METHOD AND SYSTEM FOR FACILITATING NETWORK TRANSACTION PROCESSING
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Accused Products
Abstract
According to one embodiment, the present invention relates to a method and a system for facilitating settlement processing within a network of financial institutions may include receiving one or more payment items from a plurality of payment entities, at a centralized agent; aggregating the payment items into one or more categories; identifying a payee financial institution and a payor financial institution for each payment items, wherein the payee financial institution and the payor financial institution are different; determining whether the payee financial institution and the payor financial institution are within the network of financial institutions; for the payee and payor within the network, determining at the centralized agent a settlement path within the network of financial institutions for each payment item; and for the payee and payor that are not within the network, forwarding the payment items to a third party settlement entity.
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Citations
48 Claims
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1-24. -24. (canceled)
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25. A computer implemented method for facilitating settlement processing within a network of financial institutions, wherein the method is executed by a programmed computer processor which communicates with a user via a communication network, the computer implemented method comprising the steps of:
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receiving, at a receive module using the programmed computer processor, one or more payment items from a plurality of payment entities via the communication network, at a centralized agent; aggregating, at an aggregate module using the programmed computer processor, the one or more payment items into one or more categories; identifying, at a decision module using the programmed computer processor, a payee financial institution and a payor financial institution for each payment item, wherein the payee financial institution and the payor financial institution are different; determining, at a settlement module using the programmed computer processor, whether the payee financial institution and the payor financial institution are within the network of financial institutions; for the payee financial institution and the payor financial institution within the network of financial institutions, determining a settlement path within the network of financial institutions for at least one of the one or more payment items; and for the payee financial institution and the payor financial institution that are not within the network of financial institutions, forwarding at least one of the one or more payment items to a third party settlement entity for settlement processing. - View Dependent Claims (26, 27, 28, 29, 30, 31, 32, 33, 34, 35)
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36. A computer implemented method for facilitating settlement processing within a network of financial institutions, wherein the method is executed by a programmed computer processor which communicates with a user via a communication network, the computer implemented method comprising the steps of:
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receiving, at a receive module using the programmed computer processor, one or more payment items from a plurality of payment entities via the communication network, at a centralized agent; aggregating, at an aggregate module using the programmed computer processor, the one or more payment items into one or more categories; sorting, at a sorting module using the programmed computer processor, the payment items into on-us items and transit items; identifying, at a decision module using the programmed computer processor, a payee financial institution and a payor financial institution for each payment items, wherein the payee financial institution and the payor financial institution are different; determining, at a settlement module using the programmed computer processor, whether the payee financial institution and the payor financial institution are within the network of financial institutions; for the payee financial institution and the payor financial institution within the network of financial institutions, determining a settlement path within the network of financial institutions for at least one of the one or more payment items; for the payee financial institution and the payor financial institution that are not within the network of financial institutions, forwarding at least one of the one or more payment items to a third party settlement entity for settlement processing; and providing access to data specific to payment items through an interface provided by the centralized agent, wherein the interface is customized based on user specific criteria; wherein a non-network entity accesses the centralized agent for data exchange with at least one entity within the network and wherein a payment entity leverages the centralized agent'"'"'s infrastructure for processing payment items.
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37. A computer implemented system for facilitating settlement processing within a network of financial institutions, wherein the system comprises at least a programmed computer processor which communicates with a user via a communication network, the computer implemented system comprising:
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a receive module configured to receive one or more payment items from a plurality of payment entities via the communication network; an aggregate module configured to aggregate the one or more payment items into one or more categories; a decision module configured to identify a payee financial institution and a payor financial institution for each payment items, wherein the payee financial institution and the payor financial institution are different and determining whether the payee financial institution and the payor financial institution are within the network of financial institutions; and a settlement module configured to determine a settlement path within the network of financial institutions for each payment item for the payee financial institution and the payor financial institution within the network of financial institutions and forwarding the payment items to a third party settlement entity for settlement processing for the payee financial institution and the payor financial institution that are not within the network of financial institutions. - View Dependent Claims (38, 39, 40, 41, 42, 43, 44, 45, 46, 47)
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48. A computer implemented system for facilitating settlement processing within a network of financial institutions, wherein the system comprises at least a programmed computer processor which communicates with a user via a communication network, the computer implemented system comprising:
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a receive module configured to receive one or more payment items from a plurality of payment entities via the communication network; an aggregate module configured to aggregate the one or more payment items into one or more categories and sorting the payment items into on-us items and transit items; a decision module configured to identify a payee financial institution and a payor financial institution for each payment items, wherein the payee financial institution and the payor financial institution are different and determining whether the payee financial institution and the payor financial institution are within the network of financial institutions; a settlement module configured to determine a settlement path within the network of financial institutions for each payment item for the payee financial institution and the payor financial institution within the network of financial institutions and forwarding the payment items to a third party settlement entity for settlement processing for the payee financial institution and the payor financial institution that are not within the network of financial institutions; and an interface configured to provide access to data specific to payment items, wherein the interface is customized based on user specific criteria; wherein the receive module, the aggregate module, the decision module, the settlement module and the interface reside at a centralized agent and wherein a non-network entity accesses the centralized agent for data exchange with at least one entity within the network and wherein a payment entity leverages the centralized agent'"'"'s infrastructure for processing payment items.
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Specification