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The Electronic Check Conversion services provided by LML Payment Systems Inc. and its subsidiaries operate under the legal protection of a suite of intellectual property rights that include:
U.S. Patent No. 5,484,988 –
Electronic Retail Checkwriting Point-of-Sale System issued on January 16, 1996 regarding a "Electronic Retail Checkwriting point-of-sale system". This patent describes a system through which consumers authorize electronic access to their checking accounts by presenting their paper check to the merchant. Payment is electronically made without negotiation of the check.
In one method, the merchant "swipes" the check through a check reader, which reads the Magnetic Ink Character Recognition (MICR) string numbers from the check and captures the bank and account information. Other methods for reading the check information are also addressed. This information is transmitted to the LML system for pre-authorization using LML's proprietary databases, transaction qualification standards and velocity criteria.
Once approved, the merchant's terminal prints a transaction receipt to be signed by the consumer. The paper check can be returned to the consumer as it has been converted to an electronic payment. Electronic payment is achieved without negotiation of the check.
U.S. Patent No. 6,164,528 –
Internet Checking Transactions issued on December 26, 2000 regarding Internet checking transactions. This patent addresses Internet purchases where payments from checking accounts are authorized using the Internet. This patent specifically applies LML Payment Systems’ electronic check processing methods to Internet purchases without limitation to device or network.
Products and services to leverage the competitive advantage provided by this patent are in development.
U.S. Patent No. 6,283,366 –
Corporate Checks and Electronic Fund Transfers (EFT) issued on September 4, 2001 regarding corporate checks and electronic fund transfers (EFT). This patent addresses corporate checks and electronic fund transfers (EFT) and relates to the systems described in United States Patent Nos. 5,484,988, 6,164,528, and 6,354,491.
U.S. Patent No. 6,354,491 –
Electronic Check Processing issued on January 16, 2002 regarding authorizing the debiting of funds from bank accounts without the requirement of negotiating a paper check. This patent addresses authorizing the debiting of funds from bank accounts without the requirement of negotiating a paper check and relates to existing United States Patent Nos. 5,484,988, 6,164,528 and 6,283,366, all of which address electronic check transactions.
U.S. Patent No. RE40220 -
issued on April 8, 2008 relates to electronic payments and adds to LML Patent Corp.'s existing patent portfolio.
Parties interested in licensing opportunities are invited to contact LML at our Canadian corporate office.
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