Portable Financial Transaction Device with Multi-Format Data Verification
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Solution Overview
Problem
Current systems for reading data from financial checks and other documents to facilitate financial transfers are in need of improvements to enhance efficiency and accuracy in transaction authorization and documentation.
Innovation Solution
A portable device equipped with an image scanner, card reader, biometric reader, and wireless communication capabilities that reads data from checks and invoices, compares it to stored data, and facilitates financial transfers between accounts, while also documenting transactions through printing or electronic records.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If data reading and comparison processes are enhanced to improve transaction accuracy and security, then the time required for transaction processing increases
Solution Approach 1:
The system performs preliminary actions by pre-storing reference data, authorization criteria, and transaction rules in databases before actual transactions occur. When a transaction is initiated, the system quickly compares transaction data against these pre-prepared standards, significantly reducing processing time while maintaining high accuracy in data verification and authorization decisions.
2Reliability
If multiple reading devices and verification steps are added to improve transaction security and accuracy, then the device complexity increases
Solution Approach 1:
The patent merges multiple reading devices (optical scanner, magnetic reader, RFID reader) and verification functions into a single integrated transaction processing system. This consolidation maintains comprehensive security checks and data verification capabilities while reducing overall system complexity through unified architecture and centralized control mechanisms.
Solution Approach 2:
The transaction processing system is designed with multi-functionality to handle various data reading methods (optical, magnetic, RFID), multiple verification types (authorization, validation, cross-checking), and different transaction scenarios within a single universal platform. This eliminates the need for separate specialized devices for each function, thereby reducing complexity while maintaining reliability.
3Loss of information
If comprehensive transaction documentation and recording are implemented to improve auditability and record-keeping, then the time required to complete transactions increases
Solution Approach 1:
The system implements continuous automated documentation throughout the transaction process. As each verification step and data reading operation is performed, the system automatically records the results, timestamps, and relevant information in a centralized database. This continuous recording eliminates the need for separate documentation steps, maintaining complete audit trails without adding time to transaction completion.
Data Source
AI summary
A device (12, 312, 494) operates to cause financial transfers responsive to data read from data bearing records. The device includes a reader (20, 314) that is usable to read check data from financial checks. The reader is also usable to read record document data such as an invoice or other remittance advice. At least one circuit (54, 332) of the device is operative to cause a determination to be made that check data and/or record document data corresponds to stored data. Responsive to the determination, check data and record data are made available to a payee terminal (346). The device may be operable responsive to receipt of embedded instructions from a check payment website to capture image data corresponding to an image of a financial check and to send the image data to a remote computer as indicated by the embedded instructions.