Patent ID: 7620603
Filing Date: 2009-11-17
Classification: G06Q

Abstract:
1. A paperless check method, comprising: authenticating a payor through an electronic payment system comprising a network connection to the payor; receiving a payment instruction from the payor to a payee, wherein the payment instruction includes an instruction to debit a bank account of the payor; creating a check comprising metadata containing the payment instruction, a globally unique identifier, tracking information, and security information, wherein the check is created electronically without an original paper check, and wherein the globally unique identifier, tracking information, and security information comprise a mechanism to transfer risk associated with the check similar to risk transference mechanisms associated with the original paper check; electronically notifying the payee of the check; verifying the check in the electronic payment system using the globally unique identifier prior to depositing or cashing the check; and clearing the check with one of paper and electronic clearing methods associated with check clearing systems.