Document for conducting electronic financial transactions

Details Document for conducting electronic financial transactions Document for conducting electronic financial transactions

1996-09-06

1998-05-12

Hajec, Donald T.

Registers

Systems controlled by data bearing records

Banking systems

235380, 235487, 283 58, G06F 1760

Patent

active

057509727

ABSTRACT:
A commercial paper document is provided with all necessary information to be a legal negotiable instrument sufficient to complete a financial transaction via facsimile. The commercial paper document contains user input fields (including a payee name, a date and an amount) completed by a drawer or payer party. The commercial paper document further contains computer-readable code fields for information including a bank identification number and an account number which may be in a bar code format. Security of the transaction is ensured by placing an encrypted code field (such as a signature field) on the document. When the commercial paper document is sent to both the payee and the drawee and the payee presents the document for remittance, the drawee may verify the authenticity of the document using the encrypted code field.

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