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Electronic check exchange, clearing and settlement system

  • US 5,848,400 A
  • Filed: 07/01/1996
  • Issued: 12/08/1998
  • Est. Priority Date: 07/01/1996
  • Status: Expired due to Term
First Claim
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1. An electronic financial transaction server, associated with a financial institution, comprising:

  • a first interface for receiving electronic checking transactions, each electronic checking transaction specifying a payor, a payor'"'"'s financial institution, a payee and a payee'"'"'s financial institution;

    a second interface for transferring electronic checking transactions to and from other electronic financial transaction servers associated with other financial institutions;

    a third interface for transferring electronic checking transactions to and from other computer systems associated with said financial institution;

    transaction logic for determining, for each electronic checking transaction received via said first interface, whether said received electronic checking transaction satisfies predefined integrity criteria; and

    settlement logic for clearing and settling each received electronic checking transaction by updating at least one account balance associated with at least one of the payor'"'"'s or payee'"'"'s financial institutions, and forwarding said received electronic checking transaction to at least one of the payor'"'"'s or payee'"'"'s financial institutions via said second or third interface.

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