Electronic funds transfer system

Details Electronic funds transfer system Electronic funds transfer system

1986-05-27

1989-04-18

Smith, Jerry

Boots, shoes, and leggings

902 40, 902 24, 235379, G06F 1530

Patent

active

048232645

ABSTRACT:
The present invention relates to an electronic funds transfer system that assures that funds to be electronically transferred are actually present to be transferred. This is accomplished by sending both the debit side and the credit side of the transaction as described in automated clearing house records to a payor's financial institution or data processor and comparing both records to assure the funds are present before releasing the funds to a payee. The release of funds to a payee is accomplished by the sending of a credit by an automated clearing house record to a payee's financial institution or data processor or by the printing and mailing of a check if the payee is not a member of the automated clearing house.

REFERENCES:
patent: 3852571 (1974-12-01), Hall
patent: 4270042 (1981-05-01), Case
patent: 4423316 (1983-12-01), Sano
Lipis, Maischall, Linker, Electronic Banking, 1985, Chapter 7.
Susan Renner-Smith, Revolution in Banking, "Popular Science", Sep. 83, pp. 124-138.

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