System and method for facilitating electronic transfer of funds
First Claim
1. A data processing system for facilitating electronic transfer of funds, said data processing system comprising:
- a processor for processing digital data;
a memory coupled to said processor for storing digital data;
means, coupled to said memory, for inputting digital data; and
a transfer administrator configured as an application program, said application program stored in said memory and accessible by said processor for directing processing of digital data by said processor;
said transfer administrator configured to perform the steps of;
receiving an incoming exempt payment request designating a transferor institution, a quantity of funds to be transferred, and a transferee institution, wherein said payment request includes a first transfer protocol;
generating a translated and participating payment order by translating said first transfer protocol to a second transfer protocol, wherein said translated and participating payment order is based at least in part on said incoming exempt payment request, and wherein said translated and participating payment order includes said second transfer protocol; and
facilitating communication of said translated and participating payment order to said transferee institution, whereby funds are electronically transferred from said transferor institution to said transferee institution.
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Accused Products
Abstract
A system for facilitating electronic transfer of funds includes a transfer administrator in communication with a transferor institution, one or more intermediary institution, and a transferee institution, the transferor institution having an account at the one or more intermediary institution. The transfer administrator may be configured to receive an incoming payment request designating said transferor institution, a quantity of funds to be transferred, and the transferee institution. The transfer administrator generates and issues a translated payment order based at least in part on the incoming payment request and configured to accomplish a transfer among the transferor institution, the one or more intermediary institution, and the transferee institution. Finally, the transfer administrator may facilitate processing of a balancing payment among the transferor institution, the one or more intermediary institution, and the transferee institution.
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Citations
20 Claims
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1. A data processing system for facilitating electronic transfer of funds, said data processing system comprising:
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a processor for processing digital data; a memory coupled to said processor for storing digital data; means, coupled to said memory, for inputting digital data; and a transfer administrator configured as an application program, said application program stored in said memory and accessible by said processor for directing processing of digital data by said processor; said transfer administrator configured to perform the steps of; receiving an incoming exempt payment request designating a transferor institution, a quantity of funds to be transferred, and a transferee institution, wherein said payment request includes a first transfer protocol; generating a translated and participating payment order by translating said first transfer protocol to a second transfer protocol, wherein said translated and participating payment order is based at least in part on said incoming exempt payment request, and wherein said translated and participating payment order includes said second transfer protocol; and facilitating communication of said translated and participating payment order to said transferee institution, whereby funds are electronically transferred from said transferor institution to said transferee institution. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A system for facilitating electronic transfer of funds, said system comprising:
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a transfer administrator in communication with a transferor institution, an intermediary institution, and a transferee institution; said transferor institution having an account at said intermediary institution; said transfer administrator configured to perform the steps of; receiving an incoming exempt payment request designating said transferor institution, a quantity of funds to be transferred, and said transferee institution, wherein said incoming exempt payment request includes a first transfer protocol; generating a translated and participating payment order by translating said first transfer protocol to a second transfer protocol, wherein said translated and participating payment order is based at least in part on said incoming exempt payment request, and wherein said translated and participating payment order includes said second transfer protocol; and facilitating communication of said translated and participating payment order to said transferee institution, whereby finds are electronically transferred from said transferor institution to said transferee institution.
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15. A method for facilitating electronic transfer of funds comprising:
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receiving an incoming exempt payment request designating a transferor institution, a quantity of funds to be transferred, and a transferee institution, wherein said payment request includes a first transfer protocol; generating a translated and participating payment order by translating said first transfer protocol to a second transfer protocol, wherein said translated and participating payment order is based at least in part on said incoming exempt payment request, and wherein said translated and participating payment order includes said second transfer protocol; and facilitating communication of said translated and participating payment order to said transferee institution, whereby funds are electronically transferred from said transferor institution to said transferee institution. - View Dependent Claims (16, 17, 18, 19, 20)
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Specification