Method and apparatus for recording magnetic information on traveler's checks
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United States of America Patent
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Dec 21, 1999
Grant Date -
N/A
app pub date -
Dec 29, 1995
filing date -
Dec 29, 1995
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A method and apparatus for recording magnetic information on traveler's checks. The invention is directed to a method of making it easier to validate traveler's checks and to identify stolen or counterfeit traveler's checks. The method utilizes an information carrying medium, such as a magnetic 'stripe,' on the surface of, or embedded into, the traveler's check itself. The information carrying medium is encoded with the unique identifying code of the check. Further, a database object corresponding to the unique identifying code is stored along with check status information in a central database. At the time of encashment, the traveler's check is run through a swipe-style reader, and the unique identifying code is sent to a central database for verification. The central database returns an indication to the merchant as to whether the traveler's check is valid.
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