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US 7,178,721 B2Granted
Method and system for duplicate commercial paper detection
AssigneeVECTORsgi, Inc.
InventorRian R. Maloney
Life of this patent
Estimating the term…
Abstract
In one embodiment, software for detecting duplicate commercial paper transactions implements a method to identify a check identification code, such as a Magnetic Ink Character Recognition (MICR) code, from a commercial paper transaction, with the check identification code comprising a plurality of fields. The software determines a hash value based on at least a portion of the plurality of fields and verifies the authenticity of the MICR code based, at least in part, on the determined hash value.
Claims29
A method for detecting duplicate commercial paper transactions comprising:
- receiving an authenticated commercial paper transaction with a check identification code, the check identification code comprising a plurality of fields and the commercial paper transaction authenticated using a first hash value based on at least a portion of the plurality of fields;
- updating the check identification code because of processing of the received transaction;
- determining a second hash value based on at least a portion of the updated check identification code;
- communicating the second hash value to a repository storing a plurality of hash values, each hash value associated with one authenticated commercial paper transaction;
- if the repository does not include the second hash value as one of the plurality of hash values, authenticating the processed commercial paper transaction;
- and
- if the repository includes the second hash value as one of the plurality of hash values, identifying the processed commercial paper transaction as a duplicate.
4 more elements
An image capture system for detecting duplicate commercial paper transactions operable to:
- receive an authenticated commercial paper transaction with a check identification code, the check identification code comprising a plurality of fields and the commercial paper transaction authenticated using a first hash value based on at least a portion of the plurality of fields;
- update the check identification code because of processing of the received transaction;
- determine a second hash value based on at least a portion of the updated check identification code;
- communicate the second hash value to a repository storing a plurality of hash values, each hash value associated with one authenticated commercial paper transaction;
- if the repository does not include the second hash value as one of the plurality of hash values, authenticate the processed commercial paper transaction;
- and
- if the repository includes the second hash value as one of the plurality of hash values, identify the processed commercial paper transaction as a duplicate.
4 more elements
A method for detecting duplicate commercial paper transactions comprising:
- identifying a check identification code from a commercial paper transaction, the check identification code comprising a plurality of fields;
- determining a first hash value based on at least a portion of the plurality of fields;
- communicating the first hash value to a repository storing a plurality of hash values, each hash value associated with an authenticated commercial paper transaction;
- if the repository includes the first hash value as one of the plurality of hash values, identifying the commercial paper transaction as a duplicate;
- if the repository does not include the first hash value as one of the plurality of hash values:
- authenticating the commercial paper transaction;
- and
- communicating the authenticated transaction to a financial institution, the financial institution operable to update the check identification code based on transaction processing and to authenticate the processed transaction using a second hash value based on at least a portion of the updated check identification code.
5 more elements
A commercial paper processing system for detecting duplicate commercial paper transactions operable to:
- identify a check identification code from a commercial paper transaction, the check identification code comprising a plurality of fields;
- determine a first hash value based on at least a portion of the plurality of fields;
- communicate the first hash value to a repository storing a plurality of hash values, each hash value associated with an authenticated commercial paper transaction;
- if the repository includes the first hash value as one of the plurality of hash values, identify the commercial paper transaction as a duplicate;
- if the repository does not include the first hash value as one of the plurality of hash values:
- authenticate the commercial paper transaction;
- and
- communicate the authenticated transaction to a financial institution, the financial institution operable to update the check identification code based on transaction processing and to authenticate the processed transaction using a second hash value based on at least a portion of the updated check identification code.
5 more elements
Dependencies are inferred from the claim text.