Check processing system
US4358671A · kind A · utility
Inventor
Key dates
| Filing date | Jun 24, 1981 |
| Grant date | Nov 9, 1982 |
| Priority date | — |
| Expiry date | Jun 24, 2001 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG07F7/086
- WIPO fieldComputer technology
- WIPO sectorElectrical engineering
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.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.