Importance

Loading Importance Indicators...

Abstract

Returned checks are collected at a central return (CR) bank. The CR bank passes a batch of returned checks through a binning machine that is connected to a central database. For each check in the batch, the binning machine scans the magnetic ink character recognition (MICR) on the check, scans the check using an optical character recognition (OCR) reader, captures a digital image of the check, and sends this information about the returned check to the central database in the form of a query. The central database matches the returned check information to check identifying information in the database, which was captured at the time of the original transaction, and combines the check identifying information and the return check information into a returned check file. It then returns a copy of the returned check file to the binning machine. The binning machine uses information from the returned check file to bin the check by merchant, doing likewise for each check in the batch. Once the checks have been binned, each check has a corresponding electronic record comprising its returned check file. All electronic records belonging to a specific merchant are forwarded to that merchant for check reimbursement collection.

Loading the Abstract Image...

First Claim