System and method for efficiently processing payments via check and electronic funds transfer
August 21, 2016. Estimated Expiration Date is calculated based on simple USPTO term provisions. It does not account for terminal disclaimers, term adjustments, failure to pay maintenance fees, or other factors which might affect the term of a patent.Patent References 3569619 3711833 Dynamic re-creation of signatures Check authorization system Medical payment system Personal identification system and method Unforgeable personal identification system Method and system for personal identification using proofs of legitimacy Personal identification system Security system with imaging function InventorsAssigneeApplicationNo. 700815 filed on 08/21/1996US Classes:705/45, With paper check handling235/379, Banking systems902/3, Evaluates biometrics902/5And to verify identity of user*ExaminersPrimary: Cosimano, Edward R.Attorney, Agent or FirmInternational ClassG06F 017/60AbstractThe present invention relates to the field of identity verification. Specifically, the invention is directed to a device and method for facilitating signature-less financial transactions as an improvement over common, prior art check-based financial transactions. This system and method provides the ability to use a check as a form of payment at a point of use without having to use the signed check as the binding document that is processed through the financial system to obtain payment by the entity rendering the service. The system and method comprises reading a hardcopy check via an electronic scanner, correlating the account number to a biometric or other piece of data that would positively identify the person tendering the check and using the biometric or other data to confirm the identity of the person tendering the check. This data is then associated with an auditable record of the person who performed the biometric or other data comparison. Once a particular financial transaction is authorized, the check is returned to the tenderer and the financial transaction is processed as an electronic fund transfer (EFT).Field of SearchSYSTEMS CONTROLLED BY DATA BEARING RECORDSBanking systems Credit or identification card systems AUTOMATED ELECTRICAL FINANCIAL OR BUSINESS PRACTICE OR MANAGEMENT ARRANGEMENT Bill distribution or payment Requiring authorization or authentication With paper check handling Evaluates biometrics And to verify identity of user* | |
