System and method for efficiently processing payments via check and electronic funds transfer

Claim 1

A system for correlating, storing and retrieving identifying information and financial information to facilitate the processing check-initiated financial transactions via electronic funds transfer comprising: at least one remote correlation database site having stored therein a database comprising a plurality of identifying information units, wherein at least one of said identifying information units corresponds to an authorized user of a checking account; a point of identification terminal having a means for scanning data off of a check and a means for displaying at least one of said identifying information units; a means of communicating between said point of identification terminal and said remote correlation database to interchange data between the two; a means for correlating at least one identifying information unit to a checking account number; a means for accepting identifier specific data at the point of identification terminal to verify that an identifier at the point of identification terminal has compared the identifying information unit displayed on the display means with physical information presented by the person to be identified and that a match exists between the two; a storage means for storing said correlated identifying information unit, identifier specific data and checking account number as a checking transaction record; and a means for retrieving said transaction record.

Claim 2

A system for correlating, storing and retrieving identifying information and financial information to facilitate the processing check-initiated financial transactions via electronic funds transfer comprising: at least one remote correlation database site having stored therein a database comprising a plurality of identifying information units, wherein at least one of said identifying information units corresponds to an authorized user of a checking account; a point of identification terminal having a means for scanning data off of a check and a means for displaying at least one of said identifying information units; a means of communicating between said point of identification terminal and said remote correlation database to interchange data between the two; a means for correlating at least one identifying information unit to a checking account number; a means for accepting identifier specific data at the point of identification terminal to verify that an identifier at the point of identification terminal has compared the identifying information unit displayed on the display means with physical information presented by the person to be identified and that a match exists between the two; a storage means for storing said correlated identifying information unit, identifier specific data and checking account number as a checking transaction record; and a means for retrieving said transaction record.

Claim 15

A method of correlating, storing and retrieving identifying information and financial information to facilitate the processing of check-initiated financial transactions via electronic funds transfer, said method comprising the steps of: accepting a check from a tenderer as the form of payment for a financial transaction, said check having a checking account number included thereon, which checking account number represents the checking account from which funds required to complete said check-initiated financial transaction will be drawn; inputting said checking account number into a point of identification terminal; establishing communications between said terminal and a remote correlation database site, said database site having stored therein a database comprising a plurality of identifying information units, at least one of said identifying information units corresponding to at least one authorized user of said checking account; verifying that said terminal is authorized to access said remote correlation database site; transmitting said checking account number from said terminal to said remote database site over a communications means; retrieving at least one of said identifying information units corresponding to said checking account number transmitted to said remote correlation database site; transmitting said identifying information unit over said communications means to said point of identification terminal; displaying said identifying information unit received from said database site on a display means located at said point of identification terminal; comparing said displayed identifying information unit with characteristics of said person tendering said check; inputting identifier specific data into said point of identification terminal to indicate that the identifier has compared the displayed identifying information with the characteristics of the person tendering said check; transmitting said identifier specific data to said remote correlation database site; and storing said identifying information, said identifier specific data and transaction data as a transaction record for recall should a transaction be questioned at a later date.

Claim 16

A method of correlating, storing and retrieving identifying information and financial information to facilitate the processing of check-initiated financial transactions via electronic funds transfer, said method comprising the steps of: accepting a check from a tenderer as the form of payment for a financial transaction, said check having a checking account number included thereon, which checking account number represents the checking account from which funds required to complete said check-initiated financial transaction will be drawn; inputting said checking account number into a point of identification terminal; establishing communications between said terminal and a remote correlation database site, said database site having stored therein a database comprising a plurality of identifying information units, at least one of said identifying information units corresponding to at least one authorized user of said checking account; verifying that said terminal is authorized to access said remote correlation database site; transmitting said checking account number from said terminal to said remote database site over a communications means; retrieving at least one of said identifying information units corresponding to said checking account number transmitted to said remote correlation database site; transmitting said identifying information unit over said communications means to said point of identification terminal; displaying said identifying information unit received from said database site on a display means located at said point of identification terminal; comparing said displayed identifying information unit with characteristics of said person tendering said check; inputting identifier specific data into said point of identification terminal to indicate that the identifier has compared the displayed identifying information with the characteristics of the person tendering said check; transmitting said identifier specific data to said remote correlation database site; and storing said identifying information, said identifier specific data and transaction data as a transaction record for recall should a transaction be questioned at a later date.

Claim 19

A method of correlating, storing and retrieving identifying information and financial information to facilitate the processing of a check-initiated financial transaction via electronic funds transfer, said method comprising the steps of: accepting a check at a transaction site as payment for a financial transaction, said check containing a unique checking account number and at least one identifying information unit capable of identifying the tenderer of said check; communicating said checking account number to a remote correlation database; mapping said checking account number at said database to at least one identifying information unit corresponding to at least one authorized user of said checking account; transmitting said at least one identifying information unit mapped by said remote database to said transaction site; comparing said at least one identifying information unit received from said remote database with said identifying information unit included on said check; indicating that the tenderer of said check is an authorized user of said checking account by selecting the identifying information unit received from the remote database that matches the identifying information unit included on said check; logging said matched identifying information unit at said remote database site for recovery should said financial transaction fail; and returning said check to said tenderer.

Claim 20

A method of correlating, storing and retrieving identifying information and financial information to facilitate the processing of a check-initiated financial transaction via electronic funds transfer, said method comprising the steps of: accepting a check at a transaction site as payment for a financial transaction, said check containing a unique checking account number and at least one identifying information unit capable of identifying the tenderer of said check; communicating said checking account number to a remote correlation database; mapping said checking account number at said database to at least one identifying information unit corresponding to at least one authorized user of said checking account; transmitting said at least one identifying information unit mapped by said remote database to said transaction site; comparing said at least one identifying information unit received from said remote database with said identifying information unit included on said check; indicating that the tenderer of said check is an authorized user of said checking account by selecting the identifying information unit received from the remote database that matches the identifying information unit included on said check; logging said matched identifying information unit at said remote database site for recovery should said financial transaction fail; and returning said check to said tenderer.