Method and system for exchange of currency related instructions

• US 20040138973A1
• Filed: 06/30/2003
• Published: 07/15/2004
• Est. Priority Date: 01/14/2003
• Status: Abandoned Application

• Current Assignee: Ameriprise Financial, Inc.
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Srinivasan, Suresh, Mitsch, Larry, Keis, John T.
• Application Number:
  US10/611,781
• Publication Number:
  US 20040138973A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A component-based money movement system includes a central request processor that is coupled to various other components. The components may include an arrangement manager; a financial institution validator; a transaction manager; a remittance manager; a check writing manager; and an electronic payment manager. Each component performs specific tasks, each controlled by the request processor. Periodic arrangements can be created and stored by the arrangement manager. When arrangements are due, arrangement manager sends a message to the request processor, which sends a request to the appropriate component. The check writing component is configured to manage the check writing process, including printing the checks and keeping records of the printed checks. The remittance manager scans and processes incoming payments. The electronic payment manager generates electronic payment requests and stores data regarding the requests. The various components can be integrated into existing systems such that they can be used across an entire organization.

Claims

1. A system for facilitating the management of financial transactions comprising:

a request processor coupled to at least one of a remittance processor, arrangement manager, financial institution validator, financial transaction manager, electronic payment manager, and check writing manager, wherein;

said remittance processor is configured to process incoming payments;

said arrangement manager is configured to perform specified, periodic events;

said financial institution validator is configured to validate data regarding external institutions;

said financial transaction manager is configured to process and execute various financial transactions;

said electronic payment manager is configured to process outgoing electronic payments; and

said check writing manager is configured to process checks.

2. The system of claim 1 further comprising at least one of a front-end for internal use and a front-end for external use.

3. The system of claim 1 wherein the financial transaction request processor facilitates communication via a messaging system.

4. The system of claim 1 wherein the remittance processor is further configured to facilitate:

scanning incoming remittances into an electronic format;

assigning a unique identifier to each remittance; and

storing said unique identifier with data regarding the incoming remittance.

5. The system of claim 1 wherein said financial transaction processor is configured to facilitate:

receiving instructions from said request processor;

translating the instructions into a format readable by another system; and

transmitting the translated instructions to another system.

6. The system of claim 1 wherein said check writing manager is further configured to facilitate:

receiving a request to write a check;

formatting said request;

sending a print request to a printer; and

storing data regarding each print request in a database.

7. The system of claim 1 wherein said electronic payment manager is further configured to facilitate:

receiving a request to perform an electronic transaction;

formatting said request into a form usable by an electronic payment network;

sending said formatted request to an electronic payment network; and

storing data regarding each request in a database.

8. The system of claim 1 wherein said arrangement manager is further configured to facilitate:

creating periodic arrangements;

validating arrangements against pre-determined criteria;

storing arrangements, including a scheduled date;

comparing a current date with scheduled dates;

transmitting messages regarding scheduled arrangements.

9. The system of claim 1 wherein said request processor is further configured to facilitate:

validating transactions; and

directing transactions to an appropriate component.