Enhanced Least Cost Routing of Fund Transfer Transactions

• US 20110246358A1
• Filed: 06/11/2010
• Published: 10/06/2011
• Est. Priority Date: 03/31/2010
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Booth, Gregory Lee, Blackhurst, Jason P., Holcomb, Amanda Jane
• Application Number:
  US12/814,288
• Publication Number:
  US 20110246358A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

Systems, apparatuses, and methods are illustrated for enhancing the transfer of funds. Aspects of the disclosure relate to enhancing the transfer of funds using a plurality of factors, such as speed factors, quality factors, cost factors, and/or priority factors. Users sometimes desire to remotely transfer funds from their account (i.e., payor account) to a payee, but are ambivalent as to the delivery mechanism their financial institution uses to perform the transfer. Systems and methods are disclosed to assist in selecting delivery mechanism to transfer funds in an enhanced manner.

Claims

1. A computer-implemented method, comprising:

receiving a fund transfer transaction at a computing device, where the fund transfer transaction includes electronic payee information configured to enable identification of a payee of a transfer of funds from a payor'"'"'s account to the payee, and where the fund transfer transaction does not indicate a required delivery mechanism for the transfer of funds;

calculating, using a processor of the computing device, a score for each of a plurality of delivery mechanisms based on a plurality of criteria;

selecting, based on the scores, an appropriate delivery mechanism configured to receive the fund transfer transaction for processing; and

sending the fund transfer transaction to the appropriate delivery mechanism.

2. The method of claim 1, where the plurality of criteria comprises speed factors, quality factors, cost factors, and priority factors.

3. The method of claim 1, where the plurality of criteria comprises priority factors.

4. The method of claim 3, further comprising:

receiving, for each of the plurality of delivery mechanisms, a priority sequence number configurable by a business user, where the priority factors comprise the priority sequence numbers.

5. The method of claim 1, where the plurality of criteria comprises speed factors.

6. The method of claim 1, where the plurality of criteria comprises quality factors.

7. The method of claim 6, further comprising:

receiving, for each of the plurality of delivery mechanisms, a payment claims rate, where the quality factors comprise the payment claims rate.

8. The method of claim 1, where the plurality of criteria comprises cost factors.

9. The method of claim 1, where the appropriate delivery mechanism is at least one of:

a third-party intermediary, automated clearing house network, and electronic check service.

10. The method of claim 2, where the fund transfer transaction is automatically recurring at a predetermined time interval.

11. An apparatus comprising:

an electronic processor for executing computer-executable instructions;

an electronic memory storing computer-executable instructions that when executed by the processor cause the apparatus to perform steps comprising;

process a fund transfer transaction received at a computer network of a financial institution, where the fund transfer transaction does not indicate a required delivery mechanism for a transfer of a payor'"'"'s funds;

calculate a score for each of a plurality of delivery mechanisms based on a plurality of criteria;

select, based on the scores, an appropriate delivery mechanism configured to receive the fund transfer transaction; and

send the fund transfer transaction using the appropriate delivery mechanism; and

a communications module for at least receiving and sending fund transfer transactions.

12. The apparatus of claim 11, where the plurality of delivery mechanisms comprise a third-party intermediary, automated clearing house network, and electronic check service.

13. The apparatus of claim 11, where the plurality of criteria comprises speed factors, quality factors, cost factors, and priority factors.

14. The apparatus of claim 11, where the plurality of criteria comprises priority factors.

15. The apparatus of claim 14, where the memory further stores computer-executable instructions that when executed by the processor cause the apparatus to perform steps comprising:

receive, for each of the plurality of delivery mechanisms, a priority sequence number, where the priority factors comprise the priority sequence numbers.

16. The apparatus of claim 11, where the plurality of criteria comprises speed factors and cost factors.

17. The apparatus of claim 11, where the plurality of criteria comprises quality factors, where the memory further stores computer-executable instructions that when executed by the processor cause the apparatus to perform steps comprising:

receive, for each of the plurality of delivery mechanisms, a payment claims rate, where the quality factors comprise the payment claims rate.

18. A tangible computer-readable medium storing computer-executable instructions that, when executed, cause a processor to perform a method comprising:

process a fund transfer transaction received at a financial institution, where the fund transfer transaction does not indicate a delivery mechanism for a transfer of a payor'"'"'s funds;

calculate a score for each of a plurality of delivery mechanisms based on a plurality of criteria;

select, based on the scores, an appropriate delivery mechanism configured to receive the fund transfer transaction; and

send the fund transfer transaction to the appropriate delivery mechanism.

19. The computer-readable medium of claim 18, where the plurality of delivery mechanisms comprise a third-party intermediary, automated clearing house network, and electronic check service, and where the plurality of criteria comprises speed factors, quality factors, cost factors, and priority factors.

20. The computer-readable medium of claim 18, further storing computer-executable instructions that when executed cause the processor to perform a method comprising,

receive, for each of the plurality of delivery mechanisms, a priority sequence number, where the plurality of criteria comprises the priority sequence numbers.