Prioritizing checks for electronic check processing

• US 20080159655A1
• Filed: 11/06/2007
• Published: 07/03/2008
• Est. Priority Date: 11/07/2006
• Status: Active Grant

• Current Assignee: Federal Reserve Bank of Richmond (Federal Reserve System)
• Original Assignee: Federal Reserve Bank of Richmond (Federal Reserve System)
• Inventors: Breeden, Benjamin T.
• Granted Patent: US 8,595,096 B2
• Time in Patent Office: Days
• US Class Current: 382/306
• 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
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

Prioritizing checks for electronic check processing based on check characteristics, such as check values, receiving institutions associated with the checks, and/or delivery methods associated with the checks. A prioritization module of a check processing system receives information regarding multiple checks in a check processing queue. The prioritization module assigns at least one priority indicator to one or more of the checks. Each priority indicator includes information regarding a characteristic of the check to which the indicator is assigned. For example, the characteristic can be the value of the check, the receiving institution associated with the check, and/or the delivery method associated with the check. Upon determining that at least one of the checks cannot be timely processed if the checks are processed on a first in, first out basis, the prioritization module re-orders the checks for processing based on the assigned priority indicators.

Claims

1. A computer-implemented method for prioritizing checks for electronic check processing, comprising the steps of:

receiving information regarding a plurality of checks;

assigning at least one priority indicator to each check in at least a portion of the plurality of the checks; and

ordering the plurality of checks for processing based on the at least one priority indicator assigned to each check in the portion of the plurality of the checks.

2. The method of claim 1, wherein each indicator comprises information regarding a characteristic of a respective check to which the indicator is assigned, the characteristic comprising at least one of a value of the respective check, a receiving institution associated with the respective check, and a delivery method associated with the respective check.

3. The method of claim 1, wherein the step of ordering the plurality of checks for processing comprises the steps of:

selecting one of the at least one priority indicator; and

sorting the plurality of checks based on the selected one of the at least one priority indicator.

4. The method of claim 3, wherein the step of ordering the plurality of checks for processing further comprises the step of identifying each of the plurality of checks to which the selected one of the at least one priority indicator is assigned.

5. The method of claim 1, wherein the step of ordering the plurality of checks for processing comprises the steps of:

receiving an input to select one of the at least one priority indicator; and

sorting the plurality of checks based on the selected one of the at least one priority indicator.

6. The method of claim 1, further comprising the step of determining that at least one of the plurality of checks cannot be processed on time if the checks are processed on a first in, first out basis,

wherein the step of ordering the plurality of checks for processing is performed in response to a determination that at least one of the plurality of checks cannot be processed on time if the checks are processed on a first in, first out basis.

7. The method of claim 6, further comprising the step of outputting information notifying that at least one of the plurality of checks cannot be processed on time in response to a determination that at least one of the plurality of checks cannot be processed on time if the checks are processed on a first in, first out basis.

8. A computer-implemented method for prioritizing checks for electronic check processing, comprising the steps of:

receiving information regarding a plurality of checks;

assigning one of a plurality of priority indicators to each of the checks;

determining whether all of the checks can be processed on time if the checks are processed in a first order; and

ordering the checks for processing in a second order based on at least one of the assigned priority indicators in response to determining that at least one of the checks cannot be processed on time in the first order.

9. The method of claim 8, wherein each of the indicators comprises information regarding a characteristic of a corresponding one of the checks to which the respective one of the indicators is assigned, the characteristic comprising at least one of a value of the corresponding check, a receiving institution associated with the corresponding check, and a delivery method associated with the corresponding check.

10. The method of claim 8, wherein the step of ordering the checks for processing comprises the steps of:

selecting one of the plurality of priority indicators; and

sorting the checks based on the selected one of the plurality of priority indicators.

11. The method of claim 10, wherein the step of ordering the checks for processing further comprises the step of identifying each of the checks to which the selected one of the plurality of priority indicators is assigned.

12. The method of claim 8, wherein the step of ordering the plurality of checks for processing comprises the steps of:

receiving an input to select one of the priority indicators; and

sorting the checks based on the selected one of priority indicators.

13. The method of claim 8, further comprising the step of outputting information notifying that the checks cannot be processed on time if the checks are processed in the first order in response to determining that at least one of the checks cannot be processed on time in the first order.

14. The method of claim 8, wherein the first order is based on a first in, first out processing scheme.

15. The method of claim 8, wherein the step of ordering the plurality of checks for processing comprises the steps of:

selecting a first priority indicator and a second priority indicator;

sorting the checks based on the first priority indicator; and

re-sorting the checks based on the second priority indicator upon completing the sorting step.

16. A computer-implemented method for prioritizing checks for electronic check processing, comprising the steps of:

assigning at least one indicator to each of a plurality of checks;

selecting at least one indicator assigned in the assigning step; and

ordering the checks for processing based on the selected at least one indicator.

17. The method of claim 16, wherein each of the at least one indicator comprises information regarding a check characteristic.

18. The method of claim 17, wherein the characteristic comprises at least one of a check value, a check receiving institution, and a check delivery method.

19. The method of claim 16, wherein the step of ordering the checks for processing comprises the step of sorting the checks based on the selected at least one indicator.

20. The method of claim 16, wherein the step of ordering the checks for processing comprises the step of identifying each of the checks to which the selected at least one indicator is assigned.

21. The method of claim 16, wherein the step of selecting the at least one indicator comprises the step of receiving an input to select the at least one indicator.

22. The method of claim 16, further comprising the step of determining that at least one of the checks cannot be processed on time if the checks are processed on a first in, first out basis,

wherein the step of ordering the checks for processing is performed in response to a determination that at least one of the checks cannot be processed on time if the checks are processed on a first in, first out basis.

23. The method of claim 22, further comprising the step of outputting information notifying that at least one of the checks cannot be processed on time in response to a determination that at least one of the checks cannot be processed on time if the checks are processed on a first in, first out basis.

24. The method of claim 16, wherein the step of selecting at least one indicator comprises the step of selecting a first indicator and a second indicator, and

wherein the step ordering the checks for processing comprises the steps of

sorting the checks based on the first indicator;

and

re-sorting the checks based on the second priority indicator upon completing the sorting step.

25. A computer-implemented system for automatically re-clearing an item, comprising:

a check processing module configured to process checks for payment and presentment; and

a prioritization module configured to

determine whether all of the checks can be processed on time if the checks are processed by the check processing module on a first in, first out basis, and

order the checks for processing by the check processing module in another order based on at least one priority indicator assigned to at least one of the checks in response to determining that at least one of the checks cannot be processed on time if the checks are processed on a first in, first out basis, each priority indicator comprising information regarding a characteristic of a respective check to which the priority indicator is assigned.