WO2019016643A1

WO2019016643A1 - System and method for generation of electronic negotiable instrument

Info

Publication number: WO2019016643A1
Application number: PCT/IB2018/055035
Authority: WO
Inventors: Swarna Kumari ADARI
Original assignee: Adari Swarna Kumari
Priority date: 2017-07-20
Filing date: 2018-07-09
Publication date: 2019-01-24

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 clearance/settlement of the electronic negotiable instrument, the electronic negotiable instrument is cleared/settled upon verification of the third OTP.

Description

SYSTEM AND METHOD FOR GENERATION OF ELECTRONIC NEGOTIABLE

INSTRUMENT

FIELD OF DISCLOSURE

[0001] The present disclosure relates to a negotiable instrument and in particular to a system and method for real-time generation of an electronic negotiable instrument, such as Cheque and Demand draft (DD), for secure money transfer, payment and management thereof.

BACKGROUND OF THE DISCLOSURE

[0002] The background description includes information that may be useful in understanding the present invention. It is not an admission that any of the information provided herein is prior art or relevant to the presently claimed invention, or that any publication specifically or implicitly referenced is prior art.

[0003] A negotiable instrument (also sometimes referred to as banking instrument) is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, with the payer named on the document. More specifically, it is the document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term can have different meanings, depending on what law is being applied and what country it is used in and what context it is used in. Most widely used negotiable instruments, amongst others, are Cheque and Demand draft (DD) and both of them are mechanisms used to make payments. The cheque is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand, whereas, the demand draft is a pre-paid negotiable instrument, wherein the drawee (also interchangeably referred to as "payer" hereinafter) bank acts as guarantor to make payment in full when the instrument is presented. In a financial transaction, cheque is not usually accepted as the drawer and payee are unknown and there will be credit risk. So, in such cases DD is accepted where the transfer of money is guaranteed.

[0004] The existing payment transaction systems revolves around a few methods such as online transfer for instant transfer of funds, making payment through banking instruments like cheques, DDs, etc. In case of banking instruments where the payment order is a deferred payment order, the preferred transaction mode is through cheque where the payer's account is not debited until the cheque is presented to a drawing bank. [0005] Today, most of the account holders carry physical cheques, cheque books, DD forms, and/or DDs for making transactions. Accordingly, millions of cheque books or DD forms are required to be printed by each bank per year costing various environmental issues like tree cutting for generating papers or pollution while generating cheque books or DD forms and/or printing papers. Banks are investing millions of rupees/dollars only for printing the DD/cheque books and processing. Accordingly, in order to compensate, customers of the bank have to pay money for the usage and processing of the DD/cheque books and also to order for new printed DD/cheque books to the bank. Further, with growth, 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. Furthermore, in case of forgery cases or fraud, several civil/criminal investigations are required to recover the original money which is a time consuming process.

[0006] Irrespective of these drawbacks, currently, the DD and cheque transactions are nearly impossible without paper printing. The existing mechanisms requires numerous pieces of paper to be passed from bank to customer, in blank, and then from customer to payee and then from payee to their own bank for processing through the inter-bank clearing system for subsequent proofing and payment. These steps are inefficient and resource intensive and value exchange can be better undertaken through more innovative methods.

[0007] As more financial transactions are performed electronically, there is a need for facilitating transactions without the need for currency or cash. Additionally, it is often cumbersome to carry a wallet or purse with a checkbook, credit cards, cash cards, or currency. However, most people carry a mobile phone or communication device almost all the time. Therefore, it would be advantageous to provide a way to utilize a mobile phone or communication device to conduct transactions between two parties while avoiding the need for physical cash currency, credit cards, or checkbooks.

[0008] While there exists many electronic cheques (e-cheque)/DDs based transaction systems to solve most of the above mentioned problems available in the prior-art, however, they fail to provide an advanced technical solution for achieving a secure transaction as e- cheque/DD can be easily retrieved or obtained from the payee or the payer.

[0009] Therefore, there still exists a dire need to provide a new, technically advanced and improved system and method enables for real-time generation of electronic negotiable instrument, such as cheque and demand draft (DD), for secure money transfer, payment and management thereof. [0010] All publications herein are incorporated by reference to the same extent as if each individual publication or patent application were specifically and individually indicated to be incorporated by reference. Where a definition or use of a term in an incorporated reference is inconsistent or contrary to the definition of that term provided herein, the definition of that term provided herein applies and the definition of that term in the reference does not apply.

[0011] The recitation of ranges of values herein is merely intended to serve as a shorthand method of referring individually to each separate value falling within the range. Unless otherwise indicated herein, each individual value is incorporated into the specification as if it were individually recited herein. All methods described herein can be performed in any suitable order unless otherwise indicated herein or otherwise clearly contradicted by context. The use of any and all examples, or exemplary language (e.g. "such as") provided with respect to certain embodiments herein is intended merely to better illuminate the invention and does not pose a limitation on the scope of the invention otherwise claimed. No language in the specification should be construed as indicating any non-claimed element essential to the practice of the invention.

OBJECT OF THE INVENTION

[0012] Some of the objects of the present disclosure, which at least one embodiment herein satisfies are as listed herein below.

[0013] It is general object of the present disclosure to provide a system and method to securely generate e-cheque/DD through mobile banking or internet banking or ATM.

[0014] It is another object of the present disclosure to provide a system and method for secure clearance/settlement of e-cheque/DD using ATM or at banks.

[0015] It is another object of the present disclosure provides a secure transaction by using multiple OTPs i.e., while generating e-cheque/DD through mobile banking or internet banking or ATM and clearing/settlement of generated e-cheque/DD using ATM or at banks.

[0016] It is another object of the present disclosure to provide a system and method for providing ease in cancellation of generated e-cheque/DD through mobile banking or internet banking or ATM.

[0017] It is another object of the present disclosure to generate multiple e-cheque/DDs at the same time.

[0018] It is another object of the present disclosure to generate e-cheques/DDs with bank watermark (on the background) and/or customer's signature on the same. [0019] It is still another object of the present disclosure to provide a system and method to enable users to generate cancelled e-cheque/DD using ATM or internet or mobile banking.

SUMMARY

[0020] This summary is provided to introduce a selection of concepts in a simplified form to be further described below in the Detailed Description. This summary is not intended to identity key features or essential features of the claimed subject matter, nor is it intended to be used to limit the scope of the claimed subject matter.

[0021] In order to overcome the above problems and to fulfill the expectations of the customers, the objective of the present invention is to provide a new, technically advanced and improved system and method enables for real-time generation of electronic negotiable instrument, such as e-cheque/DD for secure money transfer, payment and management thereof.

[0022] The present disclosure in general, relates to electronic/digital Cheque/Demand

Draft (hereinafter interchangeably referred to as "e-cheque", "digital cheque", "e-DD" or "digital DD") generation and clearing/settlement of the same, using mobile/internet banking or ATM facilities. In particular it relates to a system and method for real-time generation of electronic negotiable instrument, such as e-cheque/DD for secure money transfer, payment and management thereof.

[0023] It should be appreciated that 3 OTP's are generated during the overall implementation, working and processing of the requests received from payer and/or payee during the generation and/or clearance of e-cheque/DD. At least first of the 3 OTP' s may be referred to as a first OTP/OTP 1/ Unique Cheque Request Number (UCRQN) / Unique Demand Draft Request Number (UDDRQN), (hereinafter referred to as OTP 1). At least second of the 3 OTP' s may be referred to as a second OTP/OTP 21 Unique Cheque Reference Number (UCRFN) / Unique Demand Draft Reference Number (UDDRFN), (hereinafter referred to as OTP 2). At least third of the 3 OTP' s may be referred to as a third OTP/OTP 3/Unique Cheque Clearance Number (UCCN) / Unique Demand Draft Clearance Number (UDDCN), (hereinafter referred to as OTP 3).

[0024] An aspect of the present disclosure relates to a system and method for generating e-cheque/DD/electronic negotiable instrument (hereinafter the e-cheque) generation and clearing/settlement of the same, using mobile/internet banking or ATM facilities. [0025] An aspect of the present disclosure relates to a process for generating the e- cheque/DD using internet banking can include the following steps: customer/payer logs into his/her mobile/internet banking portal and selects a "Generate E-cheque/DD" from menu/item/option; the customer then select either e-cheque/DD option(it may be appreciated that, the details filling form may be different for e-DD and e-cheque); The customer then fills one or more details such as but not limited to his/her account details, e-cheque/DD date, type of e-cheque to be generated, beneficiary/payee details including but not limited to payee/beneficiary/FIRM name, bank name/IFSC code, account number, and mobile number; the payer then enters a desired amount; and after filling all the required details, finally, clicks on generate/submit/proceed button; in response to the selection of the generate/submit/proceed button, OTP 1 is sent to the payer; after successful insertion of the OTP 1 of the payer and an additional CVV number or first four digits of debit card or any customized numberis entered and then click on confirm button. Upon verification of both OTP 1 and additional security code,an e-cheque/DD (that may include but not limited to QR code/ Barcode or any other security code)is generated along with watermarked bank name (as background image) on e-cheque/DD, there can be an option provided to have the payer/customer signature on e-cheque but this is not mandatory; then the e-cheque/DD generated issent to the payer's registered email address in JPEG/PNG/PDF or any other digital formats and at the same time and OTP 2 is sent to the payee's mobile number (the mobile number is entered in the e-cheque/DD generation details). The payer shares the received e-cheque/DD with the payee through email/Whatsapp™ or by any other digital communication platform.

[0026] An aspect of the present disclosure relates to a process for generating the e- cheque/DD using ATM consists of following steps: payer visits the ATM and inserts his/her Debit card and authenticates himself/herself with the PIN; selects a "Generate E-cheque/DD" option from user interface of the ATM; the customer then select either e-cheque or e-DD option (it may be appreciated that, the details filling form may be different for e-DD and e- cheque); enters payee/beneficiary FIRM name, bank account number, bank name/IFSC code and mobile number; enter a desired amount; clicks on "Generate/Submit/Proceed" button from user interface of the ATM; OTP 1 is sent to the payer; after successful insertion of the OTP 1 of the payer and an addition CVV number or first four digits of debit card or any customized number and then click on confirm button. Upon verification of both OTP 1 and additional security code, an e-cheque/DD (that may include but not limited to QR code/ Barcode or any other security code) is generated along with watermarked bank name (as background image) on e-cheque/DD, there can be an option provided to have the payer/customer signature on e-cheque but this is not mandatory; then the e-cheque/DD generated is sent to the payer's registered email address in JPEG/PNG/PDF or any other digital formats and at the same time and OTP 2 is sent to the payee's mobile number (the mobile number is entered in the e-cheque/DD generation details). The payer shares the received e-cheque/DD with the payee through email/Whatsapp™ or by any other digital communication platform.

[0027] An aspect of the present disclosure relates to a process for clearing the e- cheque/DD by visiting a bank consists of following steps: the payee shares the e-cheque/DD along with the OTP 2 to a bank employee/teller. The bank employee processes/verifies the e- cheque/DD by reading QR code/barcode (or any other security codes) available/written on the e-cheque/DD along with the OTP 2. While clearing the e-cheque/DD, OTP 3 is received by the payee and is shared with the bank employee such that he/she can successfully process and clear the e-cheque/DD upon verification. The amount is credited to the payee's bank account, or cash is given if e-cheque is made for self.

[0028] An aspect of the present disclosure relates to a process for clearing the e- cheque/DD by visiting an ATM consists of following steps: the payee visits an ATM and chooses "Clear e-cheque/DD option" from the user interface of the ATM; the customer then select either e-cheque or e-DD option; places the QR code/ Barcode (or any other security codes) of the e-cheque/DD under QR/Bar code or any other security code scanner device at the ATM; the scanner reads all details from the e-cheque/DD and auto fills a corresponding form; payee checks the details on the screen, if all the values are correct then enter/presents OTP 2 received by the payee to validate the e-cheque/DD; while the verification of the e- cheque/DD and OTP 2, OTP 3 is generated by the bank server and is received by the payee. Once the payee enters OTP 3 and clicks on confirm button/option, upon verification of the e- cheque/DD, OTP 2 and OTP 3 e-cheque/DD is cleared. The amount is credited to the payee's bank account, or cash is dispensed by the ATM if e-chequeis made for self.

[0029] In an aspect, the process for clearing the e-cheque/DD by visiting bank consists of following steps: the payee visits the bank and shares the e-cheque/DD and OTP 2 with the bank employee; while the verification of the e-cheque/DD and OTP 2, OTP 3 is generated by the bank server and received by the payee. Once the payee shares/submits this OTP 3/ Unique Cheque Clearance Number (UCCN)/Unique DD Clearance Number (UDDCN)and upon verification of the e-cheque/DD, second OTP and third OTP, the e-cheque/DD is cleared. [0030] In an aspect, while clearing of the e-cheque/DD, the bank server also verifies the date of the e-cheque/DD for its validity and clears the e-cheque/DD only when the e- cheque/DD has a valid date. By default the e-cheque/DD is valid as per the bank norms like current physical paper cheque/DD validity.

[0031] In an aspect, if the e-cheque/DD is for A/C payee cash can be credited into payee's account within hours by using auto NEFT/EVIPS or other online transfer methods, if the e-chequeis for self then the cash can be dispensed by the ATM machine

[0032] An aspect of the present disclosure relates to a process for cancelling the generated e-cheques/DDs through mobile/internet banking consists of following steps: payer logs into the user bank account through mobile app/internet banking; selects a cancel e- cheque/DD option; selects either e-cheque or e-DD option; enter the e-cheque/DD number; if multiple e-cheques/DDs to be cancelled then enter each e-cheque/DD number separated by comma. Ex: 11111,2222, 4444 etc.; while processing cancellation request an Unique Cheque Cancel Request Number (UCCRN)/Unique DD cancellation Request Number (UDDCRN) will be sent to a registered mobile number of login account holder or person who generated the cheque/DDs; payer enters the UCCRN/UDDCRN and click on confirm; the e- cheques/DDs will be cancelled automatically; upon cancellation an SMS will be sent to the each payee's mobile number (person whose mobile number is included while creating the e- cheque/DD) saying that "The e-cheque/DD with <NUMBER> is cancelled"; cancellation process completed. In another aspect, the multiple e-cheques/DDs cancellation process can be treatedand performed as a single transaction.

[0033] An aspect of the present disclosure relates to a process for cancelling the generated e-cheques/DD through ATM consists of following steps: payer authenticate with debit/credit card and PIN at the ATM; selects a cancel e-cheque/DD option; the customer then select either e-cheque or e-DD option; enter the e-cheque/DD number; if multiple e- cheques to be cancelled then enter each e-cheque/DD number separated by comma. Ex: 11111,2222, 4444 etc.; while processing cancellation request an Unique Cheque Cancel Request Number (UCCRN)/Unique DD cancellation Request Number (UDDCRN) will be sent to a registered mobile number of login account holder or person who generated the e- cheque/DD; payer enters the UCCRN/UDDCRN and click on confirm; the e-cheque/DD will be cancelled automatically; upon cancellation an SMS will be sent to the each payee's mobile number (person whose mobile number is included while creating the e-cheque/DD) saying that "The cheque/DD with <NUMBER> is cancelled"; cancellation process completed. In another aspect, the multiple e-cheques/DDs cancellation process can be treated and performed as a single transaction.

[0034] In an aspect, the present disclosure enables to generate a cancelled e- cheque/DD which may be used for various purposes such as but not limited to know your customer (KYC) purposes used for mutual funds, stock investments, etc. Electronic clearance service (ECS) used for deducting money from your accounts every month, mutual funds, Withdrawal from employee provident fund (EPF) account, for purchasing an insurance policy like term, endowment, money back, health, etc. while trade or invest and many other purposes. In an aspect, the cancelled e-cheque is one which is crossed and the word "Cancelled" is written on it. Except this, nothing else nothing is written on the e-cheque.

[0035] An aspect of the present disclosure relates to a process for generating the cancelled e-cheque using internet banking can include the following steps: customer/payer logs into his/her mobile/internet banking portal and selects a "Generate E-cheque/DD" menu item/option; Customer has to select either e-cheque or e-DD option(in this case user selects e- cheque option); then fills one or more details such as but not limited to his/her account details, e-cheque date, select type of e-cheque as "Cancelled e-cheque" (from the cheque type list) to be generated, (beneficiary/payee details may or may not be required in this case), finally, clicks on "Generate/Submit/Proceed" button; in response to the selection of the Generate/Submit/Proceed option, OTP 1 is sent to the payer; after successful insertion of the OTP 1 of the payer and an addition CVV number or first four digits of debit card or any customized number) and then click on confirm button. Upon verification of both OTP 1 and additional security code, the cancelled e-cheque(that may include but not limited to QR code/ Barcode or any other security code) is generated along with watermarked bank name (as background image) on e-cheque/DD, there can be an option provided to have the payer/customer signature on e-cheque but this is not mandatory; and then sent to the payer's registered email address in JPEG/PNG/PDF or any other digital formats. The payer shares the received e-cheque with the FIRM/BANKER/ AGENT through email/WhatsappTM or by any other digital communication platform.

[0036] In an exemplary embodiment, the system enables the payer to generating a

Cancelled e-cheque/DD through ATM consists of following steps: payer visits the ATM and inserts his/her Debit card and authenticates himself/herself with the PIN; selects a "Generate E-cheque/DD" option from user interface of the ATM; Customer has to select either e-cheque or e-DD option(in this case user should select e-cheque option); and then fills one or more details such as but not limited to his/her account details, cheque date, select type of cheque as "Cancelled e-cheque" (from the cheque type list) to be generated, (beneficiary/payee details may or may not be required in this case), finally, clicks on "Generate/Submit/Proceed" button; in response to the selection of the Generate/Submit/ Proceed option, OTP 1 is sent to the payer; after successful insertion of the OTP 1 of the payer and an addition CVV number or first four digits of debit card or any customized number) and then click on confirm button. Upon verification of both OTP 1 and additional security code, the cancelled e-cheque (that may include but not limited to QR code/ Barcode or any other security code) is generated along with watermarked bank name (as background image) on e-cheque/DD, there can be an option provided to have the payer/customer signature on e-cheque but this is not mandatory; and then sent to the payer's registered email address in JPEG/PNG/PDF or any other digital formats. The payer shares the received e-cheque/DD with the FIRM/BANKER/AGENT through email/WhatsappTM or by any other digital communication platform.

[0037] In an aspect, the present disclosure provides a multiple e-cheque/DD creation option using which the user can create multiple e-cheques/DDs at the same time with a single OTP 1 (for generating e-cheque/DD). The customer selects "Generate e-cheque/DD" option; then the customer select either e-cheque or e-DD option, and then the payer has to select or enter how many e-cheques/DD needs to be generated by the system. For each e-cheque/DDs the system will ask beneficiary details such as name, account number, IFSC code etc. and then payer should enter the OTP lan additional CVV number or first four digits of debit card or any customized number is entered and then click on confirm button to generate all the e- cheques/DD's along with watermarked bank name (as background image appears) on e- cheque/DD at a time however, the system sends these e-cheques/DD' s as separate files to the payer (who generated these e-cheques/DD 's so that payer can distribute these e- cheques/DD's to the respective payees to clear them and the respective OTP 2 will be sent to all the respective e-cheques/DD' s beneficiaries along with OTP 3 (as discussed above) to clear the e-cheques/DD' s. The same logic can apply at ATM while generating multiple e- cheques/DDs. Each beneficiary should enter the respective OTP2 and OTP3 to clear the e- cheque/DD.

[0038] The system and method enables for real-time generation of electronic negotiable instrument, such as e-cheque/DD for secure money transfer, payment and management thereof. The secure transaction is achieved by the system and method by generating three different OTP's i.e., OTP 1 at the time of creation of the e-cheque/DD for the payer, OTP 2 generated by the bank server and received by the payee to be submitted at the time off clearing the e-cheque/DD, and OTP 3generated while processing the e- cheque/DD clearance request,for clearing the e-cheque/DD for the payee. Further, as an additional security layer, with generation or creation of the e-cheque/DD along with first OTP an addition security number (such as CVV no or first four digits of debit card or any customized number) is also entered.

[00039] An aspect of the present disclosure relates to generation of e-cheque/e-DD through an SMS (message) by a payer. The payer may send a SMS from payers' registered mobile number to the bank SMS server and then bank server will process the request. AnOTP 1 will be received by the payer and then payer may send the OTP 1 receivedas SMS to the bank SMS server again, for example otpv<otpl>, to bank SMS server. The bank server finally validates the beneficiary and OTP 1 details and then e-cheque/e-DD will be generated. The e-cheque/e-DD generated is then sent to payer registered email address. While the generation of e-cheque/e-DD an OTP 2is sent to payees' mobile number which is included in the SMS syntax. The payer may then share the generated e-cheque/e-DD with the payee. In an exemplary embodiment, the SMS sent to bank server may be of below syntax:

GenEchq/edd<last 4 digits of debit card><pin><cheque type><payee nameXpayee mobile numberXpayee account numberXpayee ifsc code><amount>

[00040] An aspect of the present disclosure relates to clearance of e-cheque/e-DD through an SMS (message) by a payee. First the payee sends a SMS (from mobile number which is provided while e-cheque/e-DD generation) with the e-cheque/e-DD number along with the mobile number(provided while generating e-cheque/e-DD) and the OTP 2. In an example, the SMS (message) may have syntax as: Clrchq/clrdd<echeque/dd numberXmobile number><otp2>. Once send the above SMS by the payee, an OTP 3 will be received by the payee from the bank server. If payee wants to clear the e-cheque/e-DD without visiting bank or ATM then simply payee sends SMS with the OTP 3 to bank SMS server as example PRSCHQ/DD <otp3>. If the cheque is made for account payee then the amount will be credited into payee bank account automatically. If the cheque is for self and then skip the above process(sending OTP 3 to bank SMS server) and enter the otp3 in the ATM to dispense the amount. In case of payee decides to clear the cheque using ATM, then in the ATM user can see one more option to clear the cheque by SMS then it will ask to enter otp3 after validation the desired amount. Will be dispensed by the ATM. The SMS clearance feature at ATM is only valid for self cheques but not other types of cheques.

[00041] Various objects, features, aspects and advantages of the present disclosure will become more apparent from the following detailed description of preferred embodiments, along with the accompanying drawing figures in which like numerals represent like features. BRIEF DESCRIPTION OF DRAWINGS

[00042] The accompanying drawings are included to provide a further understanding of the present disclosure, and are incorporated in and constitute a part of this specification. The drawings illustrate exemplary embodiments of the present disclosure and, together with the description, serve to explain the principles of the present disclosure. The diagrams are for illustration only, which thus is not a limitation of the present disclosure, and wherein:

[00043] FIGs. 1A-1B illustrates network architecture of the proposed system and its overall working, in accordance with an exemplary embodiment of the present disclosure.

[00044] FIG. 2Aillustrates a module diagram for generation of e-cheque/DD using mobile/internet banking/ ATM, in accordance with an exemplary embodiment of the present disclosure.

[00045] FIG. 2B illustrates a module diagram for clearing generated e-cheque/DD using mobile/internet banking/ ATM, in accordance with an exemplary embodiment of the present disclosure.

[00046] FIG. 3A illustrates a process flow for generation of e-cheque/DD using mobile/internet banking, in accordance with an exemplary embodiment of the present disclosure.

[00047] FIG. 3B illustrates a process flow for clearing the e-cheque/DD generated using mobile/internet banking, in accordance with an exemplary embodiment of the present disclosure.

[00048] FIG. 4Aillustrates a process flow for generation of e-cheque/DD and using

ATM, in accordance with an exemplary embodiment of the present disclosure.

[00049] FIG. 4B illustrates a process flow for and clearing generated the e-cheque/DD using ATM, in accordance with an exemplary embodiment of the present disclosure.

[00050] FIG. 5 illustrates a process flow for cancellation of e-cheque/DD generated by the ATM/mobile banking/ internet banking, in accordance with an exemplary embodiment of the present disclosure.

[00051] FIG. 6 illustrates an exemplary computer system utilized for implementation of the proposed system in accordance with an exemplary embodiment of the present disclosure.

DETAILED DESCRIPTION [00052] In the following description, numerous specific details are set forth in order to provide a thorough understanding of embodiments of the present invention. It will be apparent to one skilled in the art that embodiments of the present invention may be practiced without some of these specific details.

[00053] Embodiments of the present invention include various steps, which will be described below. The steps may be performed by hardware components or may be embodied in machine-executable instructions, which may be used to cause a general-purpose or special- purpose processor programmed with the instructions to perform the steps. Alternatively, steps may be performed by a combination of hardware, software, and firmware and/or by human operators.

[00054] If the specification states a component or feature "may", "can", "could", or "might" be included or have a characteristic, that particular component or feature is not required to be included or have the characteristic.

[00055] Exemplary embodiments will now be described more fully hereinafter with reference to the accompanying drawings, in which exemplary embodiments are shown. These exemplary embodiments are provided only for illustrative purposes and so that this disclosure will be thorough and complete and will fully convey the scope of the invention to those of ordinary skill in the art. The invention disclosed may, however, be embodied in many different forms and should not be construed as limited to the embodiments set forth herein. Various modifications will be readily apparent to persons skilled in the art. The general principles defined herein may be applied to other embodiments and applications without departing from the spirit and scope of the invention. Moreover, all statements herein reciting embodiments of the invention, as well as specific examples thereof, are intended to encompass both structural and functional equivalents thereof. Additionally, it is intended that such equivalents include both currently known equivalents as well as equivalents developed in the future (i.e., any elements developed that perform the same function, regardless of structure). Also, the terminology and phraseology used is for the purpose of describing exemplary embodiments and should not be considered limiting. Thus, the present invention is to be accorded the widest scope encompassing numerous alternatives, modifications and equivalents consistent with the principles and features disclosed. For purpose of clarity, details relating to technical material that is known in the technical fields related to the invention have not been described in detail so as not to unnecessarily obscure the present invention. [00056] Thus, for example, it will be appreciated by those of ordinary skill in the art that the diagrams, schematics, illustrations, and the like represent conceptual views or processes illustrating systems and methods embodying this invention. The functions of the various elements shown in the figures may be provided through the use of dedicated hardware as well as hardware capable of executing associated software. Similarly, any switches shown in the figures are conceptual only. Their function may be carried out through the operation of program logic, through dedicated logic, through the interaction of program control and dedicated logic, or even manually, the particular technique being selectable by the entity implementing this invention. Those of ordinary skill in the art further understand that the exemplary hardware, software, processes, methods, and/or operating systems described herein are for illustrative purposes and, thus, are not intended to be limited to any particular named element.

[00057] All methods described herein can be performed in any suitable order unless otherwise indicated herein or otherwise clearly contradicted by context. The use of any and all examples, or exemplary language (e.g., "such as") provided with respect to certain embodiments herein is intended merely to better illuminate the invention and does not pose a limitation on the scope of the invention otherwise claimed. No language in the specification should be construed as indicating any non-claimed element essential to the practice of the invention.

[00058] Various terms as used herein are shown below. To the extent a term used in a claim is not defined below, it should be given the broadest definition persons in the pertinent art have given that term as reflected in printed publications and issued patents at the time of filing.

[00059] In the following description, certain terminology is used to describe certain features. The term "mobile device" or "computing device" includes, but is not limited to, a mobile phone, a mobile communication device, personal digital assistant, mobile palm-held computer, a wireless device, and/or other types of mobile devices typically carried by individuals and/or having some form of communication capabilities (e.g., wireless, infrared, short- range radio, etc.). The term "payer device", "payee device" and/or "processing device" may include a mobile device, personal computing device, a digital assistant device, a laptop computer, a point-of-sale device, etc. The term "payer" refers to a person, entity, and/or device making payment to a payee. The term "payee" refers to a person, entity, and/or device that receive the payment from the payer. The term "beneficiary" refers to a person, entity, and/or device that receive the payment from the payer. For example, the payee may be one to which the payer makes payment in fulfillment of a debt, obligation, or to transaction. The term "digital DD/cheque" or "e-cheque/DD" refers to an electronic rendering resembling a traditional paper check but which originates in digital form not paper form. That is, "digital DD/cheque" or "e-cheque/DD" looks like a traditional paper check but is initially issued by the payer in a digital or electronic form (e.g., a graphic format or electronic/digital rendering).

[00060] The present disclosure in general, relates to Banking/Financial transactions and, in particular, relates to electronic/digital Cheque/Demand Draft (hereinafter interchangeably referred to as "e-cheque", "digital cheque", "e-DD" or "digital DD") generation and clearing/settlement of the same, using mobile/internet banking or ATM facilities. In particular it relates to a system and method for real-time generation of electronic negotiable instrument, such as e-cheque/DD for secure money transfer, payment and management thereof.

[00061] It should be appreciated that there are 3 OTP' s generated during the overall implementation, working and processing of the requests received from payer and/or payee during the generation and/or clearance of e-cheque/DD. At least first of the 3 OTP' s may be referred to as a first OTP/OTP 1/ Unique Cheque Request Number (UCRQN) / Unique Demand Draft Request Number (UDDRQN), (hereinafter referred to as OTP 1). At least second of the 3 OTP's may be referred to as a second OTP/OTP 2/Unique Cheque Reference Number (UCRFN)/Unique Demand Draft Reference Number (UDDRFN), (hereinafter referred to as OTP 2). At least third of the 3 OTP's may be referred to as a third OTP/OTP 3/ Unique Cheque Clearance Number (UCCN)/Unique Demand Draft Clearance Number (UDDCN), (hereinafter referred to as OTP 3).

[00062] An aspect of the present disclosure relates to a system and method for generating e-cheque/DD (hereinafter the e-cheque) generation and clearing/settlement of the same, using mobile/internet banking or ATM facilities.

[00063] FIGs. 1A-1B illustrates network architecture of the proposed system and its overall working, in accordance with an exemplary embodiment of the present disclosure. In an embodiment, FIG. 1A illustrates a network architecture of the proposed system when a payer 102 is creating an e-cheque/DD for transmitting/sharing the e-cheque/DD created with a payee 104. In an exemplary embodiment, the payer 102 can initiate the generation of e- cheque/DD either by using an ATM 106-a, or a mobile/internet banking installed on a computing device 106-b.

[00064] In an example, while using the ATM 106-a, for generation of e-cheque/DD, the user may insert a debit/credit card and enter a PUNT to enter into his/her person account for generation of e-cheque/DD. In another example, while using the mobile/internet banking installed on a computing device 106-b, the user may have to login into Mobile/internet banking application by entering his/her customer ID and password to enter into his/her person account for generation of e-cheque/DD.

[00065] In an exemplary embodiment, while generating the e-cheque/DD, the payer

102 may select his/her account (A/C) number from the list. In an example, user can select any one bank account number if he/she have multiple accounts in the same bank upon selection of his/her account. All the accounts from the current bankcan be auto updated in the user account when the user logs into his/her account.

[00066] In an exemplary embodiment, while generating the e-cheque/DD, the payer

102 may enter A/C holder name (here account holder name means payer name). It may be appreciated that, a currently logged in user has to enter the A/C holder name. Such A/C holder name can be auto filled by the bank application however, this filed can be optional.

[00067] In an exemplary embodiment, while generating the e-cheque/DD the payer

102 may select e-cheque/DD type from the list. It may be appreciated that, for a currently logged in user the details of the e-cheque/DD type may be auto filled list by the bank with default values like Self, A/C Payee, Cancelled etc.

[00068] In an exemplary embodiment, while generating the e-cheque/DD, the payer

102 may enter a beneficiary/organization (ORG)/firm's name. It may be appreciated that, the beneficiary/organization (ORG)/firms name is the payee 104 name on which the e- cheque/DD is to be generated.

[00069] In an exemplary embodiment, while generating the e-cheque/DD, the payer

102 may enter beneficiary/organization(ORG)/firms account number, beneficiary / organization (ORG)/firm's bank name/IFSC code, and enter beneficiary / organization (ORG)/firms mobile number (to receive the OTP2andOTP 3 [as discussed below].

[00070] In an exemplary embodiment, while generating the e-cheque/DD, the payer

102 may enter the amount for which the e-cheque/DDis to be generated.

[00071] In an exemplary embodiment, while generating the e-cheque/DD, the payer

102 after submitting the above details, may trigger an option to generate the e-cheque/DD. On triggering the option, all the details submitted by the payer is transmitted to the bank server 108 and the bank server 108 may generate OTP 1 and transmit the OTP 1 110 to confirm the verification of the submitted details by the payer.

[00072] In an exemplary embodiment, the payer 102 may have to enter the first OTP 1

110 received on his/her registered mobile number to confirm the initiation of the generation of the e-cheque/DD. In another exemplary embodiment, to enhance the security features, the payer 102 may be asked to enter his/her additional security number (e.g., CVV no or first four digits of debit card or any customized number), to confirm the initiation of the generation of the e-cheque/DD. In an example, such additional security number may be pre- fed and/or pre-configured with the bank server by the payer 102.

[00073] In an exemplary embodiment, upon confirmation by the payer 102, the bank server 108 generates thee-cheque/DD 112 (with QR code or Barcode or any other security features can be added) and send the same in JPEG/PNG/PDF or any other digital formats to a registered email address or phone number or e-mail of the payer 102. In an exemplary embodiment, the payer 102 may share the e-cheque/DD image or document with the payee 104 through email or Whatsapp™ or by any other medium.

[00074] In an exemplary embodiment, while generating the e-cheque/DD 112, the bank server 108 may generate OTP 2 114 to be transmitted on the beneficiary / organization (ORG)/firms mobile number fed at the time of submitting the beneficiary / organization (ORG)/firms information by the payer.

[00075] In an exemplary embodiment, the system enables the payer to generate multiple e-cheque/DD 112. In an example, a multiple e-cheque/DD creation option using which the user can create multiple e-cheques/DDs at the same time with a single OTP 1 (for generating e-cheques/DD). For each e-cheque/DDs the system will ask beneficiary details such as name, account number, IFSC code etc. and then payer should enter the OTP 1 to generate all the e-cheques/DD' sat a time however, the system sends these e-cheques/DD's as separate files to the payer (who generated these e-cheques/DD's) so that payer can distribute these digital e-cheques/DD's to the respective payees to clear them and the respective OTP 2 will be sent to all the respective e-cheques/DD's beneficiaries along with OTP 3 (as discussed above) to clear the e-cheques/DD's. The same logic can apply at ATM while generating multiple cheques. Each beneficiary should enter the respective OTP 2 and OTP 3 to clear the e-cheque/DD.

[00076] In an exemplary embodiment, the system enables the payer to generating the cancelled e-chequeusing internet banking can include the following steps: customer/payer logs into his/her mobile/internet banking portal and selects a "Generate E-cheque/DD" menu item/option; the customer then select either e-cheque/DD option(in this case customer selects e-cheque)and then fills one or more details such as but not limited to his/her account details, cheque date, select type of cheque as "Cancelled e-cheque" (from the cheque type list) to be generated, (beneficiary/payee details may or may not be required in this case), finally, clicks on "Generate/Submit/Proceed" button; in response to the selection of the Generate/Submit/Proceed option, OTP 1 is sent to the payer; after successful insertion of the OTP 1 of the payer and an addition CVV number or first four digits of debit card or any customized number) and then click on confirm button. Upon verification of both OTP 1 and additional security code, the cancelled e-cheque(that may include but not limited to QR code/ Barcode or any other security code) along with Watermarked bank name appears (as background image) on e-cheque is generated along with watermarked bank name (as background image) on e-cheque/DD, there can be an option provided to have the payer/customer signature on e-cheque but this is not mandatory; and then sent to the payer's registered email address in JPEG/PNG/PDF or any other digital formats. The payer shares the received e-cheque with the FIRM/BANKER/ AGENT through email/WhatsappTM or by any other digital communication platform.

[00077] In an exemplary embodiment, the system enables the payer to generating a

Cancelled e-cheque through ATM consists of following steps: payer visits the ATM and inserts his/her Debit card and authenticates himself/herself with the PIN; selects a "Generate E-cheque/DD" option from user interface of the ATM; customer has to select e-cheque/DD option(in this case customer selects e-cheque) and then fills one or more details such as but not limited to his/her account details, e-cheque date, select type of e-cheque as "Cancelled e- cheque" (from the cheque type list) to be generated, (beneficiary/payee details may or may not be required in this case), finally, clicks on "Generate/Submit/Proceed" button; in response to the selection of the Generate/Submit/Proceed option, OTP 1 is sent to the payer; after successful insertion of the OTP 1 of the payer and an addition CVV number or first four digits of debit card or any customized number) and then click on confirm button. Upon verification of both OTP 1 and additional security code, the cancelled e-cheque (that may include but not limited to QR code/ Barcode or any other security code) along with Watermarked bank name appears(as background image) on e-chequeis generated along with watermarked bank name (as background image) on e-cheque/DD, there can be an option provided to have the payer/customer signature on e-cheque but this is not mandatory; and then sent to the payer's registered email address in JPEG/PNG/PDF or any other digital formats. The payer shares the received e-cheque with the FIRM/BANKER/ AGENT through email/WhatsappTM or by any other digital communication platform.

[00078] Referring now to FIG. IB, a network architecture of the proposed system when a payee 104 is clearing the e-cheque/DD 112 at ATM or Banks is illustrated in accordance with an embodiment of the present disclosure. In an embodiment, the payee 104, upon receipt of the e-cheque/DD 112 and the OTP 2 114 (collectively herein after referred to "OTP 2+ e-cheque DD"), visits ATM or banks for clearing the e-cheque/DD.

[00079] In an exemplary embodiment, when the payee 104 visits ATM 152a, the payee

104 selects an option of clear e-cheque/DD 112 and payee places the e-cheque/DD QR code or Barcode (or any other security code) under the ATM QR or bar code (or any other security code) scanner device. Once the scanner read all the details from the e-cheque/DD are auto filled in the form.

[00080] In an exemplary embodiment, payee can check the details on the screen, if all the values are correct and if all the values are correct then enter/presents OTP 2 received by the payee to validate the e-cheque/DD; while the verification of the e-cheque/DD and OTP 2, OTP 3 is generated by the bank server and is received by the payee. Once the payee enters OTP 3 and upon verification of the e-cheque/DD, OTP 2 and OTP 3 the e-cheque/DD is cleared.

[00081] In an exemplary implementation, if the e-cheque/DD is for A/C payee the cash can be credited into payees 104 account within minutes to hours by using auto EFT/IMPS or other online transfer methods. In another exemplary implementation, if the e-cheque/DD is for self then the cash can be dispensed by the ATM machine.

[00082] In an exemplary embodiment, when the payee 104 visits bankl52b, the payee

104 shares the payee shares the e-cheque/DD along with the OTP 2 150 to a bank employee/teller. The bank employee processes/verifies the e-cheque/DD by reading QR code/barcode available/written on the e-cheque/DD along with the OTP 2. While clearing the e-cheque/DD, OTP 3 is received by the payee and is shared with the bank employee such that he/she can successfully process and clear the e-cheque/DD upon verification. The amount is credited to the payee's bank account, or cash is given if e-cheque is made for self.

[00083] In an exemplary implementation, if the e-cheque/DD is for A/C payee the cash can be credited into Payee account within minutes to hours by using auto NEFT/IMPS or other online transfer methods. In another exemplary embodiment, if the e-cheque/DD is for self (in case of lost the debit/ ATM card) cash can be given to the customer who created the e- cheque/DD for self by following the above OTP process.

[00084] FIG. 2A illustrates a module diagram for generation of e-cheque/DD and using mobile/internet banking/ ATM, in accordance with an exemplary embodiment of the present disclosure. In an aspect, the modules 200 can include a user interface module 202, an OTP1 and OTP2 generation module 204, an electronic negotiable instrument generation module 206, a sharing module 208, and an e electronic negotiable instrument cancellation module 210.

[00085] In an aspect, user interface module 202 can be configured to display information to a user and to receive information from the user. In another exemplary embodiment, the user interface (e.g., key pad, display, etc.) can enable the user (e.g., payee) to process the received paperless image of the e-cheque/DD. In another exemplary embodiment, the user interface 202 can be used fill one or more details such as but not limited to his/her account details, cheque date, type of cheque to be generated, beneficiary/payee details, payee name, bank name/IFSC code, account number, and mobile number. In another exemplary embodiment, the user interface module 202 can be used to provide required information or details for generation of e-cheque/DD. In another exemplary embodiment, user interface of the ATM can be used to select option "Generate E- cheque/DD". In another exemplary embodiment user interface module 202 can be used to share the received OTP 1, OTP 2 and CVV

[00086] In an aspect, OTP 1 and OTP 2 generation module 204 can be used to generate OTP 1 and OTP2corresponding to the user request. In another exemplary embodiment, OTP 1 and OTP 2 can be used for authentication.

[00087]In an aspect, electronic negotiable instrument generation module 206 can be used to generate an electronic negotiable instrument such as e-cheque/Digital DD. In an exemplary embodiment, electronic negotiable instrument generation module 206 can be used to generate a paperless image of e-cheque/DD. In another exemplary embodiment, electronic negotiable instrument generation module 206 can be used to e-cheque/DD with a barcode/ QR code/or any other security code containing transaction information. In another exemplary embodiment, electronic negotiable instrument generation module 206 can be used to generate multiple e-cheques/DDs at the same time. In another exemplary embodiment, electronic negotiable instrument generation module 206 can be used to generate e-cheque/DD based upon generated OTP 1 and an addition security number (such as but not limited to CVV number or first four digits of debit card or any customized number.

[00088] In an aspect, a transmitting module 208 can be used to transmit/share e- cheque/DD which is generated by generator module 206. In an exemplary embodiment, transmitting module 208 can be used to share OTP 1 and OTP 2 which is generated by OTP 1 and OTP 2 generation module 204. In another exemplary embodiment, transmitting module 208 can be used to sharee-cheque/DD to the user's (payee or payer) registered email address in JPEG/PNG/PDF or any other digital formats. [00089] In an aspect, electronic negotiable instrument cancellation module 210 can be used to cancel generated electronic negotiable instrument such as e-cheque/DD. In an exemplary embodiment, payer can request to cancel e-cheque/DD and enters e-cheque/DD number using user interface of computing device such as but not limited to ATM, mobile; while processing cancellation request electronic negotiable cancellation module 210 can send an Unique Cheque Cancel Request Number (UCCRN) to registered mobile number of payer and payer enters (UCCRN) for cancellation of generated e-cheque/DD. In another exemplary embodiment, electronic negotiable instrument cancellation module 210 can be used cancel e- cheque/DD based upon received UCCRN. In another exemplary embodiment, electronic negotiable instrument cancellation module 210 can be used to cancel multiple e-cheques/DD.

[00090] FIG. 2B illustrates a module diagram for clearing generated e-cheque/DD using mobile/internet banking/ ATM, in accordance with an exemplary embodiment of the present disclosure. In an aspect, the modules 200 can include a user interface module 252, an OTP 3 generation module 254, an authentication module 256, and an electronic negotiable instrument clearance module 258.

[00091] In an aspect, user interface module 252 can be configured to display information to a user and to receive information from a user. In another exemplary embodiment, the user interface (e.g., key pad, display, etc.) can enable the user (e.g., payee, payer) to clear the generated e-cheque/DD. In another exemplary embodiment, the payee can select "Clear e-cheque/DD option" from the user interface of the ATM/ mobile. In another exemplary embodiment user interface module 252 can be used to share the received OTP 3.

[00092] In an aspect, OTP 3 generation module 254 can be used to generate OTP 3. In an exemplary embodiment, OTP 3 can be used for authentication purpose.

[00093] In an aspect, authentication module 256 can be used to verify received e- cheque/Digital DD. In an exemplary embodiment, authentication module 256 can verify the e-cheque/DD by reading QR code/barcode available/written on the e-cheque/DD. In another exemplary embodiment, authentication module 256 can be configured for verifying the information QR code/barcode available/written on the e-cheque/DD to the stored information of the e-cheque/DD which is stored at database. In another exemplary embodiment, barcode reader or QR code reader reads the information QR code/barcode available/written on the e- cheque/DD and authentication module 256 validate the e-cheque/DD based on matching the information QR code/barcode available/written on the e-cheque/DD with stored information QR code/barcode which is stored in the central database while generation of thee-cheque/DD. If code matches then only payee can clear e-cheque/DD. If no match is found then rejects clearance/transaction of e-cheque/DD.

[00094] In another aspect, electronic negotiable instrument clearance module 258 can be configured for clearing the electronic negotiable instrument such ase-cheque/DD. In another exemplary embodiment, electronic negotiable instrument clearance module 258 can be configured for clearing e-cheque/DD while the verification of the e-cheque/DD and OTP 2 which is generated by module 204, OTP 3 can be generated by module 254 and is received by the payee. Once the payee enters OTP 3 and upon verification of the e-cheque/DD, OTP 2 and OTP 3 the e-cheque/DD is cleared. In another exemplary embodiment, payee can share/submit this third OTP/ UCCN/ UDDCN and upon verification of the e-cheque/DD, second OTP and third OTP, the e-cheque/DD is cleared.

[00095] FIG. 3Aillustrates a process flow for generation of e-cheque/DD and using mobile/internet banking, in accordance with an exemplary embodiment of the present disclosure. In an embodiment, payers can create e-cheque/DD by using their mobile banking/ internet banking. At step 302, logs into a mobile/internet banking application using their mobile device or computing devices. At step 304, the payer selects an option to generate e- cheque/DD option provided in the mobile/internet banking. At step 306, the customer then selects either e-cheque/DD option (it may be appreciated that, the details filling form may be different for e-DD and e-cheque). At step 308, the payer selects e-cheque/DD type from the list or proceeds to fill details for generating e-DD. It may be appreciated that, for a currently logged in user the details of the e-cheque/DD type may be auto filled list by the bank with default values like Self, A/C Payee, Cancelled etc.

[00096] At step 310, the payer enters the beneficiary details. In an exemplary embodiment, while generating the e-cheque/DD, the payer may enter a beneficiary/organization (ORG)/firm's name. It may be appreciated that, the beneficiary/organization (ORG)/firms name is the payee name on which the e-cheque/DD is to be generated. In another exemplary embodiment, while generating the e-cheque/DD, the payer may enter beneficiary/organization (ORG)/firms account number, beneficiary / organization (ORG)/firm's bank name/IFSC code.

[00097] At step 312, the payer enters the beneficiary / organization (ORG)/firms mobile number which may be used for verification purposes at the time clearance or to receive the OTP 2 and/or OTP 3.

[00098] At step 314, the payer enters enter the amount for which the e-cheque/DD is to be generated. [00099] At step 316, the payer triggers an option to generate the e-cheque/DD. On triggering the option, all the details submitted by the payer is transmitted to the bank server and the bank server may generate the OTP 1 and transmit the OTP 1 to confirm the verification of the submitted details by the payer at step 218.

[000100] At step 320, the payer enters the OTP 1 received on his/her registered mobile number to confirm the initiation of the generation of the e-cheque/DD, and click on confirm button. In an exemplary embodiment, to enhance the security features, the payer may be asked to enter his/her additional security number (e.g., CVV no or first four digits of debit card or any customized number), to confirm the initiation of the generation of the e- cheque/DD. In an example, such additional security number may be pre-fed and/or pre- configured with the bank server by the payer.

[000101] At step 322, the bank server generates the e-cheque/DD. In an exemplary embodiment, the e-cheque/DD can include a QR code or a Barcode or any other security features. In another exemplary embodiment, the bank server can transmit the e-cheque/DD in JPEG/PNG/PDF or any other digital format to a registered email address or phone number or e-mail of the payer.

[000102] In an exemplary embodiment, while generating the e-cheque/DD, the bank server may generate OTP 2 to be transmitted on the beneficiary / organization (ORG)/firm's mobile number fed at the time of submitting the beneficiary / organization (ORG)/firm's information by the payer.

[000103] At step 324, the payer shares the e-cheque/DD image with the payee through email or WhatsApp or by any other medium.

[000104] FIG. 3B illustrates a process flow for clearing the e-cheque/DD generated by the bank, in accordance with an exemplary embodiment of the present disclosure. In an embodiment, to clear thee-cheque/DD image the payee may have to share the details with the bank or an employee of the bank.

[000105] At step 352, the payee shares the e-cheque/DD with employee of a bank to clear the cheque. The bank employees can clear e-cheque/DD by reading the QR code or barcode or any other security codes on the e-cheque/DD.

[000106] At step 354, the payee shares the OTP 2 generated for the payee at the time of creating the e-cheque/DD.

[000107] At step 356, while the verification of the e-cheque and OTP 2, OTP 3 is generated by the bank server and received by the payee. Once the payee shares/submits this OTP 3 and upon verification of the e-cheque/DD, OTP2 and OTP 3, the e-cheque/DD is cleared at step 358 upon verification.

[000108] FIG. 4A illustrates a process flow for generation of e-cheque/DD using ATM, in accordance with an exemplary embodiment of the present disclosure. In an embodiment, all the steps as recited in FIG. 3 A above would be repeated except that at step 402, the payer has to insert the debit / credit card and enter the pin for logging into the transaction using ATM.

[000109] FIG. 4B illustrates a process flow for clearing the e-cheque/DD generated by the ATM, in accordance with an exemplary embodiment of the present disclosure. In an embodiment, all the steps as recited in FIG. 3B above would be repeated except that at step 452, payee places the digital DD/cheque QR code or Barcode (or any other security code) under the ATM QR or bar code (or any other security code) scanner device. In an exemplary embodiment, once the scanner read all the details from the e-cheque/DD and a form which would be auto filled is displayed on the screen of the ATM for verification of the details by the payee.

[000110] FIG. 5 illustrates a process flow for cancellation of e-cheque/DD generated by the ATM/ mobile banking/ internet banking, in accordance with an exemplary embodiment of the present disclosure. In an embodiment, payer can cancel generated e-cheque/DD by using the ATM/ mobile banking/ internet banking. At step 502, payerlogs into a mobile/internet banking application using their mobile device or computing devices. At step 504, the payer selects an option to cancel the generatede-cheque/DD option provided in the interface of ATM/mobile/internet banking. At step 506, the payer enters digital DD/e-cheque number. At step 508, the payer receives unique cheque request number (UCCRN) to the registered mobile number of the payer while processing cancellation request. At step 510, the payer enters the UCCRN and click on confirm for cancellation of e-cheque/DD.

[000111] In an exemplary embodiment, at step 502, payer logs into a mobile/internet banking application/ ATM using their mobile device or computing devices or credit card or debit card. Payer visits the ATM and inserts his/her Debit card and authenticates him/her with the PF .

[000112] In an exemplary embodiment, at step 504, the payer selects an option to cancel the generated e-cheque/DD option provided in the interface of ATM/mobile/internet banking.

[000113] In an exemplary embodiment, at step 506, the payer enters e-cheque/DD number. If multiple e-cheques to be cancelled then enter each e-cheque/DD number separated by comma. Ex: 11111, 2222, 4444 etc. [000114] In an exemplary embodiment, at step 508, the payer receives unique cheque request number (UCCRN) to the registered mobile number of the payer while processing cancellation request. UCCRN share with a registered mobile number of login account holder or person who generated the cheque.

[000115] In an exemplary embodiment, at step 510, the payer enters the UCCRN and click on confirm for cancellation of e-cheque/DD.

[000116] FIG. 6 illustrates an exemplary computer system utilized for implementation of the proposed system in accordance with an exemplary embodiment of the present disclosure. In an embodiment, generation of e-cheque/DD can be implemented in the computer system 600 to enable aspects of the present disclosure. Embodiments of the present disclosure include various steps, which have been described above. A variety of these steps may be performed by hardware components or may be tangibly embodied on a computer- readable storage medium in the form of machine-executable instructions, which may be used to cause a general -purpose or special-purpose processor programmed with instructions to perform these steps. Alternatively, the steps may be performed by a combination of hardware, software, and/or firmware. As shown in the figure, computer system 600 includes an external storage device 610, a bus 620, a main memory 630, a read only memory 640, a mass storage device 650, communication port 660, and a processor 670. A person skilled in the art will appreciate that computer system 600 may include more than one processor and communication ports. Examples of processor 670 include, but are not limited to, an Intel® Itanium® or Itanium 2 processor(s), or AMD® Opteron® or Athlon MP® processor(s), Motorola® lines of processors, FortiSOC™ system on a chip processors or other future processors. Processor 670 may include various modules associated with embodiments of the present invention. Communication port 660 can be any of an RS-232 port for use with a modem based dialup connection, a 10/100 Ethernet port, a Gigabit or 10 Gigabit port using copper or fiber, a serial port, a parallel port, or other existing or future ports. Communication port 660 may be chosen depending on a network, such a Local Area Network (LAN), Wide Area Network (WAN), or any network to which computer system 600 connects. Memory 630 can be Random Access Memory (RAM), or any other dynamic storage device commonly known in the art. Read only memory 440 can be any static storage device(s) e.g., but not limited to, a Programmable Read Only Memory (PROM) chips for storing static information e.g., start-up or BIOS instructions for processor 670. Mass storage 650 may be any current or future mass storage solution, which can be used to store information and/or instructions. Exemplary mass storage solutions include, but are not limited to, Parallel Advanced Technology Attachment (PATA) or Serial Advanced Technology Attachment (SATA) hard disk drives or solid-state drives (internal or external, e.g., having Universal Serial Bus (USB) and/or Firewire interfaces), e.g. those available from Seagate (e.g., the Seagate Barracuda 7200 family) or Hitachi (e.g., the Hitachi Deskstar 7K1000), one or more optical discs, Redundant Array of Independent Disks (RAID) storage, e.g. an array of disks (e.g., SATA arrays), available from various vendors including Dot Hill Systems Corp., LaCie, Nexsan Technologies, Inc. and Enhance Technology, Inc. Bus 620 communicatively couples processor(s) 670 with the other memory, storage and communication blocks. Bus 620 can be, e.g. a Peripheral Component Interconnect (PCI) / PCI Extended (PCI-X) bus, Small Computer System Interface (SCSI), USB or the like, for connecting expansion cards, drives and other subsystems as well as other buses, such a front side bus (FSB), which connects processor 670 to software system. Optionally, operator and administrative interfaces, e.g. a display, keyboard, and a cursor control device, may also be coupled to bus 620 to support direct operator interaction with computer system 400. Other operator and administrative interfaces can be provided through network connections connected through communication port 660. External storage device 610 can be any kind of external hard-drives, floppy drives, IOMEGA® Zip Drives, Compact Disc - Read Only Memory (CD-ROM), Compact Disc - Re-Writable (CD-RW), Digital Video Disk - Read Only Memory (DVD-ROM). Components described above are meant only to exemplify various possibilities. In no way should the aforementioned exemplary computer system limit the scope of the present disclosure.

[000117] In various examples, the QR code or Barcode (or any other security code) code in the e-cheque/DD may be a number, an alpha-numeric string, and/or a bar code. Also note that, when a system is used to generate the e-cheque/DD, such application may be configured with the payer's private or secret code to automatically generate the he QR code or Barcode (or any other security code) code and include it as part of the e-cheque/DD.

[000118] The various illustrative logical blocks, modules and circuits and algorithm steps described herein may be implemented or performed as electronic hardware, software, or combinations of both. To clearly illustrate this interchangeability of hardware and software, various illustrative components, blocks, modules, circuits, and steps have been described above generally in terms of their functionality. Whether such functionality is implemented as hardware or software depends upon the particular application and design constraints imposed on the overall system. It is noted that the configurations may be described as a process that is depicted as a flowchart, a flow diagram, a structure diagram, or a block diagram. Although a flowchart may describe the operations as a sequential process, many of the operations can be performed in parallel or concurrently. In addition, the order of the operations may be rearranged. A process is terminated when its operations are completed. A process may correspond to a method, a function, a procedure, a subroutine, a subprogram, etc. When a process corresponds to a function, its termination corresponds to a return of the function to the calling function or the main function.

[000119] When implemented in hardware, various examples may employ a general purpose processor, a digital signal processor (DSP), an application specific integrated circuit (ASIC), a field programmable gate array signal (FPGA) or other programmable logic device, discrete gate or transistor logic, discrete hardware components or any combination thereof designed to perform the functions described herein. A general purpose processor may be a microprocessor, but in the alternative, the processor may be any conventional processor, controller, microcontroller or state machine. A processor may also be implemented as a combination of computing devices, e.g., a combination of a DSP and a microprocessor, a plurality of microprocessors, one or more microprocessors in conjunction with a DSP core or any other such configuration.

[000120] When implemented in software, various examples may employ firmware, middleware or microcode. The program code or code segments to perform the necessary tasks may be stored in a computer-readable medium or processor-readable medium such as a storage medium or other storage(s). A processor may perform the necessary tasks. A code segment may represent a procedure, a function, a subprogram, a program, a routine, a subroutine, a module, a software package, a class, or any combination of instructions, data structures, or program statements. A code segment may be coupled to another code segment or a hardware circuit by passing and/or receiving information, data, arguments, parameters, or memory contents. Information, arguments, parameters, data, etc. may be passed, forwarded, or transmitted via any suitable means including memory sharing, message passing, token passing, network transmission, etc.

[000121] As used in this application, the terms "component," "module," "system," and the like are intended to refer to a computer-related entity, either hardware, firmware, a combination of hardware and software, software, or software in execution. For example, a component may be, but is not limited to being, a process running on a processor, a processor, an object, an executable, a thread of execution, a program, and/or a computer. By way of illustration, both an application running on a computing device and the computing device can be a component. One or more components can reside within a process and/or thread of execution and a component may be localized on one computer and/or distributed between two or more computers. In addition, these components can execute from various computer readable media having various data structures stored thereon. The components may communicate by way of local and/or remote processes such as in accordance with a signal having one or more data packets (e.g., data from one component interacting with another component in a local system, distributed system, and/or across a network such as the Internet with other systems by way of the signal).

[000122] In one or more examples herein, the functions described may be implemented in hardware, software, firmware, or any combination thereof. If implemented in software, the functions may be stored on or transmitted over as one or more instructions or code on a computer-readable medium or processor-readable medium. A processor- readable media and/or computer-readable media include both computer storage media and communication media including any medium that facilitates transfer of a computer program from one place to another. A storage media may be any available media that can be accessed by a computer. By way of example, and not limitation, such computer- readable media can comprise RAM, ROM, EEPROM, CD-ROM or other optical disk storage, magnetic disk storage or other magnetic storage devices, or any other medium that can be used to carry or store desired program code in the form of instructions or data structures and that can be accessed by a computer. Also, any connection is properly termed a computer-readable medium or processor-readable medium. For example, if the software is transmitted from a website, server, or other remote source using a coaxial cable, fiber optic cable, twisted pair, digital subscriber line (DSL), or wireless technologies such as infrared, radio, and microwave, then the coaxial cable, fiber optic cable, twisted pair, DSL, or wireless technologies such as infrared, radio, and microwave are included in the definition of medium. Disk and disc, as used herein, includes compact disc (CD), laser disc, optical disc, digital versatile disc (DVD), floppy disk and blue-ray disc where disks usually reproduce data magnetically, while discs reproduce data optically with lasers. Combinations of the above should also be included within the scope of computer-readable media. Software may comprise a single instruction, or many instructions, and may be distributed over several different code segments, among different programs and across multiple storage media. An exemplary storage medium may be coupled to a processor such that the processor can read information from, and write information to, the storage medium. In the alternative, the storage medium may be integral to the processor.

[000123] One or more of the components, steps, and/or functions illustrated in the Figures may be rearranged and/or combined into a single component, step, or function or embodied in several components, steps, or functions. Additional elements, components, steps, and/or functions may also be added without departing from the invention. The novel algorithms described herein may be efficiently implemented in software and/or embedded hardware.

[000124] Those of skill in the art would further appreciate that the various illustrative logical blocks, modules, circuits, and algorithm steps described in connection with the embodiments disclosed herein may be implemented as electronic hardware, computer software, or combinations of both. To clearly illustrate this interchangeability of hardware and software, various illustrative components, blocks, modules, circuits, and steps have been described above generally in terms of their functionality. Whether such functionality is implemented as hardware or software depends upon the particular application and design constraints imposed on the overall system.

[000125] As used herein, and unless the context dictates otherwise, the term "coupled to" is intended to include both direct coupling (in which two elements that are coupled to each other or in contact each other) and indirect coupling (in which at least one additional element is located between the two elements). Therefore, the terms "coupled to" and "coupled with" are used synonymously. Within the context of this document terms "coupled to" and "coupled with" are also used euphemistically to mean "communicatively coupled with" over a network, where two or more devices are able to exchange data with each other over the network, possibly via one or more intermediary device.

ADVANTAGES OF THE INVENTION

[000126] The present disclosure provides for a system and method to generate e- cheque/DD through mobile banking or internet banking or ATM.

[000127] The present disclosure provides for a system and method that avoids issuance of physical DD/cheque book to payers.

[000128] The present disclosure provides for a system and method that enables to save millions of rupees/dollars by stop printing the paper based DD/cheque books and is Eco- friendly.

[000129] The present disclosure provides for a system and method that enables to auto print customer signature on the e-cheque/DD.

[000130] The present disclosure provides for a system and method that enables toimplement digital signature verification on each e-cheque/DD. [000131] The present disclosure provides for a system and method that enables toavoid / reduce frauds while creating the e-cheque/DD, as e-cheque/DD details will be recorded in the bank database. So while clearing the e-cheque/DD, the bank can cross verify the details.

[000132] The present disclosure provides for a system and method that enables to provide ease for the elders or physically challenged people without remembering their signature styles.

[000133] The present disclosure provides for a system and method that enables to provide ease to share with others (through the smart phones) to clear the e-cheque/DD.

[000134] The present disclosure provides for a system and method that enables to provide ease to implement QR/Barcode on each e-cheque/DD for fraud less transactions.

[000135] The present disclosure provides for a system and method that enables to provide ease for generating e-cheque/DD both for self and for A/C payee e-cheque/DD or cancelled e-cheque/DD.

[000136] The present disclosure provides for a system and method that enables to provide ease for bank employees who can clear the e-cheque/DD by just reading the QR/barcode(or any other security code)on the e-cheque/DD and amount will be cleared within few mins to hours instead of days.

[000137] The present disclosure provides for a system and method that enables he customer signature to be imposed on the e-cheque (but this is optional)

[000138] The present disclosure provides for a system and a method by which the customers can save some money by not ordering printed paper cheque books.

Claims

I Claim:

1. A method for generating an electronic negotiable instrument, the method comprising:

obtaining, at a computing device, a type of the electronic negotiable instrument to be generated;

submitting, at the computing device, details associated with the electronic negotiable instrument to be generated;

receiving, at the computing device and/or a registered mobile number of a payer, a first OTP for generating the electronic negotiable instrument;

obtaining, at the computing device the first OTP received and at least a security key, the security key is pre-configured by the payer;

generating, by the computing device, 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.

2. The method of claim 1, wherein the computing device is selected any or combination of an ATM, a mobile, a laptop, a dedicated machines, a workstation, a smartphone, a cash dispenser, a handheld device.

3. The method of claim 1, wherein the security key is selected any or combination of a card verification value (CVV), a card verification code (CVC), a first four digits of debit card, a customized number, a QR code, a barcode and any other security code.

4. The method of claim 1, wherein the method further comprising the steps of: generating, by the computing, a plurality of electronic negotiable instruments utilizing a plurality of first OTPs respectively obtained for the plurality of electronic negotiable instruments, and a plurality of second OTPs respectively obtained for the plurality of electronic negotiable instruments.

5. The method of claim 4, wherein the method further comprising the steps of: cancelling, by the computing, the plurality of electronic negotiable instruments generated utilizing a plurality of Unique Cheque Cancel Request Numbers (UCCRNs)/Unique DD cancellation Request Numbers (UDDCRNs) respectively obtained for the plurality of electronic negotiable instruments.

6. The method of claim 1, wherein the method further comprising the steps of: generating, by the computing, a cancelled electronic negotiable instrument.

7. The method of claim 1, wherein the method further comprising the steps of: generating, by the computing, e-cheques/DDs with bank watermark (on the background) and/or customer's signature on the e-cheques/DDs.

8. The method of claim 1, wherein the method further comprising the steps of: cancelling, by the computing, the electronic negotiable instrument, wherein the step of cancelling comprises:

selecting, at a computing device, an electronic negotiable instrument to be canceled;

receiving, at the computing device, unique cheque cancel request number (UCCRN) or unique demand draft cancel request number (UDDRN) to registered mobile number of a payer; and

obtaining, at the computing device, the received UCCRN/ UDDRN to cancel the electronic negotiable instrument selected.

9. The method of claim 1, wherein the first OTP and second OTP is generated by a bank server.

10. The method of claim 1, wherein the electronic negotiable instrument is an electronic cheque and/or an electronic demand draft (DD).

11. A method for clearing an electronic negotiable instrument, the method comprising:

obtaining, at a computing device, an electronic negotiable instrument and a second OTP;

verifying, at the computing device, the received electronic negotiable instrument and the second OTP;

receiving, at the computing device and/or a registered mobile number of a payee, a third OTP;

obtaining, at the computing device, the third OTP for clearance/settlement of the electronic negotiable instrument, the electronic negotiable instrument is cleared/settled upon verification of the third OTP.

12. The method of claim 11, wherein the third OTP is generated by a bank server.

13. The method of claim 11, wherein the electronic negotiable instrument is an electronic cheque and/or an electronic demand draft (DD).

14. A system comprising:

a non-transitory storage device having embodied therein one or more routines operable to generate an electronic negotiable instrument; and one or more processors coupled to the non-transitory storage device and operable to execute the one or more routines, wherein the one or more routines include:

an user interface module, which when executed by the one or more processors, obtains a type of the electronic negotiable instrument to be generated and receives details associated with the electronic negotiable instrument to be generated;

an OTP1 and OTP2 generation module, which when executed by the one or more processors, receive a first OTP for generating the electronic negotiable instrument;

an electronic negotiable instrument generation module, which when executed by the one or more processors, generates an electronic negotiable instrument and a second OTP upon receipt and verification of the first OTP received and at least a security key, the security key is pre-configured by the payer;

a sharing module, which when executed by the one or more processors, transmits the generated electronic negotiable instrument and the second OTP to the beneficiary;

15. The system of claim 14 further comprises: an electronic negotiable instrument cancellation module, which when executed by the one or more processors, cancels the electronic negotiable instrument.

16. The system of claim 14 further comprises: an electronic negotiable instrument generation module, which when executed by the one or more processors, generates a plurality of electronic negotiable instruments or a cancelled electronic negotiable instrument.

17. The system of claim 14 further comprises: an electronic negotiable instrument cancellation module, which when executed by the one or more processors, cancels a plurality of electronic negotiable instruments.

18. The system of claim 14 further comprises: an electronic negotiable instrument generation module, which when executed by the one or more processors, generates e- cheques/DDs with bank watermark (on the background) and/or customer's signature on the e- cheques/DDs.

19. A system comprising: a non-transitory storage device having embodied therein one or more routines operable to clear an electronic negotiable instrument; and

one or more processors coupled to the non-transitory storage device and operable to execute the one or more routines, wherein the one or more routines include:

a user interface module, which when executed by the one or more processors, to obtain an electronic negotiable instrument and a second OTP;

an OTP 3 generation module, which when executed by the one or more processors, generates a third OTP while verification of the received electronic negotiable instrument and the second OTP;

an authentication module, which when executed by the one or more processors, authenticates the electronic negotiable instrument, upon verification of the third OTP;

an electronic negotiable instrument clearance module, which when executed by the one or more processors, clears the generated electronic negotiable instrument upon authentication.