Lisa M Decaprio

US Patent:

20070130063, Jun 7, 2007

Filed:

Dec 1, 2005

Appl. No.:

11/291308

Inventors:

Ajay Jindia - Smyrna GA, US
Lisa DeCaprio - Dacula GA, US

International Classification:

G06Q 40/00

US Classification:

705039000

Abstract:

A method for accomplishing a paperless financial transaction is provided. The method, which may include the extension of credit, begins when a user submits data initiating and authorizing the financial transaction. From this data or a subset thereof, an electronically created check file or a combination of an electronically created check file and electronically created negotiable instrument image file are generated and are delivered for forward collection. Where credit is needed, two electronically created check files are generated—one to pay a merchant or creditor of the user, and the other, which may be held for a predetermined amount of time, to repay the entity extending credit. In either case, the transaction can be accomplished without the need of an original document.