List of patents
SYSTEM AND METHOD FOR GENERATION OF ELECTRONIC NEGOTIABLE INSTRUMENT FOR MONEY TRANSFER, PAYMENT AND MANAGEMENT
- swarnakumari Adari
- swarnakumari Adari
- IN201741025886
- undefined
- yes
- Electronics,IT
- 20-07-2017
- listing
- .In a financial transaction, cheque is not usually accepted as the drawer and payee are unknown and there will be credit risk. .Banks are investing millions of rupees/dollars only for printing the DD/cheque books and processing. .With development and advancement of technology and intellect skills of the people, forgery cases, by manipulating (signature, amount etc. on the cheque or DD), are increasing day by day for DDs and/or cheques. .Forgery cases or fraud, several civil/criminal investigations are required to recover the original money which is a time consuming process. Advantages: Securely generate e-cheque/DD through mobile banking or internet banking or ATM. Secure clearance/settlement of e-cheque/DD using ATM or at banks. A secure transaction by using multiple OTPs . Generate multiple e-cheque/DDs at the same time. Providing ease in cancellation of generated e-cheque/DD through mobile banking or internet banking or ATM. Generate multiple e-cheque/DDs at the same time. Generate e-cheques/DDs with bank watermark (on the background) and/or customer’s signature on the same. Enable users to generate cancelled e-cheque/DD using ATM or internet or mobile banking.
Abstract
The present disclosure provides a method for generating an electronic negotiable instrument includes obtaining a type of the electronic negotiable instrument; submitting details associated with the electronic negotiable instrument; receiving a first OTP for generating the electronic negotiable instrument; obtaining, the first OTP received and at least a security key pre-configured by the payer; generating upon verification of the first OTP and the security key, the electronic negotiable instrument and a second OTP; transmitting, by the computing device, the electronic negotiable instrument generated and the second OTP to the beneficiary. Further, a method for clearing an electronic negotiable instrument includes obtaining, an electronic negotiable instrument and a second OTP; verifying the received electronic negotiable instrument and the second OTP; receiving a third OTP; obtaining, at the computing device, the third OTP for learance/settlement of the electronic negotiable instrument, the electronic negotiable instrument is cleared/settled upon verification of the third OTP.
