SYSTEMS, METHODS, AND COMPUTER PROGRAM PRODUCTS FOR PERFORMING ITEM LEVEL TRANSACTION PROCESSING

• US 20090292628A1
• Filed: 05/23/2008
• Published: 11/26/2009
• Est. Priority Date: 05/23/2008
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Kang, Sean, Lee, Clarence E., Woodside, Jeffrey Robert, Sandoz, Eric Scott, Abernethy, George Miller, Huff, Lowell Robert, Hollander, Ronald, Dryer, Eric
• Granted Patent: US 8,165,933 B2
• Time in Patent Office: Days
• US Class Current: 705/30
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

The present invention provides systems, methods, and computer program products for performing validation and clearance at a transaction item level for transaction received in a batch format. Each transaction of the batch is stored separately in a storage system, such as a logical database. Typically, image data and electronic data for a transaction are stored separately in the storage system and may be linked to each other. Each transaction is separately accessible and/or updateable. Each transaction stored in the storage system is separately analyzed to validate that the transaction is at least balanced. Transactions that determined to be balanced are cleared irrespective of a balance status associated with other transactions associated with the batch of transactions, such that transactions are individually cleared as opposed to being cleared in a batch format.

Claims

1. A system for processing transactions in a financial system comprising:

a storage system comprising stored therein two or more transactions, wherein each transaction comprises associated debits and credits, and wherein two or more transactions are associated with a same batch of transactions;

a transaction validation system associated with said storage system, wherein said transaction validation system is at least capable of determining whether each of the transactions is individually balanced based on the debits and credits associated with the transaction; and

a transaction clearing system associated with said storage system for clearing transactions in the batch that have been determined to be balanced by said transaction validation system irrespective of a balance status associated with other transactions associated with the batch of transactions.

2. A system according to claim 1, wherein said transaction clearing system clears transactions in the batch of transactions while other transactions in the batch remain unbalanced.

3. A system according to claim 1, wherein two or more transactions in the batch are related to each other and wherein said transaction clearing system waits until each of the related transactions are balanced before clearing the related transactions.

4. A system according to claim 1, wherein said transaction validation system determines whether each transaction in the batch is balanced, and designates which of the transactions are balanced.

5. A system according to claim 1, wherein said transaction validation system is further capable of transmitting unbalanced transactions to a system or entity for balancing.

6. A system according to claim 1, wherein said transaction clearing system periodically queries said storage system to determine transactions that are balanced and available for clearing.

7. A system according to claim 1, wherein said transaction validation system indicates to said transaction clearing system transactions that are balanced and available for clearing.

8. A system according to claim 1, wherein said storage system is a logical database.

9. A system according to claim 1, wherein said storage system stores transactions such that each transaction is individually accessible and capable of individual update.

10. A system according to claim 1, wherein at least one transaction stored in said storage system comprises both image data and electronic data associated with the transaction, and wherein said storage system stores both the image data and electronic data such that the image data and electronic data are linked to each other.

11. A system according to claim 10, wherein said transaction validation system is capable of concurrently updating image data and electronic data for a transaction in said storage system.

12. A system according to claim 10, wherein said storage system stores electronic data for a transaction wherein the electronic data comprises one or more items selected from the group consisting of origin, routing information, and correction status.

13. A system according to claim 1, wherein said transaction clearing system prioritizes clearance of transactions based on one or more of the cost for clearing the transaction, deadlines associated with a transaction, or value of the transaction.

14. A system according to claim 1, wherein said storage system stores transactions, wherein the transactions are one or more of check deposits, lock box transactions, or credit card payments.

15. A method for processing transactions in a financial system comprising:

accessing a storage system comprising stored therein two or more transactions, wherein each transaction comprises associated debits and credits, and wherein two or more transactions are associated with a same batch of transactions;

validating each of the transactions by determining whether each transaction is individually balanced based on the debits and credits associated with the transaction; and

clearing transactions in the batch that have been determined to be balanced irrespective of a balance status associated with other transactions associated with the batch of transactions.

16. A method according to claim 15, wherein said transaction clearing comprises clearing transactions in the batch of transactions while other transactions in the batch remain unbalanced.

17. A method according to claim 15, wherein two or more transactions in the batch are related to each other and wherein said clearing transactions comprises waiting until each of the related transactions are balanced before clearing the related transactions.

18. A method according to claim 15, wherein said validating each of the transactions comprises determining whether each transaction in the batch is balanced, and designating which of the transactions are balanced.

19. A method according to claim 15 further comprising transmitting unbalanced transactions to a system or entity for balancing.

20. A method according to claim 15, wherein said clearing transactions comprises periodically querying the storage system to determine transactions that are balanced and available for clearing.

21. A method according to claim 15 further comprises indicating transactions that are balanced and available for clearing.

22. A method according to claim 15, wherein accessing a storage system comprises individually accessing transactions in the storage system.

23. A method according to claim 15 further comprising individually updating a transaction in the storage system.

24. A method according to claim 15, wherein at least one transaction comprises both image data and electronic data associated with the transaction, and wherein said method further comprises storing both the image data and electronic data in the storage system such that the image data and electronic data are linked to each other.

25. A method according to claim 24 further comprising concurrently updating image data and electronic data for a transaction in the storage system.

26. A method according to claim 15, wherein said clearing transactions comprises clearing transactions based on one or more of the cost for clearing the transaction, deadlines associated with a transaction, or value of the transaction.

27. A method according to claim 15, wherein said clearing transaction comprises clearing transactions that are one or more of check deposits, lock box transactions, or credit card payments.

28. A computer program product for processing transactions in a financial system, the computer program product including a computer-readable medium having computer program code embodied therein, the computer program code comprising:

instructions for accessing a storage system comprising stored therein a storage system comprising stored therein two or more transactions, wherein each transaction comprises associated debits and credits, and wherein two or more transactions are associated with a same batch of transactions;

instructions for validating each of the transactions by determining whether each transaction is individually balanced based on the debits and credits associated with the transaction; and

instructions for clearing transactions in the batch that have been determined to be balanced irrespective of a balance status associated with other transactions associated with the batch of transactions.

29. A computer program product of claim 28, wherein said instructions for transaction clearing comprises instructions clearing transactions in the batch of transactions while other transactions in the batch remain unbalanced.

30. A computer program product of claim 28, wherein two or more transactions in the batch are related to each other and wherein said instructions for clearing transactions comprises instructions for waiting until each of the related transactions are balanced before clearing the related transactions.

31. A computer program product of claim 28, wherein said instructions for validating each of the transactions comprises instructions for determining whether each transaction in the batch is balanced, and instructions for designating which of the transactions are balanced.

32. A computer program product of claim 28, further comprising instructions for transmitting unbalanced transactions to a system or entity for balancing.

33. A computer program product of claim 28, wherein said instruction for clearing transactions comprises instructions for periodically querying the storage system to determine transactions that are balanced and available for clearing.

34. A computer program product of claim 28 further comprises instructions for indicating transactions that are balanced and available for clearing.

35. A computer program product of claim 28, wherein said instructions for accessing a storage system comprises instructions for individually accessing transactions in the storage system.

36. A computer program product of claim 28 further comprising instructions for individually updating a transaction in the storage system.

37. A computer program product of claim 28, wherein at least one transaction comprises both image data and electronic data associated with the transaction, and wherein said method further comprises instructions for storing both the image data and electronic data in the storage system such that the image data and electronic data are linked to each other.

38. A computer program product of claim 37 further comprising instructions for concurrently updating image data and electronic data for a transaction in the storage system.

39. A computer program product of claim 28, wherein said instructions for clearing transactions comprises instructions for clearing transactions based on one or more of the cost for clearing the transaction, deadlines associated with a transaction, or value of the transaction.

40. A computer program product of claim 28, wherein said instructions for clearing transactions comprises instructions for clearing transactions that are one or more of check deposits, lock box transactions, or credit card payments.