PAYMENT REAL-TIME FUNDS AVAILABILITY

• US 20160300226A1
• 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 10,832,246 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 20/4016 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 first promise-to-pay message at a second financial institution. The method also can include performing a successful credit for the payment amount to 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 additionally can include sending a first response from the second financial institution indicating the successful credit of the second account maintained by the second financial institution to inform at least the sender 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;

receiving a first promise-to-pay message at a second financial institution, the first promise-to-pay message being based on a successful debit of a first account maintained by a first financial institution, the successful debit of the first account being based on a payment authorization for a payment amount made by a sender at a payment authorization time, and the first account being held by the sender;

performing a successful credit for the payment amount to 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; and

sending a first response from the second financial institution indicating the successful credit of the second account maintained by the second financial institution to inform at least the sender 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 computing instructions are further configured to perform, after receiving the first promise-to-pay message:

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

3. The system of claim 1, wherein:

the first promise-to-pay message is received at the second financial institution from a transaction system based on a second promise-to-pay message sent from an application service provider to the transaction system; and

the first response is sent from the second financial institution to the transaction system, such that a second response is sent from the transaction system to the application service provider indicating the successful credit of the second account maintained by the second financial institution, and such that the application service provider informs the sender in real-time after the payment authorization time of the successful credit of the second account maintained by the second financial institution.

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 second financial institution from the transaction system to determine whether the second account maintained by the second financial institution supports real-time payment transactions; and

sending a first capability response from the second financial institution to the transaction system indicating whether the second account maintained by the second 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 and second accounts support the real-time payment transactions.

6. The system of claim 4, wherein:

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

the first debit response received at the application service provider is 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.

7. The system of claim 4, wherein

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

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 computing instructions are further configured to perform, before the payment authorization time:

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

sending a first capability response from the second financial institution to the transaction system indicating whether the second account maintained by the second 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 second account supports the real-time payment transactions.

10. The system of claim 8, wherein

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

11. The system of claim 3, wherein:

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

12. The system of claim 11, wherein:

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

the first debit response received at the application service provider is 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 first promise-to-pay message is received at the second financial institution from an application service provider;

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

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 first debit response from the transaction system indicating the successful debit of the first account maintained by the first financial institution; and

the first debit response received at the application service provider is 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.

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 first promise-to-pay message at a second financial institution, the first promise-to-pay message being based on a successful debit of a first account maintained by a first financial institution, the successful debit of the first account being based on a payment authorization for a payment amount made by a sender at a payment authorization time, and the first account being held by the sender;

performing a successful credit for the payment amount to 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; and

sending a first response from the second financial institution indicating the successful credit of the second account maintained by the second financial institution to inform at least the sender 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 computing instructions are further configured to perform, after receiving the first promise-to-pay message:

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

23. The method of claim 21, wherein:

the first promise-to-pay message is received at the second financial institution from a transaction system based on a second promise-to-pay message sent from an application service provider to the transaction system; and

the first response is sent from the second financial institution to the transaction system, such that a second response is sent from the transaction system to the application service provider indicating the successful credit of the second account maintained by the second financial institution, and such that the application service provider informs the sender in real-time after the payment authorization time of the successful credit of the second account maintained by the second financial institution.

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, wherein the computing instructions are further configured to perform, before the payment authorization time:

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

sending a first capability response from the second financial institution to the transaction system indicating whether the second account maintained by the second 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 and second accounts support the real-time payment transactions.

26. The method of claim 24, wherein:

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

the first debit response received at the application service provider is 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.

27. The method of claim 24, wherein

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

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 computing instructions are further configured to perform, before the payment authorization time:

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

sending a first capability response from the second financial institution to the transaction system indicating whether the second account maintained by the second 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 second account supports the real-time payment transactions.

30. The method of claim 28, wherein

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

31. The method of claim 23, wherein:

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

32. The method of claim 31, wherein:

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

the first debit response received at the application service provider is 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 first promise-to-pay message is received at the second financial institution from an application service provider;

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

the first response is sent from the second financial institution to the application service provider;

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 first debit response from the transaction system indicating the successful debit of the first account maintained by the first financial institution; and

the first debit response received at the application service provider is 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.

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.