Multi-Product-Multi-Channel Payment Platform System and Method

• US 20090276359A1
• Filed: 05/04/2009
• Published: 11/05/2009
• Est. Priority Date: 04/24/2008
• Status: Abandoned Application

• Current Assignee: CashEdge Incorporated (Fiserv Incorporated)
• Original Assignee: CashEdge Incorporated (Fiserv Incorporated)
• Inventors: Zhang, Yonghui, Parial, Diya, Ali, Nash, Bowman, Richard, Bhatia, Vishal, Bhagavatula, Krishna, Panthaki, Behram, Sunderji, Amir, Sokolic, Jeremy
• Application Number:
  US12/435,393
• Publication Number:
  US 20090276359A1
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Described herein is a multi-product-multi-channel payment platform system and apparatus that extends the capability of current online banking/funds-transfer systems. Different types of financial accounts are modeled in a financial management system to enable types of online, electronic funds transfer transaction that were not previously possible. Among novel elements of the system and apparatus disclosed is the enablement of real-time application of rules to different types of financial accounts and/or products across channels, such as how much money may be deposited or withdrawn in a period of time.

Claims

1. A multi-product-multi-channel payment platform system, comprising:

a financial management system hosting a multi-product-multi-channel payment hub, the financial management system configurable to receive input from a customer, the input comprising a requested transaction, a source account, and a destination account;

at least one module configurable to determine characteristics associated with the requested transaction;

a funds transfer module configurable to determine the execute at least one transfer of funds according to the requested transaction, wherein the transaction comprises a funds transfer among multiple financial products and among multiple financial channels.

2. The system of claim 1, wherein the financial products comprise:

asset products;

liability products; and

hybrid products.

3. The system of claim 2, wherein the asset products comprise unsecured credit products and secured credit products.

4. The system of claim 2, wherein the liability products comprise transaction products and non-transaction-restricted-use products.

5. The system of claim 2, wherein the hybrid products comprise transaction products and non-transaction-restricted-use products

6. The system of claim 1, wherein the system further comprises a business rules engine comprising rules related to products, accounts, routes, transaction speeds, and risks.

7. The system of claim 1, wherein the system further comprises a processing rules engine configurable to execute network rules, exception processing, and settlement processing.

8. A method for processing multi-product-multi-channel financial transactions, the method comprising:

receiving a user input including a request for a transaction, and one or more designated accounts;

determining whether the transaction is possible;

computing an effective limit for the transaction;

executing the transaction, wherein the transaction involves one or more of,

asset products;

liability products; and

hybrid products.

9. The method of claim 8, wherein executing the transaction comprises using one or more channels selected from a group comprising:

an automated clearing house (ACH) channel, an automated teller machine (ATM) channel, a credit card channel, a bank proprietary channel, a wire channel, and a “

SWIFT”

channel

10. The method of claim 8, further comprising determining limits associated with the transaction.

11. The method of claim 8, further comprising applying suspension rules to the transaction, wherein the suspension rules consider a network channel and an access channel.

12. The method of claim 8, further comprising determining whether the user and product are registered with a financial management system that executed the method.

13. The method of claim 12, further comprising selecting source and destination products for a fund transfer according to user input.

14. The method of claim 12, further comprising determining whether the transaction as requested is within permissible limits.

15. The method of claim 12, further comprising executing and routing the transaction.

16. A computer-readable medium having stored thereon instruction, that when executed in a financial management system cause a multi-product-multi-channel transaction method to be performed, the method comprising:

receiving a user input including a request for a transaction, and one or more designated accounts;

determining whether the transaction is possible;

computing an effective limit for the transaction;

executing the transaction, wherein the transaction involves one or more of,

asset products;

liability products; and

hybrid products.

17. The computer-readable medium of claim 16, wherein executing the transaction comprises using one or more channels selected from a group comprising:

an automated clearing house (ACH) channel, an automated teller machine (ATM) channel, a credit card channel, a bank proprietary channel, a wire channel, and a “

SWIFT”

channel

18. The computer-readable medium of claim 16, wherein the method further comprises determining limits associated with the transaction.

19. The computer-readable medium of claim 16, wherein the method further comprises applying suspension rules to the transaction, wherein the suspension rules consider a network channel and an access channel.

20. The met computer-readable medium of claim 16, wherein the method further comprises determining whether the user and product are registered with a financial management system that executed the method.

21. The computer-readable medium of claim 20, wherein the method further comprises selecting source and destination products for a fund transfer according to user input.

22. The computer-readable medium of claim 20, wherein the method further comprises determining whether the transaction as requested is within permissible limits.

23. The computer-readable medium of claim 20, wherein the method further comprises executing and routing the transaction.