Registers – Systems controlled by data bearing records – Banking systems
Patent
1995-12-29
1999-12-21
Pitts, Harold I.
Registers
Systems controlled by data bearing records
Banking systems
235380, 235493, G06F 1760
Patent
active
060037636
ABSTRACT:
A method and apparatus for recording magnetic information on traveler's checks. The invention is directed to a method of making it easier to validate traveler's checks and to identify stolen or counterfeit traveler's checks. The method utilizes an information carrying medium, such as a magnetic "stripe," on the surface of, or embedded into, the traveler's check itself. The information carrying medium is encoded with the unique identifying code of the check. Further, a database object corresponding to the unique identifying code is stored along with check status information in a central database. At the time of encashment, the traveler's check is run through a swipe-style reader, and the unique identifying code is sent to a central database for verification. The central database returns an indication to the merchant as to whether the traveler's check is valid.
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Gallagher Thomas
Henretty Murdoch
Pitts Harold I.
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