Unit record for use as negotiable instrument or for...

Details Unit record for use as negotiable instrument or for... Unit record for use as negotiable instrument or for...

B - Operations, Transporting

42

D

283/30, 352/57

B42D 15/02 (2006.01)

Patent

CA 1195776

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, preprinted machine readable data, and manually entered data, and conversion of such records from negotiable instruments to documentary evidence of the satisfactory completion of the transaction. 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 trans- action, 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 completion 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.

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