Financial settlement systems and methods
First Claim
1. A method for settling financial accounts, the method comprising:
- receiving at a host computer system financial transaction data resulting from a plurality of financial transactions originating from a plurality of stores, wherein the stores are grouped into separate entities;
periodically performing a net settlement analysis of the transactional data for each entity;
preparing a request at the host computer system to transfer funds from each entity'"'"'s bank account having a positive net settlement amount into a central entity bank account;
preparing a request at the host computer system to transfer funds into each entity'"'"'s bank account having a negative net settlement amount from the central entity bank account.
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0 Petitions
Accused Products
Abstract
System and methods for facilitating the settlement of financial accounts across different entities utilize a host computer system that tracks financial transactions made at each merchant location or store and uses this information to reconcile accounts across different entities. In one embodiment, the host computer periodically performs a net settlement analysis of the transactional data received from each entity'"'"'s stores. A request is prepared to transfer funds from each entity'"'"'s bank account having a positive net settlement amount into a central entity bank account. A request is also prepared to transfer funds into each entity'"'"'s bank account having a negative net settlement amount from the central entity bank account.
201 Citations
25 Claims
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1. A method for settling financial accounts, the method comprising:
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receiving at a host computer system financial transaction data resulting from a plurality of financial transactions originating from a plurality of stores, wherein the stores are grouped into separate entities;
periodically performing a net settlement analysis of the transactional data for each entity;
preparing a request at the host computer system to transfer funds from each entity'"'"'s bank account having a positive net settlement amount into a central entity bank account;
preparing a request at the host computer system to transfer funds into each entity'"'"'s bank account having a negative net settlement amount from the central entity bank account. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A financial transaction settlement system, comprising:
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a transaction processor that is configured to receive and process financial transaction data resulting from a plurality of financial transactions that originate from a plurality of stores that are grouped into separate entities, wherein the transaction processor is configured to process the transactional data to activate new customer accounts and to maintain records on current balances for the customer accounts;
a settlement engine that is configured to perform a net settlement of the transactional data for each entity to determine whether each entity has a positive net settlement amount or a negative net settlement amount and to prepare requests to transfer funds from each entity'"'"'s bank account having a positive net settlement amount into a central entity bank account and to transfer funds into each entity'"'"'s bank account having a negative net settlement amount from the central entity bank account. - View Dependent Claims (8, 9, 10, 11)
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12. A method for settling financial accounts, the method comprising:
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receiving at a host computer system financial transaction data resulting from a plurality of financial transactions originating from a plurality of stores, wherein the stores are grouped into separate entities, and wherein the financial transactions are associated with customer accounts;
analyzing each financial transaction to determine the entity from which the financial transaction originated;
maintaining a record of the financial transactions that occurred with the entities where the associate customer accounts originated; and
for the financial transactions that occurred within one of the entities other than where the associated account originated, periodically preparing requests to transfer funds into or out from the bank account of the entities where the financial transaction amount occurred, and out from or into the bank account of the entity where the associated accounts originated, depending on whether the associated accounts are to be debited or credited. - View Dependent Claims (13, 14, 15, 16, 17, 18)
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19. A financial transaction settlement system, comprising:
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a transaction processor that is configured to receive and process financial transaction data resulting from a plurality of financial transactions that originate from a plurality of stores that are grouped into separate entities, wherein the transaction processor is configured to process the transactional data to activate new customer accounts and to maintain records on current balances for the customer accounts;
a settlement engine that is configured to analyze each financial transaction to determine the entity from which the financial transaction originated, to maintain a record of the financial transactions that occurred with entities where the associated customer accounts originated, and for the financial transactions that occurred within one of the entities other than where the associated account originated, periodically preparing requests to transfer funds into or out from the bank account of the entities where the financial transaction amount occurred, and out from or into the bank account of the entity where the associated accounts originated depending on whether the associated accounts are to be debited or credited. - View Dependent Claims (20, 21, 22, 23, 24, 25)
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Specification