Financial data processing system

Details Financial data processing system Financial data processing system

G - Physics

06

Q

354/41

G06Q 20/00 (2006.01) G06Q 40/00 (2006.01) G07F 19/00 (2006.01)

Patent

CA 1162307

Abstract of the Disclosure Methods and systems for effecting a variety of elec- tronic funds transfer transactions are based upon the use of unit records containing preprinted non-machine readable data, pre- printed machine readable data, and manually entered data, and conversion of such records from negotiable instruments to docu- mentary evidence of the satisfactory completion of the trans- action. By first automatically reading the encoded data on the unit record and incorporating transaction data and security information in messages transmitted from a terminal, a financial institution can verify the validity of the transaction, effect the transaction and return an authorization message containing both reference and transaction information for imprinting on the unit record. The record then evidences the satisfactory com- pletion of the transaction, and no further document generation or handling are needed at the merchant and financial institutions involved. The record is capable of usage as a conventional negotiable instrument if terminal facilities are inoperable or not available.

365437

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