PAYMENT ENTITY DEVICE TRANSACTION PROCESSING USING MULTIPLE PAYMENT METHODS

• US 20090112661A1
• Filed: 02/13/2008
• Published: 04/30/2009
• Est. Priority Date: 10/30/2007
• Status: Active Grant

• Current Assignee: Visa USA, Inc. (Visa, Inc.)
• Original Assignee: Visa USA, Inc. (Visa, Inc.)
• Inventors: MULLEN, MATTHEW, MARCHETTI, JOHN N.
• Granted Patent: US 8,374,932 B2
• Time in Patent Office: Days
• US Class Current: 705/7
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A method begins with a payment entity device receiving an accounts payable data file from a client entity processing module. The method continues with the payment entity device determining a method of payment for an account payable of the accounts payable data file in accordance with a payables profile. The method continues with the payment entity device initiating a first type of payment for the account payable when the method of payment is a first type; initiating a second type of payment for the account payable, when the method of payment is a second type, or initiating a third type of payment for the account payable when the method of payment is a third type.

Claims

1. A method comprises:

receiving, by a payment entity device, an accounts payable data file from a client entity processing module;

determining, by the payment entity device, a method of payment for an account payable of the accounts payable data file in accordance with a payables profile;

when the method of payment is a first type, initiating a first type of payment for the account payable;

when the method of payment is a second type, initiating a second type of payment for the account payable; and

when the method of payment is a third type, initiating a third type of payment for the account payable.

2. The method of claim 1 further comprises:

analyzing the accounts payable data file to determine whether accounts payable information is in a desired format; and

when the accounts payable information is not in a desired format, translating format of the accounts payable information into the desired format.

3. The method of claim 1 further comprises:

when the method of payment is the first type, receiving a first type of payment notification from a first financial institution processing module;

when the method of payment is the second type, receiving a second type of payment notification from the first or a second financial institution processing module; and

when the method of payment is the third type, receiving a third type of payment notification from the first, the second, or a third financial institution processing module.

4. The method of claim 1 further comprises:

determining, by the payment entity device, a method of payment for another account payable contained in the accounts payable data file;

when the method of payment for the another account payable is the first type, initiating the first type of payment for the another account payable;

when the method of payment for the another account payable is the second type, initiating the second type of payment for the another account payable; and

when the method of payment for the another account payable is the third type, initiating the third type of payment for the another account payable.

5. The method of claim 1, wherein, when the first type of method payment is a check, the initiating the first type of payment comprises:

preliminary processing the account payable via at least one of;

transformation, validation, and currency exchange to produce a preliminary processed account payable data;

determining whether the preliminary processed account payable data is to be processed by a first type of financial institution or a second type of financial institution;

when the preliminary processed account payable data is to be processed by the first type of financial institution, providing a data file of the preliminary processed account payable data to a first financial institution processing module corresponding to a financial institution of the first type of financial institution;

when the preliminary processed account payable data is to be processed by the second type of financial institution, determining whether check payment will be of a first type of check payment or a second type of check payment;

when the preliminary processed account payable data is to be processed by the second type of financial institution and the check payment is of the first type of check payment, executing, by the payment entity device, payment via the first type of check payment; and

when the preliminary processed account payable data is to be processed by the second type of financial institution and the check payment is of the first type of check payment, providing the data file of the preliminary processed account payable data to a second financial institution processing module corresponding to a financial institution of the second type of financial institution.

6. The method of claim 1, wherein, when the second type of method payment is a wire transfer or debit account transfer, the initiating the second type of payment comprises:

preliminary processing the account payable via at least one of;

transformation, validation, and currency exchange to produce a preliminary processed account payable data;

determining whether the preliminary processed account payable data is to be processed by a first type of financial institution or a second type of financial institution;

when the preliminary processed account payable data is to be processed by the first type of financial institution, providing a data file of the preliminary processed account payable data to a first financial institution processing module corresponding to a financial institution of the first type of financial institution; and

when the preliminary processed account payable data is to be processed by the second type of financial institution, providing the data file of the preliminary processed account payable data to a second financial institution processing module corresponding to a financial institution of the second type of financial institution.

7. The method of claim 1, wherein, when the third type of method payment is a credit card payment, the initiating the third type of payment comprises:

preliminary processing the account payable via at least one of;

transformation, validation, and currency exchange to produce a preliminary processed account payable data;

determining whether the preliminary processed account payable data is to be processed by a first type of credit card transaction or a second type of credit card transaction;

when the preliminary processed account payable data is to be processed by the first type of credit card transaction;

initiating a clearing process with at least one of;

a merchant processing module and an acquirer processing module; and

settling, by the payment entity device, the account payable when the preliminary processed account payable data has cleared the at least one of the merchant processing module and the acquirer processing module; and

when the preliminary processed account payable data is to be processed by the first type of credit card transaction, settling, by the payment entity device, the account payable from the preliminary processed account payable data.

8. A method comprises:

entering a loop for a plurality of accounts payable contained in an accounts payable data file, wherein the loop includes;

determining, by a payment entity device, one of a plurality of methods of payment for an account payable of the plurality of accounts payable in accordance with a payable profile;

initiating, by the payment entity device, a payment of the account payable in accordance with the one of the plurality of methods of payment; and

processing, by the payment entity device, payment notification in accordance with the one of the plurality of methods of payment; and

exiting the loop when a predetermined one of the plurality of accounts payable has been processed in accordance with the loop.

9. The method of claim 8, wherein the plurality of method comprises at least two of:

a commercial paper;

a funds transfer;

tangible consideration;

a debit account transfer; and

a credit card payment.

10. The method of claim 8, wherein, when the one of a plurality of methods of payment is a check, the initiating the payment comprises:

preliminary processing the account payable via at least one of;

transformation, validation, and currency exchange to produce a preliminary processed account payable data;

determining whether the preliminary processed account payable data is to be processed by a first type of financial institution or a second type of financial institution;

when the preliminary processed account payable data is to be processed by the first type of financial institution, providing the preliminary processed account payable data to a first financial institution processing module corresponding to a financial institution of the first type of financial institution;

when the preliminary processed account payable data is to be processed by the second type of financial institution, determining whether a check payment will be of a first type of check payment or a second type of check payment;

when the preliminary processed account payable data is to be processed by the second type of financial institution and the check payment is of the first type of check payment, executing, by the payment entity device, payment via the first type of check payment; and

when the preliminary processed account payable data is to be processed by the second type of financial institution and the check payment is of the first type of check payment, providing the preliminary processed account payable data to a second financial institution processing module corresponding to a financial institution of the second type of financial institution.

11. The method of claim 8, wherein, when the one of a plurality of methods of payment is a wire transfer or debit account transfer, the initiating the payment comprises:

preliminary processing the account payable via at least one of;

transformation, validation, and currency exchange to produce a preliminary processed account payable data;

determining whether the preliminary processed account payable data is to be processed by a first type of financial institution or a second type of financial institution;

when the preliminary processed account payable data is to be processed by the first type of financial institution, providing the preliminary processed account payable data to a first financial institution processing module corresponding to a financial institution of the first type of financial institution; and

when the preliminary processed account payable data is to be processed by the second type of financial institution, providing the preliminary processed account payable data to a second financial institution processing module corresponding to a financial institution of the second type of financial institution.

12. The method of claim 8, wherein, when the one of a plurality of methods of payment is a credit card payment, the initiating the payment comprises:

preliminary processing the account payable via at least one of;

transformation, validation, and currency exchange to produce a preliminary processed account payable data;

determining whether the preliminary processed account payable data is to be processed by a first type of credit card transaction or a second type of credit card transaction;

when the preliminary processed account payable data is to be processed by the first type of credit card transaction;

initiating a clearing process with at least one of;

a merchant processing module and an acquirer processing module; and

settling, by the payment entity device, the account payable when the preliminary processed account payable data has cleared the at least one of the merchant processing module and the acquirer processing module; and

when the preliminary processed account payable data is to be processed by the first type of credit card transaction, settling, by the payment entity device, the account payable from the preliminary processed account payable data.

13. An apparatus comprises:

a processing module; and

memory coupled to the processing module, wherein the processing module, at least partially based on operational instructions stored in the memory, functions to;

receive an accounts payable data file from a client entity processing module;

determine a method of payment for an account payable of the accounts payable data file in accordance with a payables profile;

when the method of payment is a first type, initiating a first type of payment for the account payable;

when the method of payment is a second type, initiating a second type of payment for the account payable; and

when the method of payment is a third type, initiating a third type of payment for the account payable.

14. The apparatus of claim 13, wherein the processing module further functions to:

analyze the accounts payable data file to determine whether accounts payable information is in a desired format; and

when the accounts payable information is not in a desired format, translate format of the accounts payable information into the desired format.

15. The apparatus of claim 13, wherein the processing module further functions to:

when the method of payment is the first type, receive a first type of payment notification from a first financial institution processing module;

when the method of payment is the second type, receive a second type of payment notification from the first or a second financial institution processing module; and

when the method of payment is the third type, receive a third type of payment notification from the first, the second, or a third financial institution processing module.

16. The apparatus of claim 13, wherein the processing module further functions to:

determining, by the payment entity device, a method of payment for another account payable contained in the accounts payable data file;

when the method of payment for the another account payable is the first type, initiate the first type of payment for the another account payable;

when the method of payment for the another account payable is the second type, initiate the second type of payment for the another account payable; and

when the method of payment for the another account payable is the third type, initiate the third type of payment for the another account payable.

17. The apparatus of claim 13, wherein, when the first type of method payment is a check, the processing module initiates the first type of payment by:

preliminary processing the account payable via at least one of;

transformation, validation, and currency exchange to produce a preliminary processed account payable data;

determining whether the preliminary processed account payable data is to be processed by a first type of financial institution or a second type of financial institution;

when the preliminary processed account payable data is to be processed by the first type of financial institution, providing a data file of the preliminary processed account payable data to a first financial institution processing module corresponding to a financial institution of the first type of financial institution;

when the preliminary processed account payable data is to be processed by the second type of financial institution, determining whether check payment will be of a first type of check payment or a second type of check payment;

when the preliminary processed account payable data is to be processed by the second type of financial institution and the check payment is of the first type of check payment, executing payment via the first type of check payment; and

when the preliminary processed account payable data is to be processed by the second type of financial institution and the check payment is of the first type of check payment, providing the data file of the preliminary processed account payable data to a second financial institution processing module corresponding to a financial institution of the second type of financial institution.

18. The apparatus of claim 13, wherein, when the second type of method payment is a wire transfer or debit account transfer, the processing module initiates the second type of payment by:

preliminary processing the account payable via at least one of;

transformation, validation, and currency exchange to produce a preliminary processed account payable data;

determining whether the preliminary processed account payable data is to be processed by a first type of financial institution or a second type of financial institution;

when the preliminary processed account payable data is to be processed by the first type of financial institution, providing a data file of the preliminary processed account payable data to a first financial institution processing module corresponding to a financial institution of the first type of financial institution; and

when the preliminary processed account payable data is to be processed by the second type of financial institution, providing the data file of the preliminary processed account payable data to a second financial institution processing module corresponding to a financial institution of the second type of financial institution.

19. The apparatus of claim 13, wherein, when the third type of method payment is a credit card payment, the processing module initiates the third type of payment by:

preliminary processing the account payable via at least one of;

transformation, validation, and currency exchange to produce a preliminary processed account payable data;

determining whether the preliminary processed account payable data is to be processed by a first type of credit card transaction or a second type of credit card transaction;

when the preliminary processed account payable data is to be processed by the first type of credit card transaction;

initiating a clearing process with at least one of;

a merchant processing module and an acquirer processing module; and

settling, by the payment entity device, the account payable when the preliminary processed account payable data has cleared the at least one of the merchant processing module and the acquirer processing module; and

when the preliminary processed account payable data is to be processed by the first type of credit card transaction, settling, by the payment entity device, the account payable from the preliminary processed account payable data.

20. An apparatus comprises:

a processing module; and

memory coupled to the processing module, wherein the processing module, at least partially based on operational instructions stored in the memory, functions to;

enter a loop for a plurality of accounts payable contained in an accounts payable data file, wherein the loop includes;

determining one of a plurality of methods of payment for an account payable of the plurality of accounts payable in accordance with a payables profile;

initiating a payment of the account payable in accordance with the one of the plurality of methods of payment; and

processing payment notification in accordance with the one of the plurality of methods of payment; and

exit the loop when a predetermined one of the plurality of accounts payable has been processed in accordance with the loop.

21. The apparatus of claim 20, wherein the plurality of method comprises at least two of:

a commercial paper;

a funds transfer;

tangible consideration;

a debit account transfer; and

a credit card payment.

22. The apparatus of claim 20, wherein, when the one of a plurality of methods of payment is a check, the processing module initiates the payment by:

preliminary processing the account payable via at least one of;

transformation, validation, and currency exchange to produce a preliminary processed account payable data;

determining whether the preliminary processed account payable data is to be processed by a first type of financial institution or a second type of financial institution;

when the preliminary processed account payable data is to be processed by the first type of financial institution, providing the preliminary processed account payable data to a first financial institution processing module corresponding to a financial institution of the first type of financial institution;

when the preliminary processed account payable data is to be processed by the second type of financial institution, determining whether a check payment will be of a first type of check payment or a second type of check payment;

when the preliminary processed account payable data is to be processed by the second type of financial institution and the check payment is of the first type of check payment, executing, by the payment entity device, payment via the first type of check payment; and

when the preliminary processed account payable data is to be processed by the second type of financial institution and the check payment is of the first type of check payment, providing the preliminary processed account payable data to a second financial institution processing module corresponding to a financial institution of the second type of financial institution.

23. The apparatus of claim 20, wherein, when the one of a plurality of methods of payment is a wire transfer or debit account transfer, the processing module initiates the payment by:

preliminary processing the account payable via at least one of;

transformation, validation, and currency exchange to produce a preliminary processed account payable data;

determining whether the preliminary processed account payable data is to be processed by a first type of financial institution or a second type of financial institution;

when the preliminary processed account payable data is to be processed by the first type of financial institution, providing the preliminary processed account payable data to a first financial institution processing module corresponding to a financial institution of the first type of financial institution; and

when the preliminary processed account payable data is to be processed by the second type of financial institution, providing the preliminary processed account payable data to a second financial institution processing module corresponding to a financial institution of the second type of financial institution.

24. The apparatus of claim 20, wherein, when the one of a plurality of methods of payment is a credit card payment, the processing module initiates the payment by:

preliminary processing the account payable via at least one of;

transformation, validation, and currency exchange to produce a preliminary processed account payable data;

determining whether the preliminary processed account payable data is to be processed by a first type of credit card transaction or a second type of credit card transaction;

when the preliminary processed account payable data is to be processed by the first type of credit card transaction;

initiating a clearing process with at least one of;

a merchant processing module and an acquirer processing module; and

settling, by the payment entity device, the account payable when the preliminary processed account payable data has cleared the at least one of the merchant processing module and the acquirer processing module; and

when the preliminary processed account payable data is to be processed by the first type of credit card transaction, settling, by the payment entity device, the account payable from the preliminary processed account payable data.