Importance

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Abstract

A system and method for verifying the authenticity of a bank check and authorizing payment of the bank check at any of a plurality of banks or check cashing agencies, wherein a payor or issuer of the check integrates account data normally pre-printed on the face of the check with individualized payee data, at least including payee identification and a value of the check, so as to define a first set of data, which is communicated to a processing center for temporary storage and eventual comparison. Upon presentation of the check for deposit or cashing, the bank or check cashing agency will establish a second set of data based on the pre-printed account data and the individualized payee data that appears on the face of the check presented. The second set of data is communicated to the processing center where the first and second sets of data are compared to assure that at least the payee identification and the value of the check are identical to the same information printed on the check at the issuing site. Upon such a positive comparison, a verification signal is communicated to the cashing terminal or site so as to authorize payment of the check. The system and method may also include communication with a central data system for purposes of isolating funds in the proper account on which the check is drawn at least in the amount of the value of the check.

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First Claim