Unit record for use as negotiable instrument or for electronic funds transfer

Abstract From the Canadian patent

Methods and systems for effecting a variety of electronic funds transfer transactions are based upon the use of unit records containing preprinted non-machine readable data preprinted machine readable data, and manually entered data and conversion of such records from negotiable instruments to documentary evidence of the satisfactory completion of the transaction. By first automatically reading the encoded data on the unit record and incorporating transaction data and security information in messages transmitted from a terminal a, financial institution can verify the validity of the transaction, effect the transaction and return an authorization message containing both reference and …