FINANCIAL DOCUMENT PROCESSING SYSTEM

• US 20140012754A1
• Filed: 07/06/2012
• Published: 01/09/2014
• Est. Priority Date: 07/06/2012
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: HANSON, Carrie Anne, ENSCOE, Scott R., WITTKOWSKI, Alexander C., GRIGG, David M., DAVID, Daniel, DINTENFASS, Katherine, HERNANDEZ, Ray R., NEWMAN, Brett, KOPELOW, Leo, LI, Yameng, CHEN, Nicole, SHARP, Nicholas
• Application Number:
  US13/543,676
• Publication Number:
  US 20140012754A1
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists

Abstract

Embodiments of the invention relate to systems, methods, and computer program products for providing a financial document processing system. The system receives an image of a financial document, such as a check, and identifies at least a transaction amount from the financial document. Then the system determines account information associated with the financial document. The system may identify a routing and account number on the financial document or identify the document based on a name on the document. Once the transaction amount and account information are known, the system determines a prospective balance for a financial account based on the account information and the transaction amount. If there are funds at least equal to the transaction amount in the financial account, the system validates the transactions. In some embodiments, the system also immediately updates the balance of the account and/or offers to complete the transaction.

Claims

1. A financial document processing system, the system comprising:

a memory device;

a communication device; and

a processing device, operatively coupled to the memory device and the communication device, and configured to execute computer-readable program code to;

receive, via the communication device, an image of a financial document, wherein the image of the financial document comprises a transaction amount;

determine, via a computing device processor, account information comprising a current balance in a financial account associated with the financial document;

determine an account balance trend in the financial account based on a transaction history of the financial account, wherein the account balance trend comprises recurring expenses and recurring deposits in the financial account;

determine, via a computing device processor, a prospective balance for a financial account based on the account information, the account balance trend, and the transaction amount;

determine that the prospective balance is positive for a predetermined time period based on the account balance trend, the account balance, and the transaction amount; and

validate the transaction based on the prospective balance when the account balance trend indicates positive funds will remain in the financial account by the end of the predetermined time period based on the trend and the transaction amount.

3. The system of claim 1, further comprising immediately updating a balance of the financial account based on the transaction amount.

4. The system of claim 3, wherein the updating displays the balance based on the transaction amount but does not transfer funds until the financial document is processed by standard means.

5. The system of claim 1, wherein the computer-readable program code is further configured to:

offer to complete the transaction wirelessly;

receive instructions from a user;

determine an identity of the user; and

complete the transaction when the user is authorized to perform the transaction.

2. (canceled)

6. (canceled)

7. The system of claim 6, further comprising identifying the financial document based on the location of at least two elements in the image relative to one another, wherein the location of the two elements corresponds to a known location of elements in a financial document.

8. A financial document processing computer program product, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:

an executable portion configured for receiving an image of a financial document, wherein the image of the financial document comprises a transaction amount;

an executable portion configured for determining account information comprising a current balance in a financial account associated with the financial document;

an executable portion configured for determining an account balance trend in the financial account based on a transaction history of the financial account, wherein the account balance trend comprises recurring expenses and recurring deposits in the financial account;

an executable portion configured for determining a prospective balance for a financial account based on the account information, the account balance trend, and the transaction amount;

an executable portion configured for determining that the prospective balance is positive for a predetermined time period based on the account balance trend, the account balance, and the transaction amount; and

an executable portion configured for validating the transaction based on the prospective balance when the account balance trend indicates positive funds will remain in the financial account by the end of the predetermined time period based on the trend and the transaction amount.

10. The computer program product of claim 8, further comprising immediately updating a balance of the financial account based on the transaction amount.

11. The computer program product of claim 10, wherein the updating displays the balance based on the transaction amount but does not transfer funds until the financial document is processed by standard means.

12. The computer program product of claim 8, further comprising an executable portion configured to:

offer to complete the transaction wirelessly;

receive instructions from a user;

determine an identity of the user; and

complete the transaction when the user is authorized to perform the transaction.

9. (canceled)

13. (canceled)

14. A financial document processing method, the method comprising:

receiving an image of a financial document, wherein the image of the financial document comprises a transaction amount;

determining, via a computing device processor, account information comprising a current balance in a financial account associated with the financial document;

determining an account balance trend in the financial account based on a transaction history of the financial account, wherein the account balance trend comprises recurring expenses and recurring deposits in the financial account;

determining, via a computing device processor, a prospective balance for a financial account based on the account information, the account balance trend, and the transaction amount;

determining that the prospective balance is positive for a predetermined time period based on the account balance trend, the account balance, and the transaction amount; and

validating the transaction based on the prospective balance when the account balance trend indicates positive funds will remain in the financial account by the end of the predetermined time period based on the trend and the transaction amount.

16. The method of claim 14, further comprising immediately updating a balance of the financial account based on the transaction amount.

17. The method of claim 16, wherein the updating displays the balance based on the transaction amount but does not transfer funds until the financial document is processed by standard means.

18. The method of claim 14, further comprising:

offering to complete the transaction wirelessly;

receiving instructions from a user;

determining an identity of the user; and

completing the transaction when the user is authorized to perform the transaction.

20. The method of claim 14, further comprising identifying the financial document based on the location of at least two elements in the image relative to one another, wherein the location of the two elements corresponds to a known location of elements in a financial document.

15. (canceled)

19. (canceled)