Routing number variable and indexes

• US 6,581,043 B1
• Filed: 12/29/1999
• Issued: 06/17/2003
• Est. Priority Date: 12/29/1999
• Status: Expired due to Term

• Current Assignee: First Data Corporation (Fiserv Incorporated)
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Swift, Amy L., Wallin, Mark S.
• Primary Examiner(s): BARTUSKA, FRANCIS JOHN
• Application Number:
  US09/474,672
• Time in Patent Office: 1,266 Days
• Field of Search: 705/42, 705/45, 705/18, 705/24, 705/70, 235/379, 902/26
• US Class Current: 705/42
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The invention involves a system and a method of using a bank routing number having a predetermined return rate stored in a database of a plurality of bank routing numbers, each having an associated return rate for risk analysis of check honoring approval or denial, fraud detection, and the formulation of collection strategies. The invention provides for a system and method of improving the efficiency and accuracy of a risk analysis program of check honoring. The invention includes classifying each of a plurality of bank routing numbers to one of predetermined index numbers based on the associated return rates of the plurality of bank routing numbers, receiving the bank routing number, processing the bank routing number to access the index number to which the bank routing number is classified, and incorporating the accessed index number of the bank routing number in the analysis for check honoring.

Claims

1. A method of using a bank routing number having a predetermined return rate stored in a database of a plurality of bank routing numbers each having an associated return rate for a risk analysis of check honoring or recovering, the method comprising:

classifying each of the plurality of bank routing numbers to one of predetermined index numbers based on the associated return rates of the plurality of bank routing numbers;

receiving the bank routing number having the predetermined return rate;

processing the bank routing number to access the index number to which the bank routing number is classified; and

incorporating the accessed index number of the bank routing number in the analysis.

2. The method of claim 1 wherein each of the associated return rates indicates the percentage of returned checks for the respective routing number.

3. The method of claim 1 wherein the classification of each of the plurality of bank routing numbers to one of predetermined index numbers is stored in the database.

4. The method of claim 1 wherein classifying includes categorizing each of the plurality of bank routing numbers within a predetermined range of the associated return rates of the plurality of bank routing numbers.

5. The method of claim 4 wherein classifying further includes classifying each of the plurality of bank routing numbers to one of predetermined index numbers based on the predetermined range within which each of the plurality of bank routing numbers is categorized.

6. A system for using a bank routing number having a predetermined return rate stored in a database of a plurality of bank routing numbers each having an associated return rate for a risk analysis of check honoring or collections, the system comprising:

a first mechanism for classifying each of the plurality of bank routing numbers to one of predetermined index numbers on the associated return rates of the plurality of bank routing numbers;

a second mechanism for receiving the bank routing number having the predetermined return rate;

a third mechanism for processing the bank routing number to access the index number to which the bank routing number is classified;

a fourth mechanism for incorporating the accessed index number of the classified routing number in the analysis.