Citibank, N.a.

Citicorp Development Center, Inc.

Citicorp Credit Services, Inc. (usa)

Alan Slater

Cuong D Do

Michael L Sears

Stephen M Gryte

Phoebe Rin-Rin Hsu

Edward M R Dudasik

Robert O Brooks

H Patrick McSharry

A method and system provides for scanning a check and/or cash to create an electronic image of the front and the back of the check and/or cash. The image is then processed and transmitted electronically to a central location. The image may be recreated into a paper form at the central location, resembling the original paper check or cash, including a machine-readable regeneration of the MICR code line data captured from the original instrument. Paperless processing of checks and cash is thus provided, including local voiding and storage of the check without requiring immediate pickup, while still allowing the transaction to be process.

System and method for image depositing, image presentment and deposit taking in a commercial environment

A system and method for merchant function assumption of Internet checking and savings account transactions enables a service provider to take over all merchant type transactions and provide a merchant, such as an Internet merchant, with an approved order and appropriate credit for the transaction. A service provider server receives an electronic check or a payment instruction for the merchant from a customer. The payment instruction includes, for example, the originator's digital certificate and payment and purchase information, including the originator's checking or savings account number. The payment instruction is automatically sent to a customer's bank's server, which confirms the availability of funds for the payment. A confirmation of the availability of funds is automatically sent to the merchant, and a credit for the payment is automatically sent to the merchant's account. In addition, the service provider can consolidate order and settlement transactions, which saves transaction costs for the merchant.

System and method for merchant function assumption of internet checking and savings account transactions

A method and system for determining the negotiability of checks drawn on any account from any bank or other financial institution based on a comparison against stored information on whether or not checks previously drawn on that account have cleared and were paid includes a database having two related tables. A table of active accounts at any bank is generated by recording account information from checks presented for negotiation at a second bank. If the check is not returned after a predetermined number of days (i.e., the check is paid), the record is updated to show that the account is 'in good standing'. A separate table of accounts that are not in good standing is generated from returned unpaid checks. For each new entry in the table of accounts that are not in good standing, a corresponding record in the active account table is updated to show a status of 'not in good standing'. Also, for each entry in the active file that changes its status from &#x201c;active&#x201d; to &#x201c;in good standing&#x201d;, any corresponding entry in the table of accounts that are not in good standing is deleted. Information concerning whether a checking account is in good standing or is not in good standing may be used by the financial institution or by merchants or other third party providers to determine, in real time, if they should accept a check as payment by querying the database so formed.

Check verification system and method

The present invention comprises a system and method for a customer and merchant to perform an on-line, and in some cases, real-time financial transaction from a personal computer or similar processing terminal over a public access communications network utilizing a universally acceptable electronic financial transaction instruction that debits a customer's selected account and notifies a merchant that a credit is due or forthcoming and a service provider. The financial transaction instruction is provided in a secured format for transactions sent over the public access communications network, which is external from any other conventional open or closed communication channels used for performing financial transactions.

System and use for correspondent banking

A system and method for performing an on-line ATM/POS transaction utilizing checking or savings account funds over a public access network is disclosed. The invention comprises creating an electronic financial transaction instruction comprising card information and security information that are encrypted for secure transmission over the public access network. The card information identifies a checking or savings account number of a purchaser. The security information identifies a personal identification number associated with the identified account number that authorizes the use of the account number in an on-line ATM/POS transaction. The financial transaction instruction is decrypted by a financial institution and reformatted to form a transaction request suitable for transmission over an on-line ATM/POS transaction system. The transaction request is then processed like a typical ATM or merchant POS on-line ATM/POS transaction. As such, approval and settlement of the financial transaction instruction is obtained in real time. Thus, the present invention provides an on-line ATM/POS transaction capability utilizing checking or savings account funds from a public access network, such as the Internet or electronic mail.

Growing community of inventors

East Brunswick, NJ, United States of America

Alan Slater