Secure check processing system and method

US6036344A · kind A · utility

Inventor

• David M. Goldenberg · Mendham, US

Key dates

• Filing date: Jun 10, 1998
• Grant date: Mar 14, 2000
• Expiry date: Jun 10, 2018

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/403
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

An apparatus and a method for countering fraudulent check cashing schemes includes a central processing center that is connected to a plurality of banks through secure communication channels. Each check drawn against the banks has information stored therein, with that information corresponding to a plurality of digits/characters for the central processing center, a plurality of digits/characters for the bank for which the check is to be drawn against, and an account at the bank for which the check is to be drawn against. The central processing center only stores the digits/characters, and does not know any personal information regarding who/what actually owns the accounts. When a check is presented at a bank, the information on the check is sent through one of the secure communication channels to the central processing system, which determines whether or not the account has sufficient funds to allow the check to be drawn against the account. If the check can be drawn against the account, the central processing system provisionally debits the account, so that all future requests to draw against the account will be checked against the current balance of the account, even though the c…