System and Method of Account Reconciliation for Electronic Transactions
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Accused Products
Abstract
A transaction process system (10) provides for data transactions between parties. In a credit card transaction, the parties are the merchant (20), acquiring bank (24), card association (34), issuing bank (14), and cardholder (12). A transaction processing center (30) is positioned between the acquiring bank and the card association. The transaction processing center provides data processing channels for message-based processing (72) and filed-based processing (76). The file-based processing uses an incoming queue (80) and outgoing queue (84) to simplify the interface. The transaction processing center also provides for currency conversions and account reconciliation on a per transaction basis. The transaction processing center uses a scheduler (160) to efficiently manage the data processing resources and an account reconciliation processor (200) to identify discrepancies and initiate corrective action.
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Citations
47 Claims
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1-24. -24. (canceled)
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25. A method of reconciling financial transactions, comprising:
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receiving transaction data from a bank using a hard-wired or wireless communication line, the transaction data describing executed credit-card transactions for goods or services, each transaction entry including identification information retrieved from a magnetic strip of a credit card; storing a copy of the transaction data in a data source on a computer server; transmitting the transaction data to a credit card association; receiving a first statement of financial transactions generated according to a first set of rules from the credit card association using the hard-wired or wireless communication line; retrieving the copy of the transaction data from the data source on the computer server; retrieving a listing of procedures, policies, rules, rates and fees for the credit card association from publicly available sources to generate a second set of rules that is consistent with the first set of rules used to generate the first statement of financial transactions; generating a second statement of financial transactions from the copy of the transaction data using the second set of rules; comparing the second statement of financial transactions to the first statement of financial transactions to identify discrepancy between the first statement of financial transactions and the second statement of financial transactions, the discrepancy including different total transaction amounts resulting from the first set of rules and second set of rules using different exchange rates; and displaying the first or second statement of financial transactions and the discrepancy for review on a display screen by dynamically re-formatting the first or second statement of financial transactions to illustrate detail of individual transactions containing discrepancies. - View Dependent Claims (26, 27, 28, 29, 30, 31, 32)
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33. A method of performing account reconciliation of financial transactions, comprising:
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receiving transaction data from a first financial institution using a hard-wired or wireless communication line, the transaction data describing executed credit-card transactions for goods or services, each transaction entry including identification information retrieved from a magnetic strip of a credit card; storing a copy of the transaction data in a data source on a computer server; transmitting the transaction data to a second financial institution; receiving a first statement of financial transactions generated according to a first set of rules from the second financial institution using the hard-wired or wireless communication line; retrieving the copy of the transaction data from the data source on the computer server; generating a second statement of financial transactions from the copy of the transaction data using a second set of rules; comparing the second statement of financial transactions to the first statement of financial transactions to identify discrepancy between the first statement of financial transactions and the second statement of financial transactions, the discrepancy being selected from the group consisting of differing total transaction amounts, differing interchange fees, differing exchange rates, differing amounts of a single transaction, differing transaction dates, and differing transaction merchants; determining causation of the discrepancy between the first statement of financial transactions and the second statement of financial transactions; and displaying the first or second statement of financial transactions and the discrepancy for review on a display screen by dynamically re-formatting the first or second statement of financial transactions to illustrate detail of individual transactions containing discrepancies. - View Dependent Claims (34, 35, 36, 37, 38)
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39. A credit card processing system, comprising a data processing center having:
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a communication link to a bank to receive transaction data using a hard-wired or wireless communication line, the transaction data describing executed credit-card transactions for goods or services, each transaction entry including identification information retrieved from a magnetic strip of a credit card; a data source for storing a copy of the transaction data on a computer server, the data source including a hard disk drive; a communication link to a credit card association to transmit the transaction data and to receive a first statement of credit card transactions generated using a first set of rules using the hard-wired or wireless communication line, wherein the data processing center retrieves the copy of the transaction data from the data source and generates a second statement of credit card transactions from the copy of the transaction data using a second set of rules consistent with the first set of rules used to generate the first statement of credit card transactions and compares the second statement of credit card transactions to the first statement of credit card transactions to identify discrepancy between the first statement of credit card transactions and the second statement of credit card transactions; and a display screen for displaying the first or second statement of credit card transactions and the discrepancy for review on a display screen by dynamically re-formatting the first or second statement of credit card transactions to illustrate detail of individual transactions containing discrepancies. - View Dependent Claims (40, 41, 42, 43)
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44. A computer based system for reconciling financial transactions, comprising:
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means for receiving transaction data from a bank using a hard-wired or wireless communication line, the transaction data describing executed credit-card transactions for goods or services, each transaction entry including identification information retrieved from a magnetic strip of a credit card; means for storing a copy of the transaction data in a data source on a computer server; means for transmitting the transaction data to a credit card association using the hard-wired or wireless communication line; means for receiving a first statement of financial transactions generated according to a first set of rules from the credit card association; means for retrieving the copy of the transaction data from the data source from the data source on the computer server; means for generating a second statement of financial transactions from the copy of the transaction data using a second set of rules consistent with the first set of rules used to generate the first statement of financial transactions; means for comparing the second statement of financial transactions to the first statement of financial transactions to identify discrepancy between the first statement of financial transactions and the second statement of financial transactions; and means for displaying the first or second statement of financial transactions and the discrepancy for review on a display screen by dynamically re-formatting the first or second statement of financial transactions to illustrate detail of individual transactions containing discrepancies. - View Dependent Claims (45, 46, 47)
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Specification