Systems and methods for processing checks with machine-readable optical labels

A method for processing checks with machine-readable optical labels, comprising:

• receiving, by a payor bank computer program executed by an electronic device for a payor bank, a check from a presenting bank computer program comprising a machine-readable optical label;
• determining, by the presenting bank computer program, whether a routing number of a payor bank is present in print on the check, and if not then reading the machine-readable optical label, wherein the machine-readable optical label comprises an account holder name or an account holder address that is encrypted with a private key for the payor bank;
• decrypting, by the payor bank computer program, the machine-readable optical label using the payor bank private key;
• identifying, by the payor bank computer program, the account holder name or account holder address from the machine-readable optical label;
• and
• settling, by the payor bank computer program, the check with the presenting bank using the account.

A method for processing checks with machine-readable optical labels, comprising:

• receive an image of a check comprising:
• a first machine-readable optical label printed on the check, wherein the first machine-readable optical label comprises an account number that is encrypted with a first private key for a payor bank,
• a second machine-readable optical label printed on the check, wherein the second machine-readable optical label comprises an account holder name that is encrypted with a second private key for the payor bank;
• read the first and second machine-readable optical labels;
• decrypt the first and second machine-readable optical labels using a public key corresponding to the first and second private keys;
• identify the account number from the first machine-readable optical label and the account holder name from the second machine-readable optical label;
• and
• route the check to the payor bank associated with the account number.