IP Library › Granted Patent US 7,331,514
Granted Patent B2
US 7,331,514 · App. 11/500,541 · Granted Feb 19, 2008

Systems and methods for detecting corporate financial transactions

View Patent ↗
Loading inventors, assignments & file history…
Monitor This Case
Get email alerts when status or documents change.
Order Certified Copies
Most orders are placed with the USPTO same day — all within 24 business hours.
Order via The Patent Place →
Pre-filled with this patent's details
Quick Facts
Patent No.
US 7,331,514
App. No.
11/500,541
Granted
Feb 19, 2008
Kind
B2
Abstract

Systems and methods for electronically processing financial transactions involving corporate checks. A front end device at a location associated with a merchant and a check processing service configured to detect and process corporate checks. In one embodiment, the detection of the corporate check is achieved at the front end device by reading of an auxiliary on-us field in the check's magnetic ink character recognition (MICR) line. Such information denoting the check as a corporate check is used by the check processing service to at least partially base its assessment of whether to approve and process the corporate check electronically.

Claims (14)

1. A method of conducting a financial transaction, comprising:

obtaining information about a financial transaction to allow at least a portion of subsequent processing of the financial transaction to be performed electronically wherein the information is obtained via an electronic device associated with a merchant involved in the financial transaction;

determining whether the financial transaction is a corporate type transaction based on the presence of a field associated with the information, wherein the determination is performed at the electronic device associated with the merchant;

applying selected merchant-defined rules to the financial transaction when the financial transaction is the corporate type transaction, wherein the merchant-defined rules comprise at least one of the group consisting of chosen check acceptance level and corporate check transaction capability;

performing a risk assessment of the financial transaction to authorize or decline the financial transaction when the financial transaction passes the merchant-defined rules; and

processing the financial transaction as a cash concentration disbursement (CCD) transaction via an automated clearing house (ACH) when the financial transaction is authorized.

2. The method of claim 1 , wherein obtaining information comprises scanning a check.

3. The method of claim 1 , wherein obtaining information comprises capturing information input into a computing device.

4. The method of claim 3 , wherein the computing device is configured to perform a web based financial transaction.

5. The method of claim 1 , wherein obtaining information comprises capturing information input into a telephone during a telephone based financial transaction.

6. The method of claim 1 , wherein obtaining information comprises reading magnetic ink character recognition (MICR) information associated with the financial transaction.

7. The method of claim 6 , wherein determining whether the financial transaction is the corporate type or the non-corporate type transaction comprises determining whether the MICR information includes an auxiliary on-us field wherein the presence of the auxiliary on-us field is indicative that the financial transaction is the corporate type transaction.

8. The method of claim 1 , wherein the check processing service performs the risk assessment of the financial transaction based at least partly on the information about the check transaction to determine whether to authorize or decline the financial transaction.

9. The method of claim 1 , further comprising obtaining and retaining an image of at least a portion of a check for financial transactions involving checks upon determination that the financial transaction is the corporate type.

Assignments (7)
TERMINATION AND RELEASE OF SECURITY INTEREST IN PATENT RIGHTS Recorded Aug 19, 2019
From: WELLS FARGO BANK, NATIONAL ASSOCIATION
To: FIRST DATA CORPORATION
Reel/Frame 050094/0455 →
TERMINATION AND RELEASE OF SECURITY INTEREST IN PATENT RIGHTS Recorded Aug 19, 2019
From: WELLS FARGO BANK, NATIONAL ASSOCIATION
To: FIRST DATA CORPORATION; DW HOLDINGS, INC.; FIRST DATA RESOURCES, INC. (K/N/A FIRST DATA RESOURCES, LLC); FUNDSXPRESS FINANCIAL NETWORKS, INC.; INTELLIGENT RESULTS, INC. (K/N/A FIRST DATA SOLUTIONS, INC.); LINKPOINT INTERNATIONAL, INC.; MONEY NETWORK FINANCIAL, LLC; SIZE TECHNOLOGIES, INC.; TASQ TECHNOLOGY, INC.; TELECHECK INTERNATIONAL, INC.
Reel/Frame 050090/0060 →
TERMINATION AND RELEASE OF SECURITY INTEREST IN PATENT RIGHTS Recorded Aug 19, 2019
From: WELLS FARGO BANK, NATIONAL ASSOCIATION
To: FIRST DATA CORPORATION; DW HOLDINGS, INC.; FIRST DATA RESOURCES, LLC; FUNDSXPRESS FINANCIAL NETWORK, INC.; FIRST DATA SOLUTIONS, INC.; LINKPOINT INTERNATIONAL, INC.; MONEY NETWORK FINANCIAL, LLC; SIZE TECHNOLOGIES, INC.; TASQ TECHNOLOGY, INC.; TELECHECK INTERNATIONAL, INC.
Reel/Frame 050091/0474 →
RELEASE OF SECURITY INTEREST Recorded Jul 30, 2019
From: CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
To: CARDSERVICE INTERNATIONAL, INC.; DW HOLDINGS INC.; FIRST DATA CORPORATION; FIRST DATA RESOURCES, LLC; FUNDSXPRESS, INC.; INTELLIGENT RESULTS, INC.; LINKPOINT INTERNATIONAL, INC.; SIZE TECHNOLOGIES, INC.; TASQ TECHNOLOGY, INC.; TELECHECK INTERNATIONAL, INC.; TELECHECK SERVICES, INC.
Reel/Frame 049902/0919 →
SECURITY AGREEMENT Recorded Jan 31, 2011
From: DW HOLDINGS, INC.; FIRST DATA RESOURCES, LLC; FUNDSXPRESS FINANCIAL NETWORKS, INC.; FIRST DATA SOLUTIONS, INC.; LINKPOINT INTERNATIONAL, INC.; MONEY NETWORK FINANCIAL, LLC; SIZE TECHNOLOGIES, INC.; TASQ TECHNOLOGY, INC.; TELECHECK INTERNATIONAL, INC
To: WELLS FARGO BANK, NATIONAL ASSOCIATION, AS COLLATERAL AGENT
Reel/Frame 025719/0590 →
SECURITY AGREEMENT Recorded Nov 17, 2010
From: DW HOLDINGS, INC.; FIRST DATA RESOURCES, INC. (K/N/A FIRST DATA RESOURCES, LLC); FUNDSXPRESS FINANCIAL NETWORKS, INC.; INTELLIGENT RESULTS, INC. (K/N/A FIRST DATA SOLUTIONS, INC.); LINKPOINT INTERNATIONAL, INC.; MONEY NETWORK FINANCIAL, LLC; SIZE TECHNOLOGIES, INC.; TASQ TECHNOLOGY, INC.; TELECHECK INTERNATIONAL, INC.
To: WELLS FARGO BANK, NATIONAL ASSOCIATION, AS COLLATERAL AGENT
Reel/Frame 025368/0183 →
SECURITY AGREEMENT Recorded Oct 31, 2007
From: FIRST DATA CORPORATION; CARDSERVICE INTERNATIONAL, INC.; FUNDSXPRESS, INC.; LINKPOINT INTERNATIONAL, INC.; TASQ TECHNOLOGY, INC.; TELECHECK SERVICES, INC.; DW HOLDINGS, INC.; FIRST DATA RESOURCES, INC.; INTELLIGENT RESULTS, INC.; SIZE TECHNOLOGIES, INC.; TELECHECK INTERNATIONAL, INC.
To: CREDIT SUISSE, CAYMAN ISLANDS BRANCH, AS COLLATERAL AGENT
Reel/Frame 020045/0165 →