprising:

  • input means for performing an electronic information input process wherein information is obtained specifying a new payer previously unknown to the apparatus and a draft to be generated on an account of that payer, said information including a financial institution identification number, payer account identifier, and an amount to be drafted from said payer'"'"'s account;

    processing means connected to said input means for receiving said input information and processing said information to format a draft on said financial account payable to said payee, said draft format including identification of said financial account, identification of said financial institution holding said financial account, and an instruction to pay said amount to said payee including particular identification of said payee, and further including a signatory block for an authorizing indicia other than said payer'"'"'s signature; and

    output means for transferring said draft formats to an external printing means connectable to said processing means for generating a copy of said drafts;

    wherein said apparatus is implemented using software which incorporates security measures for preventing fraudulent draft production, said security measures comprising the hard coding of said payee identification information in said software so that payee information appearing on said drafts cannot be readily modified by a person gaining access to said input means.

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