Check system and method including prioritizing checks for transmission to banks for processing
US5175682A · kind A · utility
Assignee
Inventors
Key dates
| Filing date | Dec 14, 1990 |
| Grant date | Dec 29, 1992 |
| Priority date | — |
| Expiry date | Dec 14, 2010 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q20/0425
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A method and structure are provided for processing checks in an extremely timely and cost-effective manner. A check recipient, such as a merchant, utility billing department, and the like, utilize hardware and software for quickly gathering data from checks received in order to allow prompt processing of those checks. Such hardware preferably includes a reader for reading the MICR account information printed on the check, and means for associating that data with information pertaining to the transaction at hand, including for example, the dollar amount of the transaction. This information is combined in a data record which is stored for future batch data transmission to a clearing house or the issuing bank itself. In an alternative embodiment, this data is communicated in real time to the clearing house or issuing bank. In another embodiment, one or more selection criteria are used to determine which checks will be processed in real time, with the remaining checks being processed in the batch mode. For example, checks written above a threshold dollar amount, out of state checks, or any other high risk checks are processed in real time in order to minimize losses due to fraudulent c…
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.