PAYMENT REAL-TIME FUNDS AVAILABILITY

• US 20160300225A1
• 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, Kulkarni, Rajesh, Weinflash, Laura
• Granted Patent: US 10,748,127 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 20/26 Debit schemes, e.g. "pay now"
• CPC Class Codes: G06Q 20/4016 involving fraud or risk level assessment in transaction processing
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules

Abstract

A method including receiving a debit message at a first financial institution to debit a first account maintained by the first financial institution based on a payment authorization for a payment amount made by a sender at a payment authorization time, the first account being held by the sender. The method also can include performing a successful debit for the payment amount from the first account maintained by the first financial institution in real-time after the payment authorization time. The method additionally can include sending a debit response from the first financial institution in real-time after the payment authorization time. 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;

receiving a debit message at a first financial institution to debit a first account maintained by the first financial institution based on a payment authorization for a payment amount made by a sender at a payment authorization time, the first account being held by the sender;

performing a successful debit for the payment amount from the first account maintained by the first financial institution in real-time after the payment authorization time;

sending a debit response from the first financial institution in real-time after the payment authorization time, the debit response indicating the successful debit of the first account maintained by the first financial institution, such that an application service provider sends 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, and such that the application service provider informs the sender in real-time after the payment authorization time of a successful credit of the second account maintained by the second financial institution, the sender being financially liable for the second account,

wherein;

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

2. The system of claim 1, wherein the computing instructions are further configured to perform, after receiving the debit message:

performing a credit for the payment amount to a first settlement account maintained by the first financial institution to account for the successful debit of the first account maintained by the first financial institution.

3. The system of claim 2, wherein:

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

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

the application service provider hosts a payment application that is accessed by the sender to perform the payment authorization.

4. The system of claim 3, wherein:

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

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

receiving a first capability inquiry at the first financial institution from the transaction system to determine whether the first account maintained by the first financial institution supports real-time payment transactions; and

sending a first capability response from the first financial institution to the transaction system indicating whether the first account maintained by the first financial institution supports the real-time payment transactions, such that the transaction system sends a second capability response to the application service provider indicating whether the first account supports the real-time payment transactions.

6. The system of claim 4, wherein:

the debit message is received from the transaction system; and

the debit response is sent to the transaction system.

7. The system of claim 4, wherein

the debit message is received from the application service provider;

and

the debit response is sent to the application service provider.

8. The system of claim 3, wherein:

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

9. The system of claim 8, wherein

the debit message is received from the application service provider;

and

the debit response is sent to the application service provider.

10. The system of claim 3, 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:

receiving a first capability inquiry at the first financial institution from the transaction system to determine whether the first account maintained by the first financial institution supports real-time payment transactions; and

sending a first capability response from the first financial institution to the transaction system indicating whether the first account maintained by the first financial institution supports the real-time payment transactions, such that the transaction system sends a second capability response to the application service provider indicating whether the first account supports the real-time payment transactions.

12. The system of claim 10, wherein:

the debit message is received from the transaction system; and

the debit response is sent to the transaction system.

13. The system of claim 1, wherein:

the debit message is received from a transaction system;

the debit response is sent to the transaction system;

the first promise-to-pay message is sent from the application service provider to the second financial institution after the application service provider receives a second debit response indicating the successful debit of the first account maintained by the first financial institution; and

the application service provider hosts a payment application that is accessed by the sender to perform the payment authorization.

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:

receiving a debit message at a first financial institution to debit a first account maintained by the first financial institution based on a payment authorization for a payment amount made by a sender at a payment authorization time, the first account being held by the sender;

performing a successful debit for the payment amount from the first account maintained by the first financial institution in real-time after the payment authorization time;

sending a debit response from the first financial institution in real-time after the payment authorization time, the debit response indicating the successful debit of the first account maintained by the first financial institution, such that an application service provider sends 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, and such that the application service provider informs the sender in real-time after the payment authorization time of a successful credit of the second account maintained by the second financial institution, the sender being financially liable for the second account,

wherein;

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

22. The method of claim 21, further comprising, after receiving the debit message:

performing a credit for the payment amount to a first settlement account maintained by the first financial institution.

23. The method of claim 21, wherein:

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

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

the application service provider hosts a payment application that is accessed by the sender to perform the payment authorization.

24. The method of claim 23, wherein:

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

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

receiving a first capability inquiry at the first financial institution from the transaction system to determine whether the first account maintained by the first financial institution supports real-time payment transactions; and

sending a first capability response from the first financial institution to the transaction system indicating whether the first account maintained by the first financial institution supports the real-time payment transactions, such that the transaction system sends a second capability response to the application service provider indicating whether the first account supports the real-time payment transactions.

26. The method of claim 24, wherein:

the debit message is received from the transaction system; and

the debit response is sent to the transaction system.

27. The method of claim 24, wherein

the debit message is received from the application service provider;

and

the debit response is sent to the application service provider.

28. The method of claim 23, wherein:

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

29. The method of claim 28, wherein

the debit message is received from the application service provider;

and

the debit response is sent to the application service provider.

30. The method of claim 23, 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:

receiving a first capability inquiry at the first financial institution from the transaction system to determine whether the first account maintained by the first financial institution supports real-time payment transactions;

sending a first capability response from the first financial institution to the transaction system indicating whether the first account maintained by the first financial institution supports the real-time payment transactions, such that the transaction system sends a second capability response to the application service provider indicating whether the first account supports the real-time payment transactions.

32. The method of claim 30, wherein:

the debit message is received from the transaction system; and

the debit response is sent to the transaction system.

33. The method of claim 21, wherein:

the debit message is received from a transaction system;

the debit response is sent to the transaction system;

the first promise-to-pay message is sent from the application service provider to the second financial institution after the application service provider receives a second debit response indicating the successful debit of the first account maintained by the first financial institution; and

the application service provider hosts a payment application that is accessed by the sender to perform the payment authorization.

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.