SYSTEMS AND METHODS FOR A TRANSACTION VETTING SERVICE
First Claim
1. A method of processing a financial transaction, the method comprising:
- receiving a requested transaction, wherein the requested transaction is transferring a sum of money or other assets from an originator to a receiver;
applying a set of rules to the requested transaction to vet the requested transaction, wherein the set of rules define the regulatory and legal compliance rules for the governing jurisdictions of the originator and receiver for a legal transaction;
obtaining a result from the application of the set of rules; and
approving the requested transaction in response to the result being passing all requirements of the set of rules.
1 Assignment
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Accused Products
Abstract
An embodiment relates generally to a method of processing a financial transaction. The method includes receiving a requested transaction, where the requested transaction is transferring a sum of money or other assets from an originator to a receiver. The method also includes applying a set of rules to the requested transaction to vet the requested transaction, where the set of rules define the regulatory and legal compliance rules for the governing jurisdictions of the originator and receiver for a legal transaction. The method further includes obtaining a result from the application of the set of rules and approving the requested transaction in response to the result being passing all requirements of the set of rules.
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Citations
28 Claims
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1. A method of processing a financial transaction, the method comprising:
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receiving a requested transaction, wherein the requested transaction is transferring a sum of money or other assets from an originator to a receiver; applying a set of rules to the requested transaction to vet the requested transaction, wherein the set of rules define the regulatory and legal compliance rules for the governing jurisdictions of the originator and receiver for a legal transaction; obtaining a result from the application of the set of rules; and approving the requested transaction in response to the result being passing all requirements of the set of rules. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A system for processing a financial transaction, the system comprising:
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a network configured to provide communication services; a plurality of financial institutions coupled to the network; and a transaction vetting service coupled to the network, wherein the transaction vetting service is configured to receive a requested transaction from a first financial institution to a second financial institution from the plurality of financial institutions;
to apply a set of rules to the requested transaction to vet the requested transaction;
to obtain a result from the application of the set of rules; and
to approve the requested transaction in response to the result being passing all requirements of the set of rules. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18, 19, 22)
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20. An apparatus for vetting transactions, the apparatus comprising:
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an interface module configured to couple with a communication medium; an internal database configured to store verification information; a rules database configured to store a plurality of rules, each rule specifying at least one condition for a legal transfer of money or other assets between financial institutions; and a vetting processor configured to receive a requested transaction from a first financial institution to a second financial institution;
to apply a set of rules from the rules database;
to obtain a result from the application of the set of rules; and
to approve the requested transaction in response to the result being passing all requirements of the set of rules. - View Dependent Claims (21, 23, 24, 25, 26, 27, 28)
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Specification