System and method for compositing items and authorizing transactions

a system and transaction technology, applied in the field of system and transaction authorization, can solve the problems of users/check writers making mistakes when writing checks, physical payment, and insecureness, and achieve the effects of avoiding fraud, avoiding fraud, and avoiding fraud

Active Publication Date: 2012-07-19
DELUXE SMALL BUSINESS SALES INC
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

This technology allows for secure communication by allowing two parties involved in making money from their owners' accounts through emails or documents attached thereto. They then use this information to create checks on how well they are doing businesses like buying stocks. Additionally, it provides services such as checking if there has been any errors during transactions made over time. Overall, these technical features improve efficiency and security measures used when negotiating disputed funds transfers.

Problems solved by technology

This patented technical solution described involves making physical payment faster than traditional means like mail order or phone ordering. It also includes processes where customers use their own money instead of carrying them with magnetic stripes attached thereto during these procedures. These techniques help prevent fraudulence without requiring high costs associated with purchasing new items at home.

Method used

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  • System and method for compositing items and authorizing transactions
  • System and method for compositing items and authorizing transactions
  • System and method for compositing items and authorizing transactions

Examples

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Embodiment Construction

[0048]In one embodiment, the invention is related to legally enforceable transactions, payments, agreements, instructions, contracts, stock certificates, bonds, prescriptions, laws, judgments, etc. Although the primary field of use of the invention is for financial transactions, the invention can be used for a variety of other transactions, such as for certifying a variety of other documents and contracts, or for iteratively filling a contractual agreement.

[0049]To be able to pass value, such as monitory value, to be sent to another party. The party to which value is sent (payee) may be located remotely from the party sending payment (payer). The value is passed and transacted between two or more parties using any communications network, including public and non-proprietary networks such as the internet. The invention, in effect, modernizes the well-established legal form of payment of the check.

[0050]The invention further allows parties to pass between themselves independent writings

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PUM

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Abstract

A method of executing an electronic financial transaction involving two parties providing information for generating a transaction document and authorizing the document to execute the transaction. The method contemplates the maker electronically transmitting a data record representative of the financial transaction directly to a payee, such as by email. The payee can then convert the data record into a transaction acceptable to a bank of first deposit, such as by printing or imaging the data record into a form acceptable to the bank, such as a standard paper check.

Description

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Claims

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Application Information

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Owner DELUXE SMALL BUSINESS SALES INC
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