Clearing house settlement system

• US 7,725,389 B1
• Filed: 08/29/2003
• Issued: 05/25/2010
• Est. Priority Date: 08/29/2002
• Status: Active Grant

• Current Assignee: Viewpointe Clearing Settlement & Association Services LLC (Viewpointe Archive Services LLC)
• Original Assignee: Viewpointe Clearing Settlement & Association Services LLC (Viewpointe Archive Services LLC)
• Inventors: D'Aquisto, Thomas, Redeker, Fred J.
• Primary Examiner(s): Kazimi; Hani
• Assistant Examiner(s): Rankins; William E
• Application Number:
  US10/650,777
• Time in Patent Office: 2,461 Days
• Field of Search: 705/45, 705/35, 705/39, 705/42, 705/43, 709/204, 707/1, 707/100
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A clearing house settlement system including a central host that manages information received from a number of institutions participating in a clearing house exchange. The host system receives presentment information from the institution participating in the clearing house exchange, processes the information, provides settlement calculations, provides various reports and information to the participating institutions regarding the exchange and provides communication between the participating institutions regarding the exchange. The host system being a web based system for communicating information over the Internet thus enabling participating institutions to access the central host to provide and retrieve information regarding the exchange on demand.

Claims

1. A clearinghouse system for exchanging debits and credits between participating institutions, the system comprising:

a plurality of remote computers of participating institutions;

a central server;

a network interface in communication with the central server and the plurality of remote computers over a network, the network interface being configured to receive a plurality of presentment data from one or more of the plurality of remote computers, each of the plurality of presentment data including one or more debit or credit items each having a presentment amount;

a database in communication with the central server;

wherein the central server;

receives presentment data via the network interface from at least two of the plurality of remote computers of participating institutions;

stores in the database the plurality of presentment data previously received over a predetermined rolling time period;

calculates an average presentment amount of the stored presentment data for one or more of the participating institutions from which presentment data is received, wherein each average presentment amount represents an overall average presentment for each of respective participating institutions calculated;

determines the difference between the average presentment amount and the presentment amount of the currently received presentment data;

automatically initiates the debits and credits corresponding to the presentment data only when the difference is within a predetermined variance;

verifies the debits and credits corresponding to the presentment data when the difference is more than the predetermined variance; and

communicates at least a portion of the stored presentment data via the network interface to one or more of the plurality of remote computers on demand.

2. The system of claim 1, wherein the presentment data includes information designating the types of items presented for exchange and wherein the central server stores the types of items each participating institution accepts.

3. The system of claim 1, wherein the central server enables communication between the participating institutions regarding the exchange.

4. The system of claim 1, wherein the central server includes an Internet server.

5. The system of claim 4, wherein the Internet server communicates data between the central server and web browsers on the remote computers.

6. The computer program product system of claim 1, wherein the participating institutions exchange items by means of the network interface.

7. The system of claim 6, wherein the central server is further configured to store information relating to the items electronically exchanged.

8. The system of claim 1, wherein the presentment data communicated to one or more of the plurality of computers on demand includes net pre-settlement positions.

9. The system of claim 1, wherein the network interface is further configured to receive a plurality of confirmation data from one or more of the plurality of remote computers, wherein the confirmation data includes information regarding whether the items in the presentment data is accepted.

10. The system of claim 1, wherein initiating the debits and credits comprises providing information relating to at least a portion of the presentment data to a settlement institution which debits and credits the participating institutions accounts.

11. A method for exchanging debits and credits between participating institutions of a clearing house system that includes a plurality of remote computers of participating institutions, a central server, a network interface in communication with the central server and the plurality of remote computers over a network, the network interface being configured to receive a plurality of presentment data from one or more of the plurality of remote computers, each of the plurality of presentment data including one or more debit or credit items each having a presentment amount, and a database in communication with the central server, the method comprising:

receiving presentment data via the network interface from at least two of the plurality of remote computers of participating institutions;

storing in the database the plurality of presentment data previously received over a predetermined rolling time period;

calculating an average presentment amount of the stored presentment data for one or more of the participating institutions from which presentment data is received, wherein each average presentment amount represents an overall average presentment for each of respective participating institutions calculated;

determining the difference between the average presentment amount and the presentment amount of the currently received presentment data;

automatically initiating the debits and credits corresponding to the presentment data only when the difference is within a predetermined variance;

verifying the debits and credits corresponding to the presentment data when the difference is more than the predetermined variance; and

communicating at least a portion of the stored presentment data via the network interface to one or more of the plurality of remote computers on demand.