System and method for producing and verifying secure negotiable instruments
The present invention relates to producing and presenting negotiable instruments and, more specifically, to printing and presenting checks, which are resistant to forgery or fraud. The negotiable instrument comprises an encrypted numeric sequence and a one-way decryption key printed in MICR font upside down across the top face of the negotiable instrument for electronic reading by a MICR reader. The encrypted numeric sequence represents name of the payee of the negotiable instrument and the payment amount.
1. A method of operating a secure check printing system for printing an unalterable negotiable instrument, the method comprising:
receiving payment information to include on the negotiable instrument, the payment information including a payee name and an amount;
encrypting a representation of the payment information to generate an encrypted value utilizing an asymmetric algorithm and a first key; and
generating a print file for delivering to printer for printing, onto blank check stock, the payment information, a representation of the encrypted value, and a second key to create a face of the negotiable instrument, the second key being different than the first key but mathematically related to the first key such that deciphering the encrypted value utilizing the asymmetric algorithm and the second key yields the representation of the payment information;
wherein the step of generating a print file for delivery to a printer comprises:
converting the encrypted value to a numeric character sequence comprising exclusively numerals and including the numeric character sequence in the file such that the printer prints, onto blank check stock, the payment information, the numeric character sequence, and the second key on face of the negotiable instrument; and
including the numeric character sequence and the second key in MICR font positioned such that it is printed upside down across the top of the negotiable instrument.
2. A method of operating a secure check printing system for printing an unalterable negotiable instrument, the method comprising:
receiving payment information to include on the negotiable instrument, the payment information including a payee name and an amount;
encrypting a representation of the payment information to generate an encrypted value utilizing an asymmetric algorithm and a first key; and
generating a print file for delivering to printer for printing, onto blank check stock, the payment information, a representation of the encrypted value, and a second key to create a face of the negotiable instrument, the second key being different than the first key but mathematically related to the first key such that deciphering the encrypted value utilizing the asymmetric algorithm and the second key yields the representation of the payment information;
wherein the step of encrypting a representation of the payment information to generate an encrypted value comprises compressing the payee name to generate the representation of the payment information;
wherein compressing the payee name comprises:
truncating the payee name to a truncated payee name that comprises a sequence of characters shorter than a sequence of characters representing the payee name; and
mapping each character of the truncated payee name to a limited character set; and
wherein the step of generating a print file for delivery to a printer comprises converting the encrypted value to a numeric character sequence comprising exclusively numerals and including the numeric character sequence in the file such that the printer prints, onto blank check stock, the payment information, the numeric character sequence, and the second key on face of the negotiable instrument.
3. The method of claim 2 , wherein the step of generating a print file for delivery to a printer comprises including the numeric character sequence and the second key in MICR font positioned such that it is printed upside down across the top of the negotiable instrument.
4. A method of operating a check verification system to determine whether a payee name and a payee amount printed on a negotiable instrument have been altered, the method comprising:
electronically reading an encrypted representation of a payee name and a payment amount from the negotiable instrument; and
electronically reading a decryption key from the negotiable instrument, the decryption key being:
mathematically related to an encryption key that was used to generate the encrypted representation;
different than the encryption key, and
operating exclusively with an asymmetric algorithm for decryption of an encrypted value generated using the asymmetric algorithm and the encryption key;
decrypting the encrypted numeric sequence to obtain a representation of the payee name and the payment amount;
generating a visible display of the representation of the payee name and the payment amount whereby the representation of the payee name and the payment amount may be compared to a payee name and a payment amount printed on the negotiable instrument; and
wherein the step of electronically reading an encrypted representation and the step of electronically reading a decryption key both comprise using a MICR reader to electronically detecting MICR font that:
is printed representing upside down across the top of the negotiable instrument; and
represents the encrypted representation and decryption key.