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Claims  |
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What is claimed is:
1. The method of effecting a financial transaction involving a financial
institution and a customer of the institution comprising the steps of:
making entries on a unit record detailing a portion of the transaction, the
entries being made by the customer;
transmitting the unit record information to the financial institution;
effecting automatic funds transfer at the financial institution from the
transmitted unit record information; and
recording summary information as to the transaction on the unit record
under control of the financial institution whereby electronic funds
transfer is effected without rehandling of the unit record and the
customer retains the unit record as evidence both of his intention and the
actual completion of the transaction.
2. The method set forth in claim 1 above including the further step of
producing a retrievable image of the unit record and summary information
recorded thereon.
3. The method set forth in claim 1 above including the further steps of
transmitting, under customer control, supplementary customer transaction
data to the financial institution, generating an authorization message at
the financial institution, and recording at least a part of the
authorization message on the unit record to uniquely identify the
transaction.
4. The method set forth in claim 3 above, wherein the unit record includes
machine readable information, and including the further steps of
transmitting customer entered indentification data and machine readable
data to the financial institution.
5. The method set forth in claim 4 above, including the further step of
invalidating the unit record by imprinting a machine readable code
thereon.
6. The method set forth in claim 5 above, wherein the machine readable
information includes a code uniquely identifying the unit record as
suitable for use in electronic funds transfer.
7. The method as set forth in claim 4 above, further including the step of
invalidating the unit record by imprinting a predetermined machine
readable pattern in the region of the code uniquely identifying the unit
record as suitable for use in electronic funds transfer.
8. The method as set forth in claim 1 above, wherein the transaction is of
the type including account credits, account debits, transfers between
accounts, and reversal of a prior transaction.
9. The method set forth in claim 1 above, wherein the transaction involves
two financial institutions, one of which has a terminal for transmission
of unit record information, and further comprising the step of effecting
automatic funds transfer between the two financial institutions.
10. The method set forth in claim 9 above, wherein the customer's financial
institution is remote from the institution having the terminal and further
comprising the step of entering teller-assisted unit record information.
11. The method set forth in claim 9 above, further comprising the step of
entering, under customer control, data pertaining to the transaction.
12. The method set forth in claim 1 above, including the further step of
providing a record for a merchant involved in the transaction with the
financial institution and the customer.
13. The method set forth in claim 12 above in which the record for the
merchant further includes information identifying the source of the funds
used in the transaction.
14. The method as set forth in claim 13 above in which the identification
of the source of the funds categorizes the transaction as a credit or
debit transaction bearing different service charges for the merchant.
15. The method of effecting an automatic funds transfer transaction between
a customer and an institution while providing protection for the parties
thereto against fraud and error, comprising the steps of:
filling out, by the customer, of a portion of a unit record containing
machine readable information including customer account information;
entering information detailing the financial aspects of the transaction;
transmitting a message to the institution containing the customer account
and transaction related information;
verifying customer identification by the institution using at least the
customer account and transaction related information;
executing the requested funds transfer, including adjustment of the
customer's account, immediately, whereby the recipient of the transfer is
assured of its validity;
transmitting data to the customer indicating that the transaction was
satisfactorily completed; and
recording at least part of the returned data on the unit record to evidence
the manner in which the transaction was effected and convert the unit
record to a further unusable document.
16. The method set forth in claim 15 above, further including the steps of
entering, under customer control a personal identification number,
transmitting the personal identification number to the institution, and
verifying the proper relationship at the institution between the personal
identification number and the account number.
17. The method set forth in claim 16 above, including in addition
generating, at the institution, a reference number uniquely identifying
the transaction, and imprinting, during recordation, the reference number
on the unit record such that an audit trail for the transaction is
established.
18. The method set forth in claim 17 above, including the steps of
generating, at the institution, upon verification of the transaction, an
authorization number which identifies at least the participants and the
transaction and storing the authorization number electronically for
possible reference.
19. The method of effecting a financial transaction involving a financial
institution, a customer of the institution, an input terminal and a unit
record having machine readable information thereon comprising the steps
of:
entering, by the customer, information on the unit record as to a part of
the transaction;
entering, under customer control at least financial data via the input
terminal;
machine reading of information on the unit record at the input terminal;
transmitting the customer controlled data entry and machine read
information to the financial institution;
verifying the transaction and execution of the transaction at the financial
institution;
transmitting an authorization message to the terminal from the financial
institution; and
recording at least a portion of the authorization message on the unit
record to evidence authorization and completion of the transaction.
20. The method as set forth in claim 19 above, further including the step
of recording data for the customer as to the nature of the completed
transaction.
21. The method as set forth in claim 20 above, wherein the recording of
data is on the unit record itself.
22. The method as set forth in claim 21 above, wherein the recorded data
comprises data as to transaction type, date and amount as executed by the
financial institution, whereby the customer has an immediate and permanent
record which can be used to verify the transaction.
23. The method as set forth in claim 19 above, wherein the input terminal
includes means for entering personal identification data and the method
further includes the steps of:
assembling a transaction message at the terminal including machine read
account and financial institution information, customer entered
transaction type and amount information and personal identification
information;
verifying at the financial institution the validity of the transaction from
the transmitted transaction message; and
including in the authorization message, information uniquely identifying
the particular transaction.
24. The method as set forth in claim 19 above, wherein the unit record
comprises entries permitting use as a negotiable instrument, and wherein
the method further comprises the step of invalidating the document by
imprinting a predetermined readable pattern thereon.
25. The method as set forth in claim 19 above, including the step of
recording on the unit record information verifiable by the customer as to
the details of the transaction that was completed.
26. The method as set forth in claim 19 above, including the steps of
entering, by the customer, personal code information, verifying the
authorization of the customer by the financial institution using both
machine read and customer entered information, and incorporating, in the
authorization message, a reference code uniquely identifying the
transaction.
27. The method as set forth in claim 26 above, wherein the unit record
machine readable information includes encoded financial institution
information and identifier code information characterizing the record as
suitable for use in the method, and further comprising the step of
verifying the identifier code information prior to transmission of any
information to the financial institution.
28. The method as set forth in claim 27 above, including the further steps
of imprinting an invalidating code evidencing a void or cancelled record,
and rejecting the record if it contains the invalidating code.
29. The method of evidencing and completing an automatic funds transfer
transaction between a customer and a financial institution, based upon
usage of an independently negotiable instrument including machine readable
fields, customer entry fields and imprinting fields, the method including
the use of at least one customer terminal, at least one financial
institution processor, and data links therebetween, and comprising the
steps of:
preparing, by the customer, customer entry fields on the instrument to
initiate the transaction;
assembling a transaction message at the terminal including machine reading
of the instrument and customer entry of transaction information;
transmitting the transaction message to the financial institution
processor;
returning an authorization message from the processor to the terminal
evidencing execution of the funds transfer; and
post-printing instrument invalidating and transaction record information on
the instrument to complete the transaction, whereby the instrument is
initially available for use as a negotiable document but serves as a
complete customer record when used for automatic funds transfer.
30. The method as set forth in claim 29 above, wherein the step of
post-printing comprises converting the instrument to a non-negotiable
instrument.
31. The method as set forth in claim 29 above, wherein the instrument
includes encoded machine readable account and financial institution
information and the terminal includes keyboard means and means for reading
the encoded information, and further comprising the steps of entering
transaction data and security information by the customer on the keyboard
means, entering account and financial institution information by machine,
and entering security code information by the customer on the keyboard
means.
32. The method as set forth in claim 31 above, wherein the terminal is
associated with a merchant institution and the merchant and customer
financial institutions are different, and further including the steps of:
transmitting funds transfer information between the different financial
institutions; and
accumulating transaction information at the terminal for the merchant.
33. The method as set forth in claim 31 above, wherein the terminal
includes copying means, and including the further step of copying the
completed instrument subsequent to post printing thereon.
34. The method as set forth in claim 33 above, including the further step
of interposing a reference pattern on the copy of the completed instrument
to identify the transaction.
35. In a system for automatic funds transfer including a terminal having
key entry and code reader devices and a data processor at an institution,
the method comprising the steps of:
accessing the system with a document evidencing customer intent and bearing
machine readable data;
converting the intent evidenced on the document to a fully authorized
transfer utilizing key entered information;
verifying the propriety of the authorized transfer at the institution;
effecting the intended transfer at the institution; and
rendering the document non-negotiable by control from the institution.
36. The method as set forth in claim 35 above, wherein the step of
effecting the transfer is carried out in a secure environment not
accessible to the customer.
37. The method as set forth in claim 36 above, wherein the document is
adapted for alternative use as a traditional bank check.
38. A method for effecting multiple types of financial transactions with
limited document handling using a data processor system comprising the
steps of:
generating originating check documents by individual customers, each check
document evidencing a part of a different transaction;
using the check documents and manually entered information in consummating
electronic funds transfer for each transaction;
completing the check documents to evidence consummated funds transfer;
generating retrievable copies of each completed document;
electronically retaining transaction data, including reference to the
retrievable copies, within the data processing system; and
immediately returning the originating check documents to the customers,
whereby the customer has a verifying document and the transaction is
thereafter handled by the data processor system, while a reference audit
trail is also established.
39. The method as set forth in claim 38 above, wherein different terminals
each communicating with the data processor system are disposed to effect
the transactions, and wherein the method further comprises the steps of
generating retrievable copies at each terminal to evidence transactions
thereat.
40. The method as set forth in claim 39 above, further including the step
of concurrently generating summary data for merchants affected by the
transactions.
41. An integrated transaction system for debits or credits comprising:
a transaction instrument in the form of a negotiable instrument having
coded customer account indicia and customer entered transaction indicia;
transaction terminal means including means for sensing account indicia on
the instrument, controllable means for imprinting on the instrument,
customer data entry means, and display means;
processor means coupled to control the transaction terminal means for
sequencing the terminal means to derive the coded customer account indicia
from the instrument and the customer entered transaction indicia,
including a personal identification number;
an electronic funds transfer system coupled to the processor means for
receiving the coded customer account indicia, the transaction indicia and
the personal identification number, and providing authorization and
transaction information where the transaction is permissible, while
entering the transaction in the system; and
the processor means and terminal means responding to the authorization and
transaction information to print the same on the instrument, whereby the
customer has a complete and immediate record of the transaction in the
form of a non-negotiable instrument with security against unauthorized
access to his account.
42. The invention as set forth in claim 41 above, wherein the instrument is
of the type traditionally negotiable in exchange for goods or services,
and wherein said electronic funds transfer system provides post
transaction balance information to the terminal means for the customer.
43. The invention as set forth in claim 41 above, wherein said electronic
funds transfer system includes means providing access to both the accounts
of the customer and a merchant firm with which the customer is dealing,
and further including means for electronic transfer of funds between the
customer's financial institution and the merchant's financial institution
where they are different.
44. The invention as set forth in claim 43 above, where the terminal means
comprises an automated teller machine, and wherein the electronic funds
transfer system comprises a central processor for a financial institution.
45. The invention as set forth in claim 44 above, wherein the system
includes in addition a cash dispensing mechanism and means at the
electronic funds transfer system responsive to the coded customer account
indicia and the personal identification number for actuating the cash
dispensing mechanism to provide a selected money amount.
46. The invention as set forth in claim 43 above, wherein said terminal
means comprises a point-of-sale terminal in a merchant institution, and
wherein said electronic funds transfer system comprises means
communicating both with the customer's financial institution and the
merchant's financial institution, if different.
47. The invention as set forth in claim 43 above, wherein the terminal
means further comprises controllable means for producing a retrievable
image of the instrument, and said terminal means commands the controllable
means to produce a retrievable image of the instrument after printing of
information on the instrument.
48. The invention as set forth in claim 47 above, wherein said controllable
means comprises a microfilm camera and a film cassette mechanism, and
means responsive to the processor means for coding a unique code for each
transaction.
49. The invention as set forth in claim 48 above, wherein the processor
means provides a unique code for each transaction in the form of a code
identifying the particular terminal and the time of the transaction.
50. The invention as set forth in claim 49 above, wherein said terminal
means comprises keyboard means, keyboard display means, and transaction
selector means.
51. The invention as set forth in claim 50 above, wherein said means for
sensing account indicia on the instrument comprises code reader means of
the optical character or magnetic ink character recognition type.
52. The invention as set forth in claim 51 above, wherein said display
means comprises status command indicator means and video display means
coupled to said processor means.
53. The invention as set forth in claim 52 above, wherein the instrument
includes a machine readable identifier code identifying it as suitable for
electronic funds transfer, and wherein the terminal means includes code
reader means for such code.
54. The invention as set forth in claim 53 above, wherein the means for
imprinting includes means for imprinting a machine readable invalidation
code on the instrument.
55. The invention as set forth in claim 54 above, wherein the terminal
further includes a receiver mechanism for the instrument, means for
ejecting the instrument from the receiver mechanism, and means for
signaling that the instrument has been ejected.
56. A system for enabling electronic funds transfer utilizing a
conventionally negotiable instrument such as a check having a machine
readable account code and comprising:
processor controlled terminal means including means for reading the account
code on the instrument and means for customer entry of transaction data
and a personal identification;
electronic funds transfer means including means (1) responsive to the
account code and personal identification for authorizing a transaction (2)
responsive to the transaction data for effecting electronic funds transfer
and (3) for generating unit record identification; and
means coupled to said processor controlled terminal means and responsive to
the electronic funds transfer means for imprinting unit record information
on the check, whereby the customer may obtain a record evidencing a
completed secure transaction or use the check in conventional fashion.
57. The invention as set forth in claim 56 above, wherein the processor
controlled terminal means comprises a plurality of terminals coupled to
cooperate with an individual processor, and wherein each terminal includes
means for reading account codes and means for customer entry.
58. The invention as set forth in claim 57 above, wherein each terminal
further comprises printer means, and means for producing a retrievable
image of the check after printing thereon.
59. The invention as set forth in claim 58 above, wherein each terminal
means further comprises display means coupled to the processor output, and
keyboard means coupled to the processor input, and wherein the processor
generates customer instruction sequences of the display for keyboard entry
of transaction information and personal identification number by the
customer.
60. The invention as set forth in claim 59 above, wherein said processor
generates a code for each transaction, and wherein said terminals each
include camera means including code generating means responsive to the
transaction codes for filming the imprinted checks.
61. The invention as set forth in claim 60 above, wherein the transaction
codes comprise terminal identification, date and time information.
62. A system for automatically processing checks presented by the payor of
the check comprising a central computer capable of recording financial
tranactions; a remote data processing terminal capable of recognizing
information on a check indicating the identity of the payor, the terminal
comprising means for generating signals indicative of the identity of the
payor, the amount to be paid, the account to be paid, and the identity of
the remote terminal, the remote terminal also comprising means for
printing on the check a record of the transaction, and means for storing a
duplicate record of the transaction; and means for relaying signals
between the remote terminal and the central computer.
63. A system as claimed in claim 62 wherein the remote data processing
terminal further comprises means for generating a security identification
signal, and wherein the central computer comprises means for recognizing
security identification signals and generating an authorizing signal in
response to such recognition.
64. A system as claimed in claim 63 wherein the means for generating a
security identification signal are physically separated from the remainder
of the remote data processing terminal.
65. A system as claimed in claim 62 in which the means for storing a
duplicate record comprises means for providing a retrievable copy of the
check.
66. A system as claimed in claim 62 in which the remote terminal further
comprises means for displaying information indicative of the transaction
being processed.
67. A system as claimed in claim 62 in which the central computer includes
means for generating signals indicative of account balances for
transmission to the remote terminal.
68. A system as claimed in claim 62 wherein the central computer further
comprises means for producing records of all of the accounts of a payor in
response to the receipt of signals indicative of the identity of the
payor.
69. A system as claimed in claim 62 in which the remote terminal further
comprises means for displaying information to direct the processing of the
transaction being processed.
70. A system as claimed in claim 62 wherein the remote terminal further
comprises means for generating signals indicating different ones of a
plurality of financial transactions to be accomplished.
71. A remote data processing terminal to be used with the central computer
of a financial institution comprising means for reading account
identification information from a financial institution check and for
generating signals indicative thereof, means for generating signals
indicative of transaction data related to the financial institution check,
means for displaying information as to the transaction, and means
responsive to the central computer and the transaction data for recording
information on the financial institution check that converts the check to
a non-negotiable record for return to the customer.
72. A remote data processing terminal as claimed in claim 71 further
comprising means for generating security identification signals for
comparison with signals stored by the central computer, means coupled to
said means for recording for supplying a reference number to be recorded
on the check, and means for retaining an image of the check on which the
reference number appears.
73. A unit record for use as a negotiable instrument or alternatively as a
document for initiating electronic funds transfer and recordation thereof,
comprising:
a machine readable code field identifying at least an account number and
financial institution and including a field for entry of voiding data;
manually enterable fields for receiving at least transaction and account
holder data; and
imprintable fields comprising at least amount and confirmation data
evidencing completion of the transaction.
74. A unit record as set forth in claim 73 above, wherein the record
further comprises a second machine readable code field containing data
uniquely identifying the unit record as a document suitable for the
electronic funds transfer process, the field for entry of voiding data
being contained therein.
75. A unit record as set forth in claim 74 above, wherein the manually
enterable fields further comprise a data entry field and wherein the unit
record further includes preprinted fields comprising account holder and
financial institution information.
76. A unit record as set forth in claim 75 above, wherein the imprintable
fields comprise portions for receiving authorization message data
comprising a reference number from the financial institution.
77. A unit record as set forth in claim 76 above, wherein the unit record
further comprises a visual identifier field for uniquely identifying the
record as a document suitable for the electronics funds transfer process.
78. A unit record as set forth in claim 77 above, wherein the unit record
comprises a negotiable instrument and the manually entered fields comprise
payee, date and signature.
79. A unit record as set forth in claim 78 above, wherein the imprintable
fields further comprise date and time information.
80. A unit record as set forth in claim 79 above, wherein the imprintable
fields include at least a portion for cancelling the negotiable
instrument.
81. A unit record as set forth in claim 82 above, wherein the imprintable
fields include in addition a field for imprinting the then current
financial status of the customer's account.
82. A unit record as set forth in claim 83 above, wherein the imprintable
fields include in addition a field for imprinting information identifying
the merchant and terminal or seller, a field for identifying the debit or
credit status of the transaction. |
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Claims |
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Description |
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BACKGROUND OF THE INVENTION
This invention relates to financial data processing systems and, more
particularly, to such a system which utilizes negotiable instruments such
as bank checks as the primary documents for accomplishing the automatic
transfer of funds.
Historically, the transfer of funds has been accomplished in a number of
ways. The most direct, of course, is the transfer of specie or currency
from one party to another. Not quite as direct in its use, but very widely
used, is the system of checking accounts by which a person directs his
bank or other financial institution to make payment to the person named on
the check or to his order. Checking accounts allow one to carry a single
form of document which may be filled in with any amount and negate the
necessity of carrying large amounts of cash. Checks may only be cashed by
the payee or to his order and thus are more secure than cash. The rights
and duties of the parties to a checking transaction have been clearly
established by the courts. Checks are almost universally accepted where
the identity of the maker can be verified or sufficient time allotted for
funds transfer. For all of these and other reasons, checks have proven
essential to both households and businesses; and people have become wedded
to the system.
Checking systems do have disadvantages, however. For example, checks are
often forged, drawn on accounts with insufficient funds, and lost. More
importantly, the present system of check processing through a banking
system requires a great number of labor intensive steps for check writers,
check receivers and check processors (financial institutions). For
example, a check is written, exchanged, endorsed, deposited at a financial
institution, and then handled many different times before it is returned
to its maker along with a monthly statement. Many of these processing
steps require the creation of additional documents and represent a
substantial amount of labor. The usual practice involves three different
microfilm steps, several different balancing operations, and various other
steps such as proving, encoding, capturing and sorting. Consequently, the
processing of checks is quite expensive and time consuming.
Checking processing costs, of course, extend not only to the financial
institutions, but also to the payor and payee who must each perform record
keeping tasks in the course of their check handling. However, because
financial institutions absorb the highest portion of check processing
costs, they have been experimenting with the feasibility of alternative
forms of funds transfer which are more efficient. The use of a plastic
credit card has evolved as an alternative for checks written at retailer
locations. In the usual case, credit cards do provide a substantial surety
that funds exist to cover the amount of the transaction. However, they are
also subject to theft and fraud. While the processing of credit card
transactions is quite automated the relative volume of transactions, as
compared to check transactions, results in credit cards being an expensive
form of funds transfer as well. U.S. Pat. No. 3,594,727, issued July 20,
1971, to a co-inventor of the present invention, discloses a system for
automating the use of credit cards to obviate the processing problems and
the expense involved therewith. Even such advanced systems for handling
credit cards will not eliminate the need for a more efficient check
processing system, due to the public's reliance upon checks as a preferred
form of funds transfer.
The principle underlying automated forms of funds transfer is that the
information normally written on checks is converted into machine readable
form to gain the efficiency and control inherent in the use of computers.
The technology and procedures needed to support this form of automated
funds transfer are gradually being refined by the financial industry.
However, the credit card not only requires a change in customer habits,
but cannot be used in many situations, as in transactions involving
personal dealings. A system which will automate the processing of checks,
thereby reducing the time, the labor, the documents used, and the expense
of such processing, is obviously desirable. Moreover, such an automatic
check processing system would be even more desirable if it could be made
to provide substantial security for the parties involved and eliminate
other problems inherent in the present system. While it is known in the
prior art to verify the existence of an account by reading encoded
information on a check, this function is only equivalent to usage of a
credit card and cannot suffice as the basis for a complete financial
transaction.
SUMMARY OF THE INVENTION
The foregoing and other problems of the prior art are solved by the system
of this invention which utilizes a number of unique peripheral data
processing terminals which cooperate with the central data processing
equipment of a financial institution to automatically process the details
of a transaction. The system utilizes, as its primary and basic document,
a unit record which can alternatively serve as a traditional bank check in
a conventional purchase-payment transaction. In this system, however, the
unit record functions as a machine readable access device to activate a
system configured to automatically identify customers, determine account
balances and the propriety of the transaction, transfer funds between
accounts, transfer funds from payor to payee, issue funds, and accomplish
various other financial transactions. All such steps are carried out
without the generation of duplicate document copies or manual handling of
documents. In addition, data imprinted on the unit record by the terminals
of this system in conjunction with the system's logic and storage
elements, software, security controls and procedures enables each of the
parties involved to reference data and locate source documents pertaining
to completed transactions. The system and method involved effectively
convert the unit record from the status of a negotiable instrument to a
document in evidence of a completed transfer of funds. The completed
document is retained as evidence of the correctly completed transaction
and can be used in the same way as the traditionally written bank checks
to verify the status of the account on a periodic basis.
In accordance with the invention a unit record placed in a terminal
activates the system. The operator, usually a customer, then provides an
identification number which can be examined for security purposes; punches
in a transaction which actuates the central data processing equipment to
execute the operation; and receives back the unit record which has been
cancelled, photographed, and imprinted with the description of the
automated financial operation which has taken place in the financial
institution's central processing files. The customer may simply write the
unit record as a conventional negotiable bank check where check recipients
do not have access to the system or terminals are not operative. All
transactions are readily integrated by the bank in rendering periodic
statements. The customer can also benefit from having an immediate
knowledge of his account status, while being assured, through usage of
signature, personal identification number and account code number, of a
high level of security against unauthorized access to his account. The
merchant or other check recipient benefits not only from decreased
processing costs as compared with the use of conventional checks but also
enjoys assurance of immediate payment on these system transactions.
The system and method of this invention allow immediate funds transfer,
provide a parallel documented audit trail and retrieval mechanism,
eliminate most of the manual effort and expense required in present-day
check processing, reduce exposure to fraud and check overdrafts, and
substantially reduce the cost of banking operations. In addition, the
system ties in directly to existing central switching and processing
systems for effecting inter-bank transfers, and is designed for use with
an automated teller system terminal within a financial institution,
automated teller machines and point of sale terminals.
A feature of the invention is the generation of an authorization message at
the financial institution, which message contains a reference number that
can be imprinted on the check and utilized for information retrieval
purposes. Another feature resides in the assembly at the terminal of
customer or operator entered information, machine read information and
predetermined information so that the essentials of the transaction can be
transmitted efficiently to the financial institution, without complex
input procedures. For this purpose the unit record advantageously is
arranged to include a number of fields of different character, such as
machine readable codes identifying account numbers and the financial
institution, manual entries such as customer signature and dollar amount
of the transaction, visual identifiers such as customer and bank data, and
imprintable fields for receiving the reference number and confirming
financial data. The unit record may also include special machine readable
identifier codes that enable immediate disqualification of documents that
are not suitable for the system, or that have previously been cancelled or
invalidated.
In accordance with other aspects of the invention, the terminal is arranged
to instruct the customer or operator in the sequence of entries and
operations. From entry of the unit record through rejection of improper or
defective records, through the entry of transaction amount and type data
to final imprinting of reference data and evidence of the completed
transaction, the steps are simplified and minimized to meet the particular
circumstances. Errors can be detected and corrected and audio alarms can
be utilized to insure that the transaction is correctly completed.
Through other aspects of the invention the same system enables the
incorporation of many options, such as the usage of multiple accounts, the
logging and tallying of information for a merchant, the supplying of
additional information as to account and credit status, and cooperation
with a central switching and processing center for interaction with other
financial institutions.
BRIEF DESCRIPTION OF THE DRAWINGS
Other features and advantages of the invention will become apparent from
the following specification which should be read in conjunction with the
drawings in which like reference numerals refer to like elements in the
several figures.
FIG. 1 is a block diagram of an automatic unit record processing system
constructed in accordance with the invention;
FIG. 2 is a block diagram of an automated teller machine terminal
constructed in accordance with the invention, comprising two sheets
designated FIG. 2 and FIG. 2A that are to be placed in adjacent
relationship;
FIG. 3 is a block diagram of a remote central data processing system for
cooperating with the system of FIG. 2;
FIG. 4 is a diagram of a control and display panel used in the automated
teller machine system of FIG. 2;
FIG. 5 is a block diagram of the principal elements of an automated teller
system terminal constructed in accordance with the invention;
FIG. 6 is a block diagram of the principal elements of a point-of-sale
terminal and associated elements of a remote central data processing
system in accordance with the invention;
FIG. 7 is a diagram of a completed unit record of the type used with an
automated teller machine or automated teller system terminal; and
FIG. 8 is a diagram of a completed point-of-sale unit record.
DETAILED DESCRIPTION OF THE INVENTION
Referring now to the drawings and, more particularly, to FIG. 1, there is
shown a financial data processing system constructed in accordance with
the invention for utilizing and transforming unit records 10 in a variety
of electronic funds transfer transactions. The system includes, by way of
illustration, a pair of terminals 11, 12 each having an internal
microprocessor, input-output console and communications controller and a
second pair of terminals 13, 14 cooperating with a shared microprocessor
15. This arrangement illustrates that there may be a substantial number of
terminals and that they may be stand alone units or that one or more may
be shared with a given processor. Further, although microprocessors are
convenient and inexpensive, the data processing function can be carried
out by larger or special purpose systems.
The terminals 11-14 cooperate, through a data link 17, with the data
processing center or processor 19 of the financial institution which
maintains the terminals 11-14. This data processor 19 is normally a large
scale general purpose computer with various peripheral equipment. Although
other well known systems may be used, a typical data link or communication
system 17 utilizes the telephone lines and includes connective, timing,
and control circuits for gaining access to and transmitting digital
information by telephone. The use of such a system is discussed in U.S.
Pat. No. 3,594,727, mentioned above.
FIG. 1 also illustrates that the data processor 19 for the merchant's
financial institution may be intercoupled to a number of central data
processing units of other financial institutions via another data link 20
which may be connected into a central switching and processing center 22
and alternatively directly to the data processor 23 at the customer's
financial institution. Central switching and processing centers are now in
use and enable cooperation between any individual financial institution
and any other that is coupled to the same center. Such an arrangement is
contemplated by the present invention but is not necessary thereto.
The terminals 11-14 shown in FIG. 1 may be few or many and may be any of a
number of different types. However, automated teller machine (hereafter
usually ATM) terminals which may be used by a financial institution in
place of a live teller, have been chosen by way of example for the primary
description of the system. The same overall system may further incorporate
one or more automated teller system (ATS) terminals 16 which may be used
by a customer assisted by a live teller, and one or more point-of-sale
(POS) terminals 18 which may be placed on a merchant's premises. Each of
these terminals 16, 18 may communicate with the central switching and
processing center 22 via its own associated data processor 19' or 19"
respectively (and via appropriate data links). Such terminals, which may
be arranged and utilized as discussed in more detail hereinafter, are
considered to be most useful, because they all cooperate with unique unit
records in accordance with the invention. However the system concept and
the unit records are amenable to use with ot | | |
