APPARATUSES, METHODS AND SYSTEMS FOR A DEPOSIT PROCESS MANAGER DECISIONING ENGINE

• US 20100312705A1
• Filed: 06/18/2007
• Published: 12/09/2010
• Est. Priority Date: 06/18/2006
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Caruso, Sal, MaCklin, James Kennedy
• Granted Patent: US 8,275,715 B2
• Time in Patent Office: Days
• US Class Current: 705/45
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

The disclosure details the implementation of apparatuses, methods, and systems for a deposit process manager (“DP-Manager”) including aspects of a decisioning engine, aspects of a deposit delay component, and of a de-queueing component. The DPManager is supported by the first workflow process engine in the financial industry to provide end-to-end solutions for complex brokerage and retirement deposits and check clearing. The DPManager can automatically route checks to be cleared electronically at numerous banks/clearing entities based on routing number, time of day, bank fees and float expense. The DPManager can capture data electronically without manual intervention with deposit slips. In one embodiment, the new deposit validation process begins with a scanner installed in every branch. Once a check is scanned, the Deposit Process Management system takes over intelligent processing through several sub-systems. These subsystems include systematic edits including account, product and risk management checking numerous databases to completely automate the deposit validation process. One inventive aspect of the DPManager determines deposit delays based on the characteristics of the check deposited, the writer of the check, the deposit profile of the client, and/or other information. In one embodiment, the delay component employs a matrix that combines check data with industry data and client behavior to determine client funds availability. This delay smoothes the deposit process, allows for greater verification, reduction of errors, and minimization of fraudulent transactions. Another embodiment of the DPManager provides a de-queue facility that enhances error detection, correction and fraud detection when processing deposits In another embodiment, the DPManager has a decisioning engine that employs an ABA/Clearing Entities matrix for optimizing selections of clearing entities for deposits.

Claims

1. A processor-implemented method for deposit process management, comprising:

obtaining a preliminary image of an original deposit,

wherein the original deposit includes a financial instrument and a deposit slip,

wherein the financial instrument is a check;

determining a quality of the preliminary deposit image;

accepting the preliminary deposit image as a deposit replacement image if the determined quality of the preliminary deposit image meets a specified quality threshold,

wherein the specified quality threshold is obtained from a quality rules database,

sending the preliminary deposit image for re-evaluation if the determined quality of the preliminary deposit image does not meet a specified quality threshold;

providing the deposit replacement image for assessment,

wherein the deposit replacement image is provided to and saved in a database;

discerning deposit component information from the deposit replacement image;

determining an optimum clearing solution for the deposit,

wherein a decisioning engine makes the determination,

wherein determining the optimum clearing solution comprises;

comparing discerned deposit component information to a database to determine the number of clearing entities that can provide same day clearing for the deposit and which have a cut-off time after the current time plus a buffer time;

determining the clearing entity with the lowest same day clearing cost if there is at least one clearing entity that can provide same day clearing for the deposit and which has a cut-off time after the current time plus a buffer time;

comparing discerned deposit component information the database to determine the number of clearing entities that can provide next day clearing for deposit;

determining the clearing entity with the lowest next day clearing cost if there is at least one clearing entity that can provide next day clearing for the deposit;

determining the one day interest cost associated with the deposit;

comparing the one day interest cost to the same day clearing cost of the lowest same day cost clearing entity if there is at least one clearing entity that can provide same day clearing for the deposit and has a cut-off time after the current time plus a buffer time;

selecting same day clearing via the lowest same day cost clearing entity if the one day interest cost is greater than the same day cost of the lowest same day cost clearing entity;

selecting next day clearing via the clearing entity with the lowest next day clearing cost if there is no clearing entity that can provide same day clearing for the deposit and which has a cut-off time after the current time plus a buffer time;

comparing the one day interest cost plus the next day clearing cost of the lowest next day clearing entity to the same day clearing cost of the lowest same day cost clearing entity if there is at least one clearing entity that can provide same day clearing for the deposit and has a cut-off time after the current time plus a buffer time and if the one day interest cost is less than the same day cost of the lowest same day cost clearing entity;

selecting next day clearing via the clearing entity with the lowest next day clearing cost if the one day interest cost plus the next day clearing cost of the lowest next day clearing entity is less than the same day clearing cost of the lowest same day cost clearing entity;

selecting same day clearing via the clearing entity with the lowest same day clearing cost if the one day interest cost plus the next day clearing cost of the lowest next day clearing entity is not less than the same day clearing cost of the lowest same day cost clearing entity; and

clearing the deposit via the optimum clearing solution.

2. A processor-implemented method for deposit process management, comprising:

obtaining a preliminary image of an original deposit;

determining a quality of the preliminary deposit image;

accepting the preliminary deposit image as a deposit replacement image if the determined quality of the preliminary deposit image meets a specified quality threshold;

sending the preliminary deposit image for reevaluation if the determined quality of the preliminary deposit image does not meet a specified quality threshold;

providing the deposit replacement image for assessment;

discerning deposit component information from the deposit replacement image; and

determining an optimum clearing solution for the deposit.

3. The method of claim 2, wherein the original deposit includes a financial instrument and a deposit slip.

4. The method of claim 3, wherein the financial instrument is a check.

5. The method of claim 2, wherein the specified quality threshold is obtained from a quality rules database.

6. The method of claim 2, wherein the reevaluation is manual.

7. The method of claim 2, wherein the reevaluation is automatic.

8. The method of claim 2, wherein the deposit replacement image is provided to and saved in a database.

9. The method of claim 2, further comprising removing the original deposit from circulation.

10. The method of claim 9, wherein the original deposit is destroyed.

11. The method of claim 2, wherein discerned deposit component information includes a signature.

12. The method of claim 2, wherein discerned deposit component information includes payee information.

13. The method of claim 2, wherein discerned deposit component information includes a deposit amount.

14. The method of claim 2, wherein discerned deposit component information includes payor information.

15. The method of claim 2, wherein discerned deposit component information includes a routing number.

16. The method of claim 2, wherein discerned deposit component information includes an account number.

17. The method of claim 2, wherein discerned deposit component information includes depositor information.

18. The method of claim 2, wherein discerned deposit component information includes MICR information.

19. The method of claim 2, wherein discerned deposit component information includes an ABA number.

20. The method of claim 2, wherein discerned deposit component information includes a DDA number.

21-912. -912. (canceled)