Electronic funds transfer system

Details Electronic funds transfer system Electronic funds transfer system

1978-07-13

1981-05-26

Cook, Daryl W.

Registers

Systems controlled by data bearing records

Banking systems

235494, G06F 1530, G06K 1906

Patent

active

042700426

ABSTRACT:
An Electronic Funds Transfer (EFT) system comprising a number of uniquely designed instruments including a letter of credit card from which, at the time of each negotiation thereunder, data can be derived which, with a high degree of certainty, identifies the card holder the amount available for the transaction and such additional data as is required to complete, at the time of the transaction, a uniquely designed draft form to include all of the data needed to transfer the funds involved between the proper parties to the transaction on a purely EFT basis. The system includes a sorter which, responsive to a uniquely located punch-out on the draft, feeds the draft to a transmitter for automatic transmission of all its significant data through a clearing house to the proper issuer who completes a uniquely designed debit ticket from the received data and, by means of a uniquely located punch-out on the ticket, effectuates an automatic machine clearance of the transaction through the letter of credit account on the books of the issuer and final charge to the holder's account. The system may be adopted to handle additional types of fund transfer transactions.

REFERENCES:
patent: 3086706 (1963-04-01), Einsele
patent: 3347367 (1967-10-01), Smith
patent: 3988571 (1976-10-01), Blair et al.
patent: 4027142 (1977-05-01), Paup et al.
patent: 4065662 (1977-12-01), Garczynski et al.

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