Therefore, it should now be apparent that the invention substantially achieves all the above aspects and advantages.Additional aspects and advantages of the invention will be set forth in the description that follows, and in part will be obvious from the description, or may be learned by practice of the invention.
Postdating translate itemupdating event fires twice
Moreover, the aspects and advantages of the invention may be realized and obtained by means of the instrumentalities and combinations particularly pointed out in the appended claims.
The accompanying drawings illustrate presently preferred embodiments of the invention, and together with the general description given above and the detailed description given below, serve to explain the principles of the invention.
On the date that a transaction is authorized to be completed, the issuing bank provides a decryption key that allows decryption of information encrypted for the corresponding date.
Thus, on the maturity date of the transaction, the payee or depositing bank can obtain the decryption key that will decrypt the encrypted information necessary to complete the transaction.
With all of the necessary information to complete the transaction, the payee or depositing bank can then complete the transaction.
Since the encrypted information can not be decrypted until the date on which the transaction was authorized, e.g., the date associated with the encryption key and corresponding decryption key, the financial transaction can not be completed until such date has arrived.Thus, regardless of whether payment is being made by physical check or electronically, situations can arise in which the payer's account is overdrawn and checks or payment authorizations will not be honored because of insufficient funds in the payer's account.Thus, there exists a need for methods and systems that prevent completion of postdated financial transactions until the specified future date.Generally, the issuing of a check by the payer indicates to the payee that the funds for the check are available at that time.In some situations, however, the payer desires to provide a check to the payee dated some date in the future, also known as postdating, with instructions to the payee that the check should not be presented until such future date.The encryption key used to encrypt the information is associated with the date on which the transaction is authorized to be completed.