MICR line decoding logic system

Details MICR line decoding logic system MICR line decoding logic system

1998-03-25

1999-12-21

MacDonald, Allen R.

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

705 40, G06F 1900

Patent

active

060062088

ABSTRACT:
The present invention is an automated system and method of initiating payments from a payor's checking account pursuant to the payor's authorization during a conversation via telephone, computer terminal or other telecommunication devices with a customer service representative. The automated system initiates a debit from the payor's checking account so that funds are automatically transferred to the payee without generating a paper bank draft check payable to the payee. Regardless as to where the payor banks, as long as the bank complies with American Banking Association Magnetic Ink Character Recognition Line regulations, the system automatically decodes the payor's checking account number and the bank's routing number.

REFERENCES:
patent: 5053607 (1991-10-01), Carlson et al.
patent: 5175682 (1992-12-01), Higashiyama et al.
patent: 5237620 (1993-08-01), Deaton et al.
patent: 5283829 (1994-02-01), Anderson
patent: 5308959 (1994-05-01), Cherry
patent: 5367581 (1994-11-01), Abel et al.
patent: 5373550 (1994-12-01), Campbell et al.
patent: 5383113 (1995-01-01), Kight et al.
patent: 5412190 (1995-05-01), Josephson et al.
patent: 5438186 (1995-08-01), Nair et al.
patent: 5444616 (1995-08-01), Nair et al.
patent: 5465206 (1995-11-01), Hilt et al.
patent: 5479532 (1995-12-01), Abel et al.
patent: 5484988 (1996-01-01), Hills et al.
patent: 5504677 (1996-04-01), Pollin
patent: 5652786 (1997-07-01), Rogers
patent: 5679938 (1997-10-01), Templeton et al.
patent: 5679940 (1997-10-01), Templeton et al.
patent: 5727249 (1998-03-01), Pollin

Affiliated with

Also associated with

Rating

MICR line decoding logic system does not yet have a rating. At this time, there are no reviews or comments for this patent.

If you have personal experience with MICR line decoding logic system, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and MICR line decoding logic system will most certainly appreciate the feedback.

Rate now

Comments { 0 }

Profile ID: LFUS-PAI-O-515812