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System for expediting the clearing of financial instruments and coordinating the same with invoice processing at the point of receipt

DC CAFC
  • US 5,930,778 A
  • Filed: 07/11/1996
  • Issued: 07/27/1999
  • Est. Priority Date: 11/22/1993
  • Status: Expired due to Term
First Claim
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1. A mechanism for effecting the deposit and submission into a payment system of financial instruments for the collection of finds represented by financial instruments, containing financial information about a payment, the financial instruments being drawn on different payor institutions and received, accompanied by a payment stub identifier, by a payee at a location convenient to a payee'"'"'s item capture facility and remote from the payee'"'"'s depository bank, comprising the interconnected:

  • a) scanner at the location for scanning each financial instrument and deriving financial information from each of said instruments and converting said information into a first information record as to each said instrument;

    b) means for associating said financial information with the payee'"'"'s records of accounts based upon information derived from the payment stub accompanying the instrument for further processing by the payee;

    c) imager for creating a second record translatable into a visually perceptible image of each of said financial instruments;

    d) an archive for storing said records;

    e) first communication link between said location and said payee'"'"'s depository bank for transmitting said financial information from said location to said depository bank;

    for transmitting process control instructions from said depository bank to said location; and

    for communicating verification of transmission and receipt of information and instructions between the location and the bank;

    f) processor for adding document identifiers and routing information to the first information record of each instrument to create a unique record thereof;

    g) sorter for separating said unique records into predetermined categories determined by the depository bank and for assembling bundles of said unique records into the categories and associating said bundles with electronic cash letter information;

    h) second communication link between one or both of said location and the depository bank and the payment system for transmitting said bundled records accompanied by their respective cash letters into said payment system for ultimate payment by the payor institution for each of said instruments; and

    ,i) controller for controlling and coordinating transmissions between said first location, said depository bank and said payment system in accordance with predetermined criteria established by the bank.

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