Generation of electronic negotiable instruments using predefined electronic files for providing promise of payment

Abstract

A method for providing an electronic negotiable instrument as a promise for payment for a selected payee over a communications network, the method comprising: generating the electronic negotiable instrument for the selected payee with instrument information from a payor; receiving a specified mode of communication associated with the payee; sending a message to the selected payee over the communications network using the specified mode of communication to inform the payee of the availability of the electronic negotiable instrument; receiving a request over the communications network from the payee for the electronic negotiable instrument; authenticating the payee request and a specified receipt address; and forwarding the electronic negotiable instrument over the communications network tothe specified receipt address. The electronic negotiable instument is capable of being reproduced in a paper form in accordance with predefined standards, such as Check 21 in the United States.

Description

technical field [0001] The present invention relates to electronic payment commitment securities for facilitating financial transactions. Background technique [0002] Currently, electronic financial transactions (eg, debit cards, credit cards, etc.) are relied upon to provide payment for goods and services. These financial transactions may be referred to as "push" initiated transactions whereby the payer directs his or her bank to take existing funds from him or her and transfer them to the payee's bank where they are then The payer can withdraw funds. As a result, current electronic financial transactions cannot be "cheated" because the bank will only process the order if the payer has sufficient funds to secure the payment. However, a disadvantage with current electronic payment transactions is that the payer does not receive a "float" benefit or monetary supplement to the benefit when payment is made using a committed form of payment, such as a check. [0003] Checks ...

AI Technical Summary

Problems solved by technology

However, one disadvantage of utilizing the current checking system is that the paper checks have already been customized, printed and received by the bank customer and then used by the customer to pay

Furthermore, paper resources are wasted in the process of producing paper checks

Additionally, there is a considerable shipping time delay due to the fact that paper checks must be physically forwarded via traditional physical mail routes (post office, courier, etc.)

[0005] Another disadvantage of utilizing the existing check system is that the payee can doubt the authenticity of the origin of the check from the payer

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