Systems and methods for processing checks with machine-readable optical labels

1. A method for processing checks with machine-readable optical labels, comprising:

receiving, by a presenting bank computer program executed by an electronic device, a check comprising a machine-readable optical label printed thereon;

determining, by the presenting bank computer program, whether a routing number of a payor bank is present in print on the check, and if not then reading the machine-readable optical label, wherein the machine-readable optical label comprises a payor bank routing number that is encrypted with a private key for a payor bank;

decrypting, by the presenting bank computer program, the machine-readable optical label using a public key corresponding to the private key;

identifying, by the presenting bank computer program, the payor bank routing number from the machine-readable optical label; and

routing, by the presenting bank computer program, the check to the payor bank associated with the payor bank routing number.

2. The method of claim 1 , wherein the machine-readable optical label further comprises check information encrypted with the private key for the payor bank.

3. The method of claim 2 , wherein the check information is selected from the group consisting of an account holder's name, an account holder's address, an account number, and a check number.

4. The method of claim 1 , wherein the check is received as a check image.

5. The method of claim 1 , wherein the check comprises a second machine-readable optical label printed thereon, and the second machine-readable optical label comprises an account number encrypted with a second private key.

6. The method of claim 5 , wherein the account number is encrypted with a second method of encryption known by the payor bank.

7. The method of claim 1 , wherein the machine-readable optical label comprises a quick response (QR) code.

8. A method for processing checks with machine-readable optical labels, comprising:

receiving, by a payor bank computer program executed by an electronic device for a payor bank, a check from a presenting bank computer program comprising a machine-readable optical label;

determining, by the presenting bank computer program, whether a routing number of a payor bank is present in print on the check, and if not then reading the machine-readable optical label, wherein the machine-readable optical label comprises an account number that is encrypted with a private key for the payor bank;

decrypting, by the payor bank computer program, the machine-readable optical label using the payor bank private key;

identifying, by the payor bank computer program, the account number from the machine-readable optical label; and

settling, by the payor bank computer program, the check with the presenting bank using the account.

9. The method of claim 8 , wherein the check further comprises a second machine-readable optical label printed thereon comprising a payor bank routing number encrypted with a second private key.

10. The method of claim 9 , wherein the machine-readable optical labels are located on the magnetic ink character recognition line of the check.

11. The method of claim 9 , wherein the payor bank routing number is encrypted with a second method of encryption known by the payor bank.

12. The method of claim 9 , wherein the machine-readable optical label further comprises check information encrypted with the private key for the payor bank.

13. The method of claim 12 , wherein the check information is selected from the group consisting of an account holder's name, an account holder's address, an account number, and a check number.

14. The method of claim 9 , wherein the check is received as a check image.

15. The method of claim 9 , wherein the machine-readable optical label comprises a quick response (QR) code.

16. A non-transitory computer readable storage medium, including instructions stored thereon, which when read and executed by one or more computers cause the one or more computers to perform steps comprising:

receive an image of a check comprising a machine-readable optical label printed thereon, wherein the machine-readable optical label comprises a payor bank routing number that is encrypted with a private key for a payor bank;

read the machine-readable optical label;

decrypt the machine-readable optical label using a public key corresponding to the private key;

identify the payor bank routing number from the machine-readable optical label; and

route the check to the payor bank associated with the payor bank routing number.

17. The non-transitory computer readable storage medium of claim 16 , wherein the machine-readable optical label further comprises check information encrypted with the private key for the payor bank.

18. The non-transitory computer readable storage medium of claim 17 , wherein the check information is selected from the group consisting of an account holder's name, an account holder's address, an account number, and a check number.

19. The non-transitory computer readable storage medium of claim 16 , the check comprises a second machine-readable optical label printed thereon, and the second machine-readable optical label comprises an account number, wherein the account number is encrypted with a second private key for the payor bank.

20. The non-transitory computer readable storage medium of claim 16 , wherein the machine-readable optical label comprises a quick response (QR) code.