System for direct presentment of cash letters

• US 20070094140A1
• Filed: 10/25/2006
• Published: 04/26/2007
• Est. Priority Date: 10/25/2005
• Status: Abandoned Application

• Current Assignee: Myriad Systems, Inc. (Catalyst Merger Sub, Inc.)
• Original Assignee: Myriad Systems, Inc. (Catalyst Merger Sub, Inc.)
• Inventors: Riney, Shaun, Hewlett, Justin
• Application Number:
  US11/586,387
• Publication Number:
  US 20070094140A1
• Time in Patent Office: Days
• US Class Current: 705/45
• 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 20/0425 the cheque being electronic only

Abstract

A system is provided for the direct presentment of cash letters having images of cash items from a sending institution computer to a receiving institution computer. The computerized host system has a web-server communicating with at least one sending institution computer. The computerized host system receives from the at least one sending institution computer at least one cash letter. Then, the computerized host system stores the at least one cash letter and provides images of cash items in the at least one cash letter to at least one receiving institution.

Claims

1. A computerized system for the direct presentment of cash letters having images of cash items from a sending institution computer to a receiving institution computer, comprising:

a computerized host system having a web-server communicating with at least one sending institution computer, the computerized host system receiving from the at least one sending institution computer at least one cash letter, the computerized host system storing the at least one cash letter, and providing images of cash items in the at least one cash letter to at least one receiving institution.

2. The system of claim 1, wherein the sending institution computer has a web browser.

3. The system of claim 1, wherein the computerized host system receives a plurality of cash letters from a sending institution computer, each cash letter including only images of cash items corresponding to a different individual receiving institution.

4. The system of claim 1, wherein the computerized host system further includes a settlement system receiving images of cash items from a single cash letter including images of cash items requiring settlement with multiple receiving institutions.

5. The system of claim 1, wherein the computerized host system further includes a notification system transmitting e-mails to the sending and receiving institution computers, notifying the at least one sending institution that their settlement request has been loaded, and notifying the receiving institution that a settlement request can be passed.

6. The system of claim 1, wherein the cash items are checks.

7. The system of claim 1, wherein the sending institutions and the receiving institutions are selected from the group consisting of banks, credit unions, and savings and loans.

8. The system of claim 1, wherein the computerized host system further comprises a membership system verifying membership of the sending and receiving institutions wherein the sending and receiving institutions are required to pay a fee to maintain the membership to access the computerized host system.

9. The system of claim 1, wherein the computerized host system further includes a conversion system converting the images of cash items into a predetermined format.

10. The system of claim 1, wherein the computerized host system further includes an image viewer tool permitting an operator of the computerized host system to verify the magnetic ink characters (MICR) against the hand-written or computer-printed data on the cash item.

11. A method of using a computerized host system for the direct presentment of cash letters having images of cash items from a sending institution computer to a receiving institution computer, comprising the steps of:

communicating with at least one sending institution computer via a web-server;

receiving at least one cash letter from the at least one sending institution;

storing the at least one cash letter received from the at least one sending institution; and

providing images of cash items in the at least one cash letter to the at least one receiving institution.

12. The method of claim 11, wherein the sending institution computer has a web browser.

13. The method of claim 11, wherein the computerized host system receives a plurality of cash letters from a sending institution computer, each cash letter including only images of cash items corresponding to a different individual receiving institution.

14. The method of claim 11, wherein the computerized host system further includes a settlement system receiving images of cash items from a single cash letter including images of cash items requiring settlement with multiple receiving institutions.

15. The method of claim 11, wherein the computerized host system further includes a notification system transmitting e-mails to the sending and receiving institution computers, notifying the at least one sending institution that their settlement request has been loaded, and notifying the receiving institution that a settlement request can be passed.

16. The method of claim 11, wherein the cash items are checks.

17. The method of claim 11, wherein the sending institutions and the receiving institutions are selected from the group consisting of banks, credit unions, and savings and loans.

18. The method of claim 11, wherein the computerized host system further comprises a membership system verifying membership of the sending and receiving institutions wherein the sending and receiving institutions are required to pay a fee to maintain the membership to access the computerized host system.

19. The method of claim 11, wherein the computerized host system further includes a conversion system converting the images of cash items into a predetermined format.

20. The method of claim 11, wherein the computerized host system further includes an image viewer tool permitting an operator of the computerized host system to verify the magnetic ink characters (MICR) against the hand-written or computer-printed data on the cash item.