System and method for commingling items destined for multiple payors in a single electronic pocket and financial infrastructure employing the same
First Claim
1. For use in a electronic presentment process wherein electronic items are transmitted from a presenting financial institution (FI) through intermediaries to payor FIs, a method of clearing electronic items drawn on said payor FIs and received by said presenting FI for payment, said method comprising the steps of:
- sorting said electronic items into pockets corresponding to said intermediaries, electronic items destined for multiple of said payor FIs through a particular intermediary being commingled in a single pocket; and
electronically transmitting said pockets from said presenting FI to said particular intermediary, said particular intermediary capable of further sorting said electronic items thereby to allow multi-staged sorting of said electronic items as said electronic items proceed through said electronic presentment process.
2 Assignments
0 Petitions
Accused Products
Abstract
For use in a electronic presentment process wherein electronic items are transmitted from a presenting financial institution ("FI") through intermediaries to payor FIs, a system for, and method of, clearing electronic items drawn on the payor FIs and received by the presenting FI for payment and a financial infrastructure employing the system or the method. The method includes the steps of: (1) sorting the electronic items into pockets corresponding to the intermediaries, electronic items destined for multiple of the payor FIs through a particular intermediary being commingled in a single pocket and (2) electronically transmitting the pockets from the presenting FI to the particular intermediary, the particular intermediary capable of further sorting the electronic items thereby to allow multi-staged sorting of the electronic items as the electronic items proceed through the electronic presentment process.
83 Citations
30 Claims
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1. For use in a electronic presentment process wherein electronic items are transmitted from a presenting financial institution (FI) through intermediaries to payor FIs, a method of clearing electronic items drawn on said payor FIs and received by said presenting FI for payment, said method comprising the steps of:
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sorting said electronic items into pockets corresponding to said intermediaries, electronic items destined for multiple of said payor FIs through a particular intermediary being commingled in a single pocket; and electronically transmitting said pockets from said presenting FI to said particular intermediary, said particular intermediary capable of further sorting said electronic items thereby to allow multi-staged sorting of said electronic items as said electronic items proceed through said electronic presentment process. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. For use in a electronic presentment process wherein electronic items are transmitted from a presenting financial institution (FI) through intermediaries to payor FIs, a system for clearing electronic items drawn on said payor FIs and received by said presenting FI for payment, said system comprising:
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an electronic sorter that sorts said electronic items into pockets corresponding to said intermediaries, electronic items destined for multiple of said payor FIs through a particular intermediary being commingled in a single pocket; and data communication circuitry that electronically transmits said pockets from said presenting FI to said particular intermediary, said particular intermediary capable of further sorting said electronic items thereby to allow multi-staged sorting of said electronic items as said electronic items proceed through said electronic presentment process. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A financial infrastructure, comprising:
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a plurality of financial institutions (FIs) capable of receiving items and paying items; a plurality of intermediaries interconnecting said plurality of FIs and capable of communicating items thereamong in a electronic presentment process wherein electronic items are transmitted from presenting FIs through said intermediaries to payor FIs; and a system for clearing electronic items drawn on said payor FIs and received by said presenting FIs for payment, including; an electronic sorter, associated with at least some of said presenting FIs, that sort said electronic items into pockets corresponding to said plurality of intermediaries, electronic items destined for multiple of said payor FIs through a particular intermediary being commingled in a single pocket, and data communication circuitry, associated with at least some of said presenting FIs that electronically transmits said pockets from said presenting FIs to said plurality of intermediaries, said plurality of intermediaries capable of further sorting said electronic items thereby to allow multi-staged sorting of said electronic items as said electronic items proceed through said electronic presentment process. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 29, 30)
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Specification