A method for effecting electronic payment, safeguarding banking and account information, while utilizing existing payment systems. The method comprises generating a system routing number and a payment identification code (PIC) relating to the beneficiary's account information, distributing payment identification codes to the existing payment system and financial institutions owning the account related to the payment identification codes, and the originator receiving a system routing number and the beneficiary's PIC number. The method also includes the originator communicating a payment instruction to a financial institution of the originator, wherein the payment instruction includes the system routing number beneficiary's payment identification code, the originator's financial institution receiving the payment instruction from the originator, wherein if the received PIC matches the originator's financial institution internal list of PICs, the originator's financial institution performs an “on us” transaction, and transmitting a payment instruction to an existing payment system in a case where the received PIC does not match originator's financial institution internal list of PICs. The method also includes the existing payment system validating the received PIC, wherein if the PIC is invalid, the payment instruction is returned to the originator's financial institution, converting the PIC and system routing number to a receiving payment instruction in a case where the PIC is a valid PIC, wherein the receiving payment instruction includes the beneficiary's financial institution's routing number and the beneficiary's account number. The existing payment system transmits the receiving payment instruction to a financial institution of the beneficiary, that financial institution credits the beneficiary's account if no problem exists, and otherwise returns a receiving payment instruction to the existing payment system. Upon receipt of the returned receiving payment instruction, the existing payment system translates the receiving payment instruction into the payment instruction prior to transmitting the payment instruction back to originator's financial institution.

Payment identification code and payment system using the same

A system and corresponding method are provided. The system includes a plurality of first entities (such as banks), each first entity communicatively connected to at least one distributed traffic agent (DTA), a second entity (such as a central facility) communicatively connected to a DTA, and a communication network communicatively connecting the DTAs. A payload containing a data file (such as electronic check presentment data, electronic payment data, or any other data type) is communicated from one first entity to another through their respective DTAs via the communication network. In addition, a transmittal containing control information corresponding to the payload is communicated from the one first entity to the second entity through their respective DTAs via the communication network.

Electronic payment clearing and check image exchange systems and methods

Accommodating the data needed to process checks for payment under the Check Clearing for the 21st Century Act by using expanded fields of a financial data file The financial data file can comprise the complete, original MICR data from an original or substitute paper check The financial data file can comprise truncated data in conventional fields F1-F7 and untruncated data in expanded fields F10-F11 The financial data file further can comprise a result from an image quality analysis performed on an electronic image of the check The untruncated MICR data and the electronic check image can be used to correct errors in the financial data file and to present the check for payment via a substitute check or an electronic image cash letter The truncated MICR data can be used to electronically process the check via conventional means

Expanded mass data sets for electronic check processing

A system and related methods of correcting errors during check or financial document processing by a bank of first deposit or other entity receiving a paper check or financial document, or by a second bank on whose accounts the checks were written. These corrections can be performed by the computer system of the bank of first deposit, the computer system of the second bank, or both. MICR or other data may be sent in electronic format from the bank of first deposit or other entity without qualification.

Image exchange without full micr qualification

A number of methods of processing checks are provided that enable the various parties involved in processing/clearing the checks to be able to audit the movement of the check, and specifically an image of the check, through the check processing/clearing system. In particular, cryptographic techniques are employed allow the various parties involved in processing/clearing the checks to be able to identify what person and/or process performed an operation on the check, such as scanning the check to create the check image or performing optical character recognition on the check image to obtain data therefrom such as the amount of the

Method of facilitating the tracing and/or auditing of operations performed during check image processing

System and method for the processing of MICR documents that produce read errors. MICR documents are read and sorted to a destination pocket for processing subject to a determination that existing digit errors do not prevent the routing of the document. In example embodiments, an error does not prevent the routing of the document if it is not related to the routing/transit field. An optical character recognition (OCR) process is performed on the stored, electronic image of the document to correct digit errors in the stored data read from the documents. If a determination is mode that the correction cannot be determined through the OCR process, the image and corresponding MICR data is displayed on a user terminal, for manual correction by reference to an image of the document, rather than the document itself.

System and method for the processing of MICR documents that produce read errors

System and method for exception processing of MICR documents. MICR documents are read and sorted to a destination pocket for processing subject to a determination that an exception does not prevent the routing of the document. In example embodiments, for example, an error does not prevent the routing of the document if it is not related to the routing/transit field. In the case of digit errors, an optical character recognition (OCR) process (300, 414) is performed on the stored, electronic image of the document to correct digit errors in the stored data read from the documents. If a determination is made that correction or other exception processing cannot be handled through the OCR process, the image and corresponding MICR data is displayed on a user terminal (528), for manual verification or correction by reference to an image of the document, rather than the document itself.

Kathryn Gerrald Harrington

Papers

System and method for the processing of MICR documents that produce read errors

Method and system for exception processing of micr documents