REAL-TIME DETERMINATION OF FUNDS AVAILABILITY FOR CHECKS AND ACH ITEMS
First Claim
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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Accused Products
Abstract
A method including: providing a processing mechanism in data communication through a network with a first entity and a plurality of depository financial institutions; receiving a first inquiry at the processing mechanism through the network from the first entity; 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; receiving a first response at the processing mechanism through the network from the second entity; 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. Other embodiments are provided.
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Citations
70 Claims
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1. A method to facilitate determining an availability of funds for a payment item, the method comprising:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A system to facilitate determining an availability of funds for a payment item, the system comprising:
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one or more processing modules 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; and one or more non-transitory memory storage modules storing computing instructions configured to run on the one or more processing modules and perform the acts of; receiving a first inquiry 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 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 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 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. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A method to facilitate determining an availability of funds for a payment item, the method being implemented via execution of computer instructions configured to run at one or more processing modules and configured to be stored at one or more non-transitory memory storage modules, the method comprising:
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receiving a first inquiry through a network from a first entity, wherein the first inquiry is received from the first entity in real time after the first entity receives the payment item; determining a routing decision of whether or not to route the first inquiry to a second entity, wherein the second entity is a depository financial institution that is specified by the payment item as responsible for paying the payment item, and the routing decision is based at least in part on a risk of non-payment of the payment item by the second entity; if the routing decision is to not route the first inquiry to the second entity; sending a first response through the network to the first entity in real time after receiving the first inquiry; and if the routing decision is to route the first inquiry to the second entity; sending a second inquiry 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 second response through the network from the second entity, the second response being sent by the second entity in real time in response to receiving the second inquiry; storing the second response received from the second entity; and sending a third response through the network to the first entity in real time after receiving the second response, the third response being based at least in part on the second response, wherein; the first entity is different from the second entity. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45)
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46. A system to facilitate determining an availability of funds for a payment item, the system comprising:
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one or more processing modules in data communication through a network with a first entity and a second entity; and one or more non-transitory memory storage modules storing computing instructions configured to run on the one or more processing modules and perform the acts of; receiving a first inquiry through the network from the first entity, wherein the first inquiry is received from the first entity in real time after the first entity receives the payment item; determining a routing decision of whether or not to route the first inquiry to the second entity, wherein the second entity is a depository financial institution that is specified by the payment item as responsible for paying the payment item, and the routing decision is based at least in part on a risk of non-payment of the payment item by the second entity; if the routing decision is to not route the first inquiry to the second entity; sending a first response through the network to the first entity in real time after receiving the first inquiry; and if the routing decision is to route the first inquiry to the second entity; sending a second inquiry 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 second response through the network from the second entity, the second response being sent by the second entity in real time in response to receiving the second inquiry; storing the second response received from the second entity; and sending a third response through the network to the first entity in real time after receiving the second response, the third response being based at least in part on the second response, wherein; the first entity is different from the second entity. - View Dependent Claims (47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70)
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Specification