E-CHEQUE BASED TRANSACTION SYSTEM AND METHOD

摘要

The present invention provides a method and system for generating and processing an electronic cheque. In one embodiment, a server generates an e-cheque containing a matrix barcode by encrypting transaction information in the matrix barcode and stores the transaction information along with other information associated with the e-cheque in a central database. Also, the server transmits the e-cheque containing the matrix barcode to a computing device associated with a payer. When a payee presents the e-cheque to associated bank, the server reads information in the matrix barcode in the e-cheque using a bank's computing device and validates the e-cheque by matching the information in the matrix barcode with the transaction information. Furthermore, the server authorizes or rejects a transaction associated with the e-cheque based on whether the e-cheque is valid or not. Moreover, the server processes the transaction associated with the e-cheque if the e-cheque is valid.