PAYMENT REAL-TIME FUNDS AVAILABILITY

• US 20160300207A1
• Filed: 04/18/2016
• Published: 10/13/2016
• Est. Priority Date: 03/23/2015
• Status: Active Grant

• Current Assignee: Early Warning Services, LLC
• Original Assignee: Early Warning Services, LLC
• Inventors: Novac, Gyorgyi, Hutchison, Chuck, Alexander, Lou Anne, McCormick, Austin, Weinflash, Laura, Kulkarni, Rajesh
• Granted Patent: US 10,839,359 B2
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/26 Debit schemes, e.g. "pay now"
• CPC Class Codes: G06Q 20/401 Transaction verification
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules

Abstract

A method including providing a payment application to a sender from an application service provider. The method also can include receiving a payment authorization from the sender through the payment application. The payment authorization can be made by the sender at a payment authorization time. The method additionally can include sending a first debit message from the application service provider to debit a first account maintained by a first financial institution based on the payment authorization. The method further can include receiving a first debit response at the application service provider in real-time after the payment authorization time. The method additionally can include generating a first promise-to-pay message for a second financial institution to credit a second account maintained by the second financial institution to make funds available in the second account in real-time after the payment authorization time. The method further can include sending the first promise-to-pay message. The method additionally can include receiving a first response at the application service provider indicating a successful credit of the second account maintained by the second financial institution. The method further can include sending a notification to the sender from the application service provider in real-time after the payment authorization time of the successful credit of the second account maintained by the second financial institution. Other embodiments are provided.

Claims

1. A system comprising:

one or more processing modules; and

one or more non-transitory memory storage modules storing computing instructions configured to run on the one or more processing modules and perform;

providing a payment application to a sender from an application service provider;

receiving a payment authorization from the sender through the payment application, the payment authorization being made by the sender at a payment authorization time;

sending a first debit message from the application service provider to debit a first account maintained by a first financial institution based on the payment authorization, the first account being held by the sender;

receiving a first debit response at the application service provider in real-time after the payment authorization time, the debit response indicating a successful debit of the first account maintained by the first financial institution;

generating a first promise-to-pay message for a second financial institution to credit a second account maintained by the second financial institution to make funds available in the second account in real-time after the payment authorization time, the sender being financially liable for the second account, the first promise-to-pay message being based on the successful debit of the first account maintained by the first financial institution;

sending the first promise-to-pay message;

receiving a first response at the application service provider indicating a successful credit of the second account maintained by the second financial institution; and

sending a notification to the sender from the application service provider in real-time after the payment authorization time of the successful credit of the second account maintained by the second financial institution,

wherein;

the first financial institution is different from the second financial institution.

2. The system of claim 1, wherein:

the first promise-to-pay message is sent from the application service provider to a transaction system;

a second promise-to-pay message is sent by the transaction system to the second financial institution based on the first promise-to-pay message; and

the first response is received at the application service provider from the transaction system based on a second response that was received at the transaction system from the second financial institution indicating the successful credit of the second account maintained by the second financial institution.

3. The system of claim 2, wherein:

the application service provider is a different entity from the first and second financial institutions.

4. The system of claim 3, wherein the computing instructions are further configured to perform, before the payment authorization time:

sending a first capability inquiry from the application service provider to the transaction system; and

receiving a second capability response at the application service provider from the transaction system indicating whether the first and second accounts support real-time payment transactions.

5. The system of claim 3, wherein:

the first debit message is sent from the application service provider to the transaction system to be forwarded by the transaction system to the first financial institution as a second debit message that is based on the first debit message; and

the first debit response is received at the application service provider from the transaction system based on a second debit response that was received at the transaction system from the first financial institution indicating the successful debit of the first account maintained by the first financial institution.

6. The system of claim 3, wherein

the first debit message is sent from the application service provider to the first financial institution;

and

the first debit response is received at the application service provider from the first financial institution.

7. The system of claim 2, wherein:

the application service provider is the same entity as the first financial institution.

8. The system of claim 7, wherein the computing instructions are further configured to perform, before the payment authorization time:

sending a first capability inquiry from the application service provider to the transaction system; and

receiving a second capability response at the application service provider from the transaction system indicating whether the second account supports real-time payment transactions.

9. The system of claim 7, wherein

the first debit message is sent from the application service provider to the first financial institution;

and

the first debit response is received at the application service provider from the first financial institution.

10. The system of claim 2, wherein:

the application service provider is the same entity as the second financial institution.

11. The system of claim 10, wherein the computing instructions are further configured to perform, before the payment authorization time:

sending a first capability inquiry from the application service provider to the transaction system; and

receiving a second capability response at the application service provider from the transaction system indicating whether the first account supports real-time payment transactions.

12. The system of claim 10, wherein:

the first debit message is sent from the application service provider to the transaction system to be forwarded by the transaction system to the first financial institution as a second debit message that is based on the first debit message; and

the first debit response is received at the application service provider from the transaction system based on a second debit response that was received at the transaction system from the first financial institution indicating the successful debit of the first account maintained by the first financial institution.

13. The system of claim 1, wherein:

the application service provider is the same entity as the second financial institution;

the first debit message is sent from the application service provider to the transaction system to be forwarded by the transaction system to the first financial institution as a second debit message that is based on the first debit message;

the first debit response is received at the application service provider from the transaction system based on a second debit response that was received at the transaction system from the first financial institution indicating the successful debit of the first account maintained by the first financial institution;

the first promise-to-pay message is sent from the application service provider to the second financial institution; and

the first response is received at the application service provider from the second financial institution.

14. The system of claim 1, wherein:

the first financial institution maintains a first settlement account;

the first settlement account is credited to account for the successful debit of the first account maintained by the first financial institution;

the second financial institution maintains a second settlement account;

the second settlement account is debited to account for the successful credit of the second account maintained by the second financial institution; and

funds are transferred from the first settlement account to the second settlement account in a settlement completion.

15. The system of claim 14, wherein:

the settlement completion is part of a net settlement as a single item ACH.

16. The system of claim 14, wherein:

the settlement completion is part of a net settlement as part of a batch ACH.

17. The system of claim 14, wherein:

the settlement completion is part of a net settlement as part of a wire advice file.

18. The system of claim 14, wherein:

the successful credit of the second account maintained by the second financial institution involves a hard credit to the second account in real-time after the payment authorization time.

19. The system of claim 14, wherein:

the settlement completion involves the funds being transferred through a third settlement account of a payment processor.

20. The system of claim 14, wherein:

the settlement completion occurs in real-time after the payment authorization time.

21. A 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:

providing a payment application to a sender from an application service provider;

receiving a payment authorization from the sender through the payment application, the payment authorization being made by the sender at a payment authorization time;

sending a first debit message from the application service provider to debit a first account maintained by a first financial institution based on the payment authorization, the first account being held by the sender;

receiving a first debit response at the application service provider in real-time after the payment authorization time, the debit response indicating a successful debit of the first account maintained by the first financial institution;

generating a first promise-to-pay message for a second financial institution to credit a second account maintained by the second financial institution to make funds available in the second account in real-time after the payment authorization time, the sender being financially liable for the second account, the first promise-to-pay message being based on the successful debit of the first account maintained by the first financial institution;

sending the first promise-to-pay message;

receiving a first response at the application service provider indicating a successful credit of the second account maintained by the second financial institution; and

sending a notification to the sender from the application service provider in real-time after the payment authorization time of the successful credit of the second account maintained by the second financial institution,

wherein;

the first financial institution is different from the second financial institution.

22. The method of claim 21, wherein:

the first promise-to-pay message is sent from the application service provider to a transaction system;

a second promise-to-pay message is sent by the transaction system to the second financial institution based on the first promise-to-pay message;

the first response is received at the application service provider from the transaction system based on a second response that was received at the transaction system from the second financial institution indicating the successful credit of the second account maintained by the second financial institution.

23. The method of claim 22, wherein:

the application service provider is a different entity from the first and second financial institutions.

24. The method of claim 23, further comprising, before the payment authorization time:

sending a first capability inquiry from the application service provider to the transaction system; and

receiving a second capability response at the application service provider from the transaction system indicating whether the first and second accounts support real-time payment transactions.

25. The method of claim 23, wherein:

the first debit message is sent from the application service provider to the transaction system to be forwarded by the transaction system to the first financial institution as a second debit message that is based on the first debit message; and

the first debit response is received at the application service provider from the transaction system based on a second debit response that was received at the transaction system from the first financial institution indicating the successful debit of the first account maintained by the first financial institution.

26. The method of claim 23, wherein

the first debit message is sent from the application service provider to the first financial institution;

and

the first debit response is received at the application service provider from the first financial institution.

27. The method of claim 22, wherein:

the application service provider is the same entity as the first financial institution.

28. The method of claim 27, further comprising, before the payment authorization time:

sending a first capability inquiry from the application service provider to the transaction system; and

receiving a second capability response at the application service provider from the transaction system indicating whether the second account supports real-time payment transactions.

29. The method of claim 27, wherein

the first debit message is sent from the application service provider to the first financial institution;

and

the first debit response is received at the application service provider from the first financial institution.

30. The method of claim 22, wherein:

the application service provider is the same entity as the second financial institution.

31. The method of claim 30, further comprising, before the payment authorization time:

sending a first capability inquiry from the application service provider to the transaction system; and

receiving a second capability response at the application service provider from the transaction system indicating whether the first account supports real-time payment transactions.

32. The method of claim 30, wherein:

the first debit message is sent from the application service provider to the transaction system to be forwarded by the transaction system to the first financial institution as a second debit message that is based on the first debit message; and

the first debit response is received at the application service provider from the transaction system based on a second debit response that was received at the transaction system from the first financial institution indicating the successful debit of the first account maintained by the first financial institution.

33. The method of claim 21, wherein:

the application service provider is the same entity as the second financial institution;

the first debit message is sent from the application service provider to the transaction system to be forwarded by the transaction system to the first financial institution as a second debit message that is based on the first debit message;

the first debit response is received at the application service provider from the transaction system based on a second debit response that was received at the transaction system from the first financial institution indicating the successful debit of the first account maintained by the first financial institution;

the first promise-to-pay message is sent from the application service provider to the second financial institution; and

the first response is received at the application service provider from the second financial institution.

34. The method of claim 21, wherein:

the first financial institution maintains a first settlement account;

the first settlement account is credited to account for the successful debit of the first account maintained by the first financial institution;

the second financial institution maintains a second settlement account;

the second settlement account is debited to account for the successful credit of the second account maintained by the second financial institution; and

funds are transferred from the first settlement account to the second settlement account in a settlement completion.

35. The method of claim 34, wherein:

the settlement completion is part of a net settlement as a single item ACH.

36. The method of claim 34, wherein:

the settlement completion is part of a net settlement as part of a batch ACH.

37. The method of claim 34, wherein:

the settlement completion is part of a net settlement as part of a wire advice file.

38. The method of claim 34, wherein:

the successful credit of the second account maintained by the second financial institution involves a hard credit to the second account in real-time after the payment authorization time.

39. The method of claim 34, wherein:

the settlement completion involves the funds being transferred through a third settlement account of a payment processor.

40. The method of claim 34, wherein:

the settlement completion occurs in real-time after the payment authorization time.