METHOD AND APPARATUS FOR CONFIRMING A TRANSACTION

• US 20130198059A1
• Filed: 01/30/2012
• Published: 08/01/2013
• Est. Priority Date: 01/30/2012
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Santiago, Milton Jr., Scully, John E., Mallory, Darin G., Hope, Christopher
• Application Number:
  US13/361,036
• Publication Number:
  US 20130198059A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/42 Confirmation, e.g. check or permission by the legal debtor of payment

Abstract

A method and apparatus that improves treasury management functionality for a cash positioning and reporting system is provided. Several portions of the payment process may be improved. The approval process may be streamlined by providing supplemental contact information at each stage of the approval process. Confirmation of payments made via a wire transfer may be sent to a payee. A reference number from the wire transfer may be included in the confirmation. The reference number may permit tracking of the payment by the payee. Likewise, supplemental wire transfer information may be provided to a general ledger system to improve reconciliation of payments and invoices.

Claims

1. A method for confirming a transaction, the method comprising:

using a processor to execute a transfer of funds using a clearance network;

receiving, using a receiver, a reference number linked to the transfer of funds from the clearance network;

using the processor to construct a confirmation message comprising the reference number; and

transmitting the confirmation message to a payee.

2. The method of claim 1 further comprising using the processor to generate a payment order wherein the payment order authorizes the transfer of funds.

3. The method of claim 1 wherein the transfer of funds comprises a clearance number.

4. The method of claim 3 wherein the reference number is linked to the clearance number.

5. The method of claim 2 wherein the payment order is linked to a transaction number.

6. The method of claim 5 wherein the reference number is linked to a transaction number.

7. The method of claim 1 wherein the confirmation comprises an invoice.

8. The method of claim 1 wherein the confirmation comprises an amount of the funds transferred.

9. A device for confirming a transaction, the device comprising:

a transmitter that transmits a transfer of funds instruction from an originating bank to a clearance network;

a receiver that receives a reference number linked to the transfer of funds, from the clearance network; and

a processor that constructs a confirmation message comprising the reference number and for instructing the transmitter to transmit the confirmation message to a payee.

10. The device of claim 9 further comprising:

a treasury management device which uses a second processor to generate a payment order, wherein the payment order authorizes the transfer of funds from the originating bank to the clearance network.

11. The device of claim 9 wherein the transfer of funds comprises a clearance number.

12. The device of claim 11 wherein the reference number is linked to the clearance number.

13. The device of claim 10 wherein the payment order is linked to a transaction number.

14. The device of claim 13 wherein the reference number is linked to a transaction number.

15. The device of claim 9 wherein the confirmation comprises an invoice.

16. The device of claim 9 wherein the reference number is accompanied by supplemental information.

17. The device of claim 16 where in the confirmation comprised a portion of the supplemental information.

18. The device of claim 9 wherein the confirmation comprises an amount of the funds transferred.

19. One or more non-transitory computer-readable media storing computer-executable instructions Which, when executed by a processor on a computer system, perform a method for confirming a transaction, the method comprising:

using the processor to provide a transfer of funds instruction to a clearance network;

receiving, using the processor, a reference number linked to the transfer of funds from the clearance network;

using the processor to construct a confirmation comprising the reference number; and

transmitting the confirmation to a payee.

20. The media of claim 19, wherein the method further comprises using the processor to generate a payment order wherein the payment order authorizes the transfer of funds.

21. The media of claim 19 wherein the transfer of funds comprises a clearance number.

22. The media of claim 21 wherein the reference number is linked to the clearance number.

23. The media of claim 20 wherein the payment order is linked to a transaction number.

24. The media of claim 23 wherein the reference number is linked to a transaction number.

25. The media of claim 19 wherein the confirmation comprises an invoice.

26. The media of claim 19 wherein the confirmation comprises an amount of the funds transferred.