System for expediting the clearing of financial instruments and coordinating the same with invoice processing at the point of receipt
DC CAFCFirst Claim
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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Accused Products
Abstract
A system and process are described for effecting the expedited submission into the payment system for collection of funds represented by financial instruments that are received by a payee at an item capture facility remote from the payee'"'"'s depository bank in which the submission of the instruments into the payment system is coordinated with the payee'"'"'s internal accounting process and the register of the deposit of the instruments with an account at the instruments payee'"'"'s bank.
499 Citations
18 Claims
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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:
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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. - View Dependent Claims (2, 3, 4)
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5. A system for effecting the submission of financial instruments into a payment system for the collection of funds represented by the instruments and for crediting the instruments payee'"'"'s account at a depository bank with the funds represented by the instruments, the instruments being drawn on different institutions and received by a payee with a payment form at an item capture facility remote from the depository bank where the payee maintains an account, comprising:
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a) a scanner at the item capture facility for scanning information from said instruments and converting said information into a transmittable representation thereof; b) means for associating said information with the payee'"'"'s records of accounts corresponding to the payment form; c) means at said facility for applying to each of said instruments a separate indorsement on behalf of each of said payee and said depository bank; d) a sorter at said facility for sorting said financial instruments according to predetermined sort pattern categories determined by the depository bank for assembling sorted instruments with endorsements thereon into bundled groups with respect to the predetermined sort pattern categories; e) a means at said facility for preparing at least one cash letter for association with each bundled group of instruments; f) means for assembling information scanned from the instruments into a transmittable record with respect to each instrument in a correspondence with the bundled groups and cash letters for communication to the bank; g) transport means for delivering said bundled groups of sorted instruments with associated cash letters from the facility into said payment system; h) a communication link among said facility, the depository bank and the payment system for transmitting information concerning said instruments, the bundled groups and cash letters; i) a controller for coordinating the transmissions of information among the capture facility, the depository bank and the payment system and for coordinating the delivery of the instruments and cash letters into the payment system according to criteria determined by the depository bank and for crediting the payee'"'"'s account at the bank with regard to said instruments. - View Dependent Claims (6, 7, 8, 9, 10)
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11. A process for coordinating the receipt of a multiplicity of payments by check, the check being accompanied by a payment form associated with the check and for effecting the recording of a deposit of the check at a depository bank and for submitting the check into a payment system for the collection of funds represented by the check, the check being drawn on different institutions, comprising:
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a) providing an item capture facility at a first location convenient to the payee for receiving said check and payment form associated with the check; b) scanning said received check at said first location, and extracting bank information therefrom, and converting said bank information into a transmittable record thereof; c) associating payee identification and payment account information derived from said payment form with information scanned from said check and processing said payment account information in the payee'"'"'s internal accounting system; d) imaging said check at said first location and creating a storable image of each of said check; e) storing said images of said check; f) disposing of said check; g) electronically transmitting said bank information with regard to each check in the form of the transmittable record thereof from said capture facility to the depository bank; h) sorting the records about each check according to predetermined criteria established by the depository bank;
bundling groups of sorted records and adding electronic cash letter information to said bundled groups of records;i) delivering the records of said bundles and cash letters into the check payment system for clearing at the payor bank on which each of said checks is drawn; j) coordinating the delivery of the records of the bundles and cash letters into the payment system with the recording of the check as a deposit in the check payee'"'"'s account at the depository bank; and k) controlling the transmissions and delivery of information between the capture facility, the depository bank and the payment system according to a predetermine schedule established by the bank. - View Dependent Claims (12, 13, 14)
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15. A process for introducing financial instruments into a payment system for the collection of funds represented by the instruments, the instruments being drawn on different institutions and received by a payee at an item capture facility convenient to a payee and remote from said payee'"'"'s depository bank, the financial instruments representing payments to the payee accompanied by a payment form associating a payment with an account of the check drawer with the check payee, comprising:
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a) scanning said financial instruments at said facility and extracting MICR and payment amount information therefrom, and converting said information into a transmittable representation thereof; b) associating payment account information from the instrument with an account of the check drawer maintained by the payee; c) imaging said financial instruments at said facility and creating a retrievable stored image of each of said instruments; d) disposing of said instruments; e) transmitting the information scanned from said instruments from said facility to said depository bank; f) adding a document identifier associating the scanned information derived from each instrument to the record thereof and adding payment system routing information to said record; g) sorting at least one of the scanned information and payment svstem routing information associated with the instruments into predetermined categories;
assembling the information about a group of instruments in a same category; and
preparing a bundled assembly of such information into an electronic cash letter;h) maintaining a record between the item capture facility and the depository bank of the instruments received at said facility and the information about said instruments transmitted and recording the information about said instruments with regard to the payee'"'"'s account at the bank; i) communicating the electronic cash letter and information about the bundled groups of records of instruments into the payment system for clearing each of said instruments; and
,j) coordinating transmissions among the facility, the depository bank and the payment system in accordance with a schedule determined by the bank.
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16. A process for coordinating the receipt of financial instruments at a payee'"'"'s item capture facility with payee'"'"'s processing of the instruments and the collection of finds represented by the instruments through a payment system with the recordation of the deposit of such instruments in an account maintained by the instruments payee at the payee'"'"'s bank of first deposit comprising;
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a) associating the instrument received with a record of account of the drawer of the instrument with the payee; b) extracting payment system information from the instrument and converting said information into a transmittable record thereof; c) sorting the instruments at said facility according to predetermined sort pattern categories determined by the bank in accordance with destination points associated with the payment system and transmitting the payment system information about said records to the bank; d) indorsing at said facility each of said instruments with separate indorsement on behalf of each of said payee and said bank; e) sorting the instruments bearing said endorsements with respect to said predetermined sort pattern categories and assembling the sorted instruments into one or more bundles associated with each category; f) preparing at said facility at least one cash letter associated with the one or more bundles of sorted instruments and delivering the one or more cash letters and associated one or more bundles into the payment system; g) confirming the delivery of the at-least-one-cash letter and bundle into the payment system to the bank and reconciling said delivery into the information about said records transmitted to the bank; and
,h) monitoring the clearing of said instruments in the payment system such that funds collected represented by the check are credited as received to the payee'"'"'s account at the bank upon collection. - View Dependent Claims (17, 18)
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Specification