Check processing system
OwnerJohn M. Caseinventor
Life of this patent
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Abstract
A system which, by means of a specially devised instrument, affords the option of processing checks by Electronic Funds Transfer (EFT) procedure. The system includes a specially designed check having a punch out or other machine readable element which, by its presence and position, identifies the instrument as a check which may be processed by such EFT procedure. The check is also imprinted with certain covenants, which are stated as pertaining only to the processing of the check by EFT procedures. Therefore the check may also be used in completely routine fashion. The system is adapted to interpret such punch out or other machine readable elements and accompanying MICR data so as automatically route this check, as well as other types of banking instruments, in appropriate manners through clearance channels to the proper drawee.
Claims5
A system for processing checks in EFT procedures comprising:
- (a) a check in the form of a document provided with a machine readable element located at a preselected position in one of the optional ABA standard's positions in the marginal edge of documents reserved for MICR imprintation, said position being preselected to define the nature of the document as a check susceptible to be processed by EFT procedures;
- (b) said check being printed with a set of MICR characters along said marginal edge, said characters defining information required to enable the transfer of funds to be carried out, said check also having a predetermined space upon which the signature of the maker is to be written;
- (c) sorting means into which said check is fed by the payee with whom the documents are deposited, said sorting means being adapted to segregate said check in response to the detection by said sorter of the presence and position of said machine readable element;
- (d) a transit device being adapted to deliver said segregated check into a check signal encoder;
- (e) said signal encoder being adapted to encode into message form said printed MICR information and also being adapted to visually scan said signature space and to encode the image of said signature into message form;
- (f) message transmitting means for transmitting said encoded messages through clearance channels to the drawee;
- and
- (g) means at said drawee for decoding the signature message and for reproducing a substantial duplicate of said signature upon a confirmation ticket.
Dependencies are inferred from the claim text.