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REAL-TIME DETERMINATION OF FUNDS AVAILABILITY FOR CHECKS AND ACH ITEMS

  • US 20160283918A1
  • Filed: 03/23/2015
  • Published: 09/29/2016
  • Est. Priority Date: 03/23/2015
  • Status: Active Grant
First Claim
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1. A method to facilitate determining an availability of funds for a payment item, the method comprising:

  • providing a processing mechanism in data communication through a network with a first entity and a plurality of depository financial institutions, the plurality of depository financial institutions comprising a second entity;

    receiving a first inquiry at the processing mechanism through the network from the first entity, the first inquiry being received from the first entity in real time after the first entity receives the payment item;

    storing the first inquiry received from the first entity;

    sending a second inquiry from the processing mechanism through the network to the second entity in real time after receiving the first inquiry, the second inquiry being based at least in part on the first inquiry;

    receiving a first response at the processing mechanism through the network from the second entity, the first response being sent by the second entity in real time in response to receiving the second inquiry;

    storing the first response received from the second entity; and

    sending a second response from the processing mechanism through the network to the first entity in real time after receiving the first response, the second response being based at least in part on the first response,wherein;

    the second entity is specified by the payment item as being responsible for paying the payment item;

    the first entity is different from the second entity; and

    the first and second responses each comprise a payment likelihood indicator provided by the second entity that indicates a likelihood of the second entity to pay the payment item, the payment likelihood indicator being based at least in part on a current status and a current available balance of an account maintained by the second entity that is specified by the payment item for payment of the payment item.

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