Electronic image cash letter balancing

• US 20070095888A1
• Filed: 07/07/2006
• Published: 05/03/2007
• Est. Priority Date: 07/07/2005
• Status: Active Grant

• Current Assignee: Federal Reserve Bank of Cleveland (Federal Reserve System)
• Original Assignee: Federal Reserve Bank of Atlanta (Federal Reserve System), Federal Reserve Bank of Cleveland (Federal Reserve System), Federal Reserve Bank of Dallas (Federal Reserve System), Federal Reserve Bank of Kansas City (Federal Reserve System)
• Inventors: Lendl, Eric, Purser, Steven, Nori, V., Mueller, Randall, Schaadt, Thomas, Harris, Steven
• Granted Patent: US 8,032,462 B2
• Time in Patent Office: Days
• US Class Current: 235/375
• 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
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

Balancing image cash letters (“ICLs”) and ICL items during electronic check processing includes determining whether each item has been presented to a receiving institution for payment. A tracking module can track an incoming ICL/item'"'"'s processing status using records comprising information regarding the ICL/item'"'"'s status for electronic check processing events. The tracking module can present the ICL/item'"'"'s processing status in one or more reports. The tracking module can balance an ICL by comparing an incoming ICL value amount with an outgoing ICL value amount. The incoming ICL value amount comprises the total value of the items in the incoming ICL. The outgoing ICL value amount comprises the total value of the items in the incoming ICL that have been presented to a receiving institution via one or more outgoing ICLs. If the amounts match, then the incoming ICL is balanced. If not, then the ICL is not balanced.

Claims

1. A computer-implemented method for monitoring and balancing an electronic image cash letter (“

ICL”

), comprising the steps of;

receiving an ICL comprising a plurality of items for electronic check processing, each of the items having an individual value;

identifying an incoming ICL value amount comprising a sum of the individual values of the items;

identifying an outgoing ICL value amount comprising a sum of the individual values of all items in the ICL that have been presented for payment;

determining whether the incoming ICL value amount equals the outgoing ICL value amount; and

determining that all items in the ICL have been processed in response to a determination that the incoming ICL value amount equals the outgoing ICL value amount.

2. The method according to claim 1, further comprising the steps of:

assigning a tracking number to the ICL; and

assigning the tracking number to each of the items in the ICL,

wherein the step of identifying an outgoing ICL value amount comprises identifying the items in the ICL that have been presented for payment based on the tracking number assigned to the ICL and the items in the ICL.

3. The method according to claim 1, further comprising the step of determining that all items in the ICL have not been processed in response to a determination that the incoming ICL value amount does not equal the outgoing ICL value amount.

4. The method according to claim 3, further comprising the steps of:

identifying each of the items that has not been processed in response to a determination that all items in the ICL have not been processed; and

generating a report comprising status information for of each of the items that has not been processed.

5. The method according to claim 1, wherein the step of receiving the ICL comprises the step of receiving an electronic image cash letter file comprising the ICL.

6. The method according to claim 1, further comprising the step of determining an electronic check processing status of each item in the ICL in response to a determination that the incoming ICL value amount does not equal the outgoing ICL value amount.

7. The method according to claim 6, wherein the status of each item comprises one of processed, failed to process, pending, and processed multiple times.

8. The method according to claim 6, further comprising the steps of:

processing each of the items by performing at least one electronic check processing event in connection with the items;

for each electronic check processing event and each of the items, creating a record comprising information related to a status of the electronic check processing event for the respective items;

associating each record with the respective items; and

determining a status of one of the items based on the information stored in at least one record associated the items.

9. The method according to claim 8, wherein, for each of the items, the at least one electronic check processing event comprises at least one of storing an image, storing financial data, storing addenda data, conducting a reject/repair analysis of the financial data, creating a substitute check file based on the image and financial data, creating a new ICL comprising the substitute check file, and presenting the respective item to a receiving institution for payment.

10. The method according to claim 8, wherein the step of associating each record with the respective items comprises the steps of:

associating a different identifier with each of the respective items; and

associating the identifier for each respective item with each record that corresponds to the respective item.

11. The method according to claim 8, wherein the status of the item comprises one of processed, failed to process, pending, and processed multiple times.

12. A computer-implemented method for monitoring and balancing an electronic image cash letter (“

ICL”

), comprising the steps of;

receiving an electronic ICL comprising a plurality of items for electronic check processing, each of the items having an individual value;

processing the items in the ICL for presentment for payment; and

determining whether all items in the ICL have been presented for payment based on at least one of a sum of the individual values of the processed items and a count of all the processed items.

13. The method according to claim 12, wherein the determining step comprises the steps of:

identifying an incoming ICL item count comprising a count of the items in the ICL;

identifying an outgoing ICL item count comprising a count of all items in the ICL that have been presented for payment;

determining whether the incoming ICL item count equals the outgoing ICL item count; and

determining that all items in the ICL have been presented for payment in response to a determination that the incoming ICL item count equals the outgoing ICL item count.

14. The method according to claim 13, further comprising the step of determining that all items in the ICL have not been presented for payment in response to a determination that the incoming ICL item count does not equal the outgoing ICL item count.

15. The method according to claim 12, wherein the determining step comprises the steps of:

identifying an incoming ICL value amount comprising a sum of the individual values of the items;

identifying an outgoing ICL value amount comprising a sum of the individual values of all items in the ICL that have been presented for payment;

determining whether the incoming ICL value amount equals the outgoing ICL value amount; and

determining that all items in the ICL have been presented for payment in response to a determination that the incoming ICL value amount equals the outgoing ICL value amount.

16. The method according to claim 15, further comprising the step of determining that all items in the ICL have not been presented for payment in response to a determination that the incoming ICL value amount does not equal the outgoing ICL value amount.

17. The method according to claim 12, further comprising the steps of:

identifying each of the items that has not been presented for payment in response to a determination that all items in the ICL have not been presented for payment; and

generating a report comprising status information for of each of the items that has not been presented for payment.

18. The method according to claim 12, further comprising the steps of:

assigning a tracking number to the ICL; and

assigning the tracking number to each of the items in the ICL,

wherein the determining step comprises identifying the items in the ICL that have been presented for payment based on the tracking number assigned to the ICL and the items in the ICL.

19. The method according to claim 12, further comprising the step of determining an electronic check processing status of at least one of the items in the ICL in response to a determination that all items in the ICL have not been presented for payment.

20. The method according to claim 19, wherein the status comprises one of processed, failed to process, pending, and processed multiple times.

21. The method according to claim 19, wherein the processing step comprises the steps of:

processing each of the items by performing at least one electronic check processing event in connection with the items;

for each electronic check processing event and each of the items, creating a record comprising information related to a status of the electronic check processing event for the respective items;

associating each record with the respective items; and

wherein the step of step of determining an electronic check processing status comprises determining a status of at least one of the items based on the information stored in at least one record associated the items.

22. The method according to claim 21, wherein, for each of the items, the at least one electronic check processing event comprises at least one of storing an image, storing financial data, storing addenda data, conducting a reject/repair analysis of the financial data, creating a substitute check file based on the image and financial data, creating a new ICL comprising the substitute check file, and presenting the respective item to a receiving institution for payment.

23. The method according to claim 21, wherein the step of associating each record with the respective items comprises the steps of:

associating a different identifier with each of the respective items; and

associating the identifier for each respective item with each record that corresponds to the respective item.

24. The method according to claim 21, wherein the status comprises one of processed, failed to process, pending, and processed multiple times.

25. A system for monitoring and balancing an electronic image cash letter (“

ICL”

), comprising the steps of;

a data capture module that receives an electronic ICL comprising a plurality of items for electronic check processing, each of the items having an individual value;

a processing module that processes the items in the ICL for presentment for payment; and

a tracking module that assigns a tracking number to the ICL, assigns the tracking number to each of the items in the ICL, and determines whether all items in the ICL have been presented for payment based on the tracking number assigned to the ICL and the items in the ICL and at least one of a sum of the individual values of the processed items and a count of all the processed items.

26. The system according to claim 25, wherein the tracking module determines whether all items in the ICL have been presented for payment by:

identifying an incoming ICL item count comprising a count of the items in the ICL;

identifying an outgoing ICL item count comprising a count of all items in the ICL that have been presented for payment;

determining whether the incoming ICL item count equals the outgoing ICL item count; and

determining that all items in the ICL have been presented for payment in response to a determination that the incoming ICL item count equals the outgoing ICL item count.

27. The system according to claim 26, wherein the tracking module further determines whether all items in the ICL have been presented for payment by determining that all items in the ICL have not been processed in response to a determination that the incoming ICL item count does not equal the outgoing ICL item count.

28. The system according to claim 25, the tracking module determines whether all items in the ICL have been presented for payment by:

identifying an incoming ICL value amount comprising a sum of the individual values of the items;

identifying an outgoing ICL value amount comprising a sum of the individual values of all items in the ICL that have been presented for payment;

determining whether the incoming ICL value amount equals the outgoing ICL value amount; and

determining that all items in the ICL have been presented for payment in response to a determination that the incoming ICL value amount equals the outgoing ICL value amount.

29. The system according to claim 28, wherein the tracking module further determines whether all items in the ICL have been presented for payment by determining that all items in the ICL have not been presented for payment in response to a determination that the incoming ICL value amount does not equal the outgoing ICL value amount.

30. The system according to claim 25, wherein the tracking module identifies each of the items that has not been presented for payment in response to determining that all items in the ICL have not been presented for payment, and generates a report comprising status information for of each of the items that has not been presented for payment.

31. The system according to claim 25, wherein the tracking module determines an electronic check processing status of at least one of the items in the ICL in response to determining that all items in the ICL have not been presented for payment.

32. The system according to claim 31, wherein the status comprises one of processed, failed to process, pending, and processed multiple times.

33. The system according to claim 31, wherein the processing module processes the items in the ICL for presentment for payment by:

processing each of the items by performing at least one electronic check processing event in connection with the items;

for each electronic check processing event and each of the items, creating a record comprising information related to a status of the electronic check processing event for the respective items;

associating each record with the respective items; and

wherein the tracking module determiners an electronic check processing status by determining a status of at least one of the items based on the information stored in at least one record associated the items.

34. The system according to claim 33, wherein, for each of the items, the at least one electronic check processing event comprises at least one of storing an image, storing financial data, storing addenda data, conducting a reject/repair analysis of the financial data, creating a substitute check file based on the image and financial data, creating a new ICL comprising the substitute check file, and presenting the respective item to a receiving institution for payment.

35. The system according to claim 33, wherein the processing module associates each record with the respective items by:

associating a different identifier with each of the respective items; and

associating the identifier for each respective item with each record that corresponds to the respective item.

36. The system according to claim 33, wherein the status comprises one of processed, failed to process, pending, and processed multiple times.