Method of and system for electronic funds transfer via facsimile machines

US5122950A · kind A · utility

Assignee

• Moneyfax, Inc. · US

Inventors

• William M. Benton · Fort Lauderdale, US
• William Mee · Pompano Beach, US

Key dates

• Filing date: Nov 2, 1989
• Grant date: Jun 16, 1992
• Expiry date: Nov 2, 2009

Classification

• Technology area (CPC G): Physics
• CPC primary: G07F7/1016
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

In a system for carrying out finanical transactions via facsimile machines, account customized transaction vouchers are completed by at least one party to a transaction. The transaction vouchers issued to that party contain thereon a series of pseudo random alphanumeric characters with a different set of characters on each voucher. The party transmits by facsimile an image of the completed voucher to a facsimile machine at a central facility. A character reader at the central facility reads the incoming data and authorizes the requested transaction based on the pseudo random alphanumeric set of characters on the voucher when confirmed by a comparision to a list of pseudo random alphanumeric sets of characters in the account record of that party. Used sets of alphanumeric characters are deleted from the list in the account data to permit onetime usage of a voucher. A credit voucher is sent from the central facility to a facsimile machine at the site of the other party to the transaction. This voucher includes a pseudo random alphanumeric set of characters selected from a second list of such characters in the account information of said second party in the central facility.