Patent ID: 9613343
Date: 2017-04-04
CPC Classifications: G06Q

Claim:
1. A method for compositing and transmitting information for processing a financial transaction between a maker and a payee to whom the maker is providing a payment, the method comprising the steps of: receiving, by an electronic device, input from the maker of a data record representative of a financial transaction with the payee, the data record comprising a plurality of data fields, the electronic device configured to display a user interface comprising a form for receipt of the input from the maker to create the data record; dividing, by an electronic device, the data record into a first portion comprising some of the plurality of the data fields and a second portion comprising a remainder of the data fields; storing at least the first portion of the data record in a unique storage location that is not accessible by the payee; electronically transmitting the second portion of the data record over a communication network to the payee with an identifier representative of the unique storage location of where the first portion of the data record is stored, said identifier not including the data fields of the first portion of the data record, wherein the electronic transmission includes an authorization by the maker to the payee to negotiate the data record; and retrieving the stored first portion of the data record using the identifier representative of the unique storage location and reconstituting the data record from the stored first portion and the electronically transmitted second portion prior to or at the time of presentment to a bank of first deposit, wherein the payee presents at least the second portion of the data record to the bank of first deposit for disbursement of the payment to the payee.