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FOLLOW ON FOR BANKING PASSBOOKS WITH MAGNETIC STRIPE (ELECTRONIC PASSBOOK)

IP.com Disclosure Number: IPCOM000028540D
Original Publication Date: 2004-May-19
Included in the Prior Art Database: 2004-May-19
Document File: 2 page(s) / 47K

Publishing Venue

IBM

Abstract

ELECTRONIC PASSBOOK: Selling, Cost control and Innovation are key compulsory disciplines that any financial institution should practice in order to survive in today’s competitive World. Eighty percent of financial innovation is driven by I/T and telephony technological options. Next paragraphs disclose a way to use RFID (Radiofrequency Identification) technology to innovate banking processes involving traditional saving passbooks.

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FOLLOW ON FOR BANKING PASSBOOKS WITH MAGNETIC STRIPE (ELECTRONIC PASSBOOK)

Many of today's "Retail" processes are built using an "Activator", a "Reader/Writer", and the corresponding "Automated transaction" processes to update the central files through the corresponding I/T Infrastructure. The simplest "activator" is a "Typing" on a keyboard. But typing needs an educated user/employee, plus corresponding validation processes. Even the validation processes, many mistakes and delays in retail processes born during the initial typing. To minimize typing, and then, to increase productivity (less errors, user friendly transactions, self-service transactions, faster transactions,...), retailers use many techniques to pre-store and read information to activate/initiate processes. For example, the today's most common banking activators (technologies) are checks (CMC-7), plastic cards (magnetic stripe, smart chip) and saving passbooks (magnetic stripe). Many Passports and National Documents of Identity (NDI) include OCR-B characters with the most important information. USA Customs is requesting foreign passports to include, as compulsory, two lines of OCR-B information, to facilitate USA entrance.

    Little by little, older technologies are being replaced by newer technologies, depending on cost savings, security increase and amount of required information to be stored. But migration processes are complex due to widely spread of older technologies. Because of wide spread of previous technologies, many times, new activators are a mix of previous ones plus current and new born ones.

    The idea of the paper consists in combining RFID labels with standard personal documents like passports, passbooks or national document of identity. RFID labels (Tags and transponders), and RFID readers/encoders are relatively cheap and easy to apply/install/integrate. A transponder...