System and method for depositing negotiable instruments
AssigneePhoenix Check Cashing, Inc.
InventorsTimothy L. Robinson, Bradford R. Schildt, Tennille V. Goff, Daniel J. Corwin, Timothy Neil Watson
Life of this patent
Estimating the term…
Abstract
A system and method of electronically depositing negotiable instruments. The present invention imparts a process by which a negotiable instrument casher may electronically deposit negotiable instruments into a financial account held with a participating financial institution.
Claims19
A system for depositing a negotiable instrument received in a negotiable instrument cashing transaction between a negotiable instrument presenter and a negotiable instrument cashing operator, the system comprising:
- a negotiable instrument imaging station operated by a negotiable instrument cashing operator that images a negotiable instrument presented by a negotiable instrument presenter and receives negotiable instrument presenter validating data;
- a depository bank, remote from said negotiable instrument cashing operator, that receives said negotiable instrument image and negotiable instrument presenter validating data, said depository bank depositing said negotiable instrument using said received negotiable instrument image;
- and
- a second bank, local to said negotiable instrument cashing operator and remote from said depository bank, that hosts a financial account for said negotiable instrument cashing operator, said local bank receiving a funds transfer for the value of said negotiable instrument from said depository bank once said negotiable instrument has cleared.
A method for depositing a negotiable instrument in a negotiable instrument cashing transaction between a negotiable instrument presenter and a negotiable instrument cashing operator, the method comprising:
- receiving, by the negotiable instrument cashing operator, a negotiable instrument from a negotiable instrument presenter;
- scanning said negotiable instrument received from said negotiable instrument presenter;
- receiving negotiable instrument presenter data for certifying said negotiable instrument;
- generating an electronic deposit slip comprising negotiable instrument cashing operator biometric data;
- and
- sending said electronic deposit slip and negotiable instrument information obtained from said scan and said negotiable instrument certification to a financial institution for electronic depositing of said negotiable instrument into a designated financial account of the negotiable instrument cashing operator.
A method for depositing a negotiable instrument in a negotiable instrument cashing transaction between a negotiable instrument presenter and a negotiable instrument cashing operator, the method comprising:
- receiving, by the negotiable instrument cashing operator, a negotiable instrument from a negotiable instrument presenter, said negotiable instrument being drafted from a financial account of a negotiable instrument writer;
- scanning said negotiable instrument received from said negotiable instrument presenter;
- receiving negotiable instrument presenter data for certifying said negotiable instrument;
- and
- sending negotiable instrument information obtained from said scan and said negotiable instrument certification to a first financial institution for electronic depositing of said negotiable instrument into a designated financial account of the negotiable instrument cashing operator, wherein said first financial institution transfers at least a portion of the deposit amount to a second financial institution subsequent to completion of said deposit.
Dependencies are inferred from the claim text.