Instant Check Conversion Through Live-Stream OCR
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Solution Overview
Problem
Current remote deposit systems require users to capture and communicate multiple images of checks, which can be inefficient and consume system resources, leading to potential duplicate presentations and fraud issues, and often involve lengthy funding waiting periods.
Innovation Solution
The technology employs active Optical Character Recognition (OCR) processing on a live video stream from a mobile device camera to extract check data fields in real-time or near real-time, eliminating the need for individual image capture and reducing funding waiting periods.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If users capture and communicate multiple images of checks using current remote deposit systems, then the deposit can be processed, but system resources are consumed and duplicate presentations and fraud issues occur
Solution Approach 1:
The patent extracts only the essential data fields (MICR line, amount, payee information) from the check using OCR technology, rather than processing entire check images. This selective extraction reduces system resource consumption while maintaining deposit processing accuracy by focusing only on critical information elements.
Solution Approach 2:
The patent creates a digital copy of the check data through OCR extraction, converting physical check information into electronic data fields. This digital replication eliminates the need for multiple physical image captures and reduces opportunities for duplicate presentations and fraud.
2Reliability
If users capture and communicate multiple images of checks, then the deposit can be processed, but the process becomes inefficient and lengthy funding waiting periods occur
Solution Approach 1:
The patent performs OCR extraction and data field identification during the deposit capture process itself, rather than after image upload. This preliminary processing of check data accelerates the overall workflow and reduces funding waiting periods by preparing essential information in advance.
Solution Approach 2:
The patent replaces the mechanical process of manual image review and data entry with automated OCR technology. This substitution enables real-time extraction of check data fields, significantly reducing processing time and funding waiting periods while maintaining accuracy.
3Ease of operation
If traditional remote deposit processing is used, then checks can be deposited, but duplicate presentations and fraud issues arise
Solution Approach 1:
The patent implements feedback mechanisms where extracted check data fields are immediately validated and verified during the deposit process. This real-time feedback on data accuracy and authenticity prevents duplicate presentations and fraud by identifying issues before they can cause problems.
Solution Approach 2:
The patent introduces OCR extracted data fields as an intermediary layer between the physical check and the deposit processing system. This intermediary digital representation enables verification and validation processes that detect fraud and duplicate presentations while maintaining user convenience.
Data Source
AI summary
A computer implemented method, system, and non-transitory computer-readable device that may be used in a remote deposit environment. Upon receiving a user request, based on interactions with the UI, the method implements an electronic deposit of a financial instrument by activating a camera on the client device to generate a live video stream of image data of a field of view of at least one camera, wherein the live video stream includes imagery of at least a portion of each side of the financial instrument. The method continues by extracting data fields based on the formation of image objects on one or more sides of the financial instrument from the live video stream of image data. An EFT conversion of extracted data fields may be processed during or subsequent to the extraction process. A message is sent from a payee to a payor requesting the EFT. Upon acceptance, an EFT to the payee occurs. Upon denial, the remote deposit process is completed.