Alternative banking system for managing traditional and nontraditional markets
OwnerKevin Kerridgeinventor
Life of this patent
Estimating the term…
Abstract
A method of exchanging a check, cash or electronic funds transfer comprises receiving a check, cash or electronic funds transfer from a presenter at a receiving entity, the check having an amount printed thereon and made by an entity other than the presenter, the electronic funds transfer made by an entity other than the presenter, establishing a card account of the receiving entity, crediting the card account of the receiving entity with an amount corresponding to the check amount, cash amount or electronic funds transfer amount, associating a card with a value corresponding to the check amount, cash amount or electronic funds transfer amount to create a stored value card, and presenting the stored value card to the presenter.
Claims20
A method, comprising:
- receiving a check from an unknown presenter at a modular retail teller terminal (MRTT), the unknown presenter not having a known bank account;
- reading a magnetic ink character recognition (MICR) line of the check;
- authenticating the check based on data read from the MICR line of the check and data acquired from the check through optical character recognition (OCR);
- populating a client management database (CMD) with the MICR line data and check writer data written on the check obtained through OCR;
- receiving an identification including identification data of the unknown presenter at the MRTT;
- authenticating an identity of the unknown presenter using the identification data;
- creating a bank account for the presenter;
- storing the identification data in the CMD such that it is associated with the bank account of the presenter;
- and
- setting a maximum withdrawal value for the bank account, the maximum withdrawal value based on a value of the check received from the presenter.
A method of creating a bank account at a modular retail teller terminal (MRTT) for an unknown presenter of a check, the unknown presenter not having a known bank account, the method comprising:
- reading a magnetic ink character recognition (MICR) line of the check at the MRTT;
- performing optical character recognition (OCR) on the check to identify an address and an identity of the check writer;
- authenticating the check based-on a routing number and an account number read from the MICR line of the check and the address and identity of the check writer acquired through OCR;
- storing the routing number, the account number, and the identity and address of the check writer in a client management database (CMD);
- receiving an identification including identification data of the unknown presenter at the MRTT;
- authenticating an identity of the unknown presenter;
- creating a bank account for the unknown presenter;
- storing the identification data in the CMD such that it is associated with the bank account of the presenter:
- setting a maximum withdrawal value for the bank account, the maximum withdrawal value associated with a value of the check presented by the presenter;
- encrypting a card associated with the bank account with a personal identification number (PIN) received from the presenter;
- and,
- presenting the card associated with the bank account to the presenter.
Dependencies are inferred from the claim text.