Systems and methods for selectively accessing or using financial account data for subsequent risk determination
First Claim
1. A computer implemented method comprising executing computer executable instructions by one or more processors for evaluating the risk of a merchant accepting a proffered promissory payment in a financial transaction and of providing an indication to the merchant to accept or to decline the promissory payment, wherein the payment is drawn on a demand deposit account (DDA), the method comprising:
- receiving information about the financial transaction, wherein the information comprises at least one of;
information about the promissory payment, information about an individual proffering the promissory payment, and information about the merchant;
invoking one or more pre-scoring rules to evaluate the financial transaction;
accessing DDA access path rules;
if the DDA access path rules specify a merchant stipulated DDA access path, selecting, by the one or more processors, the merchant stipulated DDA access path;
if the DDA access path rules do not specify a merchant stipulated DDA access path, selecting, via an access path determination engine, a DDA information source based at least in part on the DDA access path rules, wherein the access path determination engine is executable by the one or more processors;
invoking one or more scoring rule matrix to evaluate whether to access additional DDA information;
invoking the access path determination engine in order to select an expedient DDA access path;
accessing additional associated information comprising at least one of;
information about a payment history associated with the individual or other information relevant to a risk evaluation of accepting a promissory payment from the individual, information about a service agreement with the merchant that stipulates characteristics of the risk assessment information about risk patterns associated with the merchant, and information about the DDA on which the promissory payment is drawn;
using at least some of the received information and the additional associated information to perform a risk assessment indicative of a level of risk associated with accepting the promissory payment;
invoking post-score rules to determine whether further risk assessment is desirable to confirm or to overturn the assessment and whether further additional DDA information is needed;
invoking the access path determination engine if desirable in order to select a DDA access path;
assessing further additional DDA information via the DDA access path selected by the access path determination engine;
performing further risk assessment, if desirable, based at least in part on the further additional DDA info to determine if a risk level associated with accepting the promissory payment is acceptable or unacceptable; and
providing an indication to the merchant to accept the promissory payment if the risk level is evaluated to be acceptable and to decline the promissory payment if the risk level is evaluated to be unacceptable.
8 Assignments
0 Petitions
Accused Products
Abstract
Systems and methods are provided for selectively determining when and from what source to access information received from a demand deposit account (DDA) associated with a given check or other promissory payment transaction, as well as for selectively incorporating the DDA information into a risk assessment for the transaction. Information received from the DDA can include an indication of the existence of sufficient funds in the account (or lack thereof) to cover the check in question, as well as a current status code for the account. Use of the DDA information may be integrated into an overall risk assessment process performed for the transaction, such that the influence of negative factors in one part of the risk assessment may be mitigated by other factors in the risk assessment and such that overall effectiveness of the risk assessment is enhanced. Systems and methods for selecting an access path for accessing a DDA to settle a promissory payment are also provided.
91 Citations
79 Claims
-
1. A computer implemented method comprising executing computer executable instructions by one or more processors for evaluating the risk of a merchant accepting a proffered promissory payment in a financial transaction and of providing an indication to the merchant to accept or to decline the promissory payment, wherein the payment is drawn on a demand deposit account (DDA), the method comprising:
-
receiving information about the financial transaction, wherein the information comprises at least one of;
information about the promissory payment, information about an individual proffering the promissory payment, and information about the merchant;invoking one or more pre-scoring rules to evaluate the financial transaction; accessing DDA access path rules; if the DDA access path rules specify a merchant stipulated DDA access path, selecting, by the one or more processors, the merchant stipulated DDA access path; if the DDA access path rules do not specify a merchant stipulated DDA access path, selecting, via an access path determination engine, a DDA information source based at least in part on the DDA access path rules, wherein the access path determination engine is executable by the one or more processors; invoking one or more scoring rule matrix to evaluate whether to access additional DDA information; invoking the access path determination engine in order to select an expedient DDA access path; accessing additional associated information comprising at least one of;
information about a payment history associated with the individual or other information relevant to a risk evaluation of accepting a promissory payment from the individual, information about a service agreement with the merchant that stipulates characteristics of the risk assessment information about risk patterns associated with the merchant, and information about the DDA on which the promissory payment is drawn;using at least some of the received information and the additional associated information to perform a risk assessment indicative of a level of risk associated with accepting the promissory payment; invoking post-score rules to determine whether further risk assessment is desirable to confirm or to overturn the assessment and whether further additional DDA information is needed; invoking the access path determination engine if desirable in order to select a DDA access path; assessing further additional DDA information via the DDA access path selected by the access path determination engine; performing further risk assessment, if desirable, based at least in part on the further additional DDA info to determine if a risk level associated with accepting the promissory payment is acceptable or unacceptable; and providing an indication to the merchant to accept the promissory payment if the risk level is evaluated to be acceptable and to decline the promissory payment if the risk level is evaluated to be unacceptable. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19)
-
-
20. A system for assessing the risk of accepting a promissory payment proffered in a financial transaction, the system comprising:
-
at least one processor configured to execute computer executable instructions for; transmitting information about the proffered payment from a point of sale device to a central location; invoking one or more pre-scoring rules to evaluate the financial transaction; evaluating at the central location the risk of accepting the proffered promissory payment that categorizes the risk into at least a category of acceptable risk and unacceptable risk; determining, if the risk is unacceptable, whether to re-evaluate the risk; accessing DDA access path rules; if the DDA access path rules specify a merchant stipulated DDA access path, selecting, by the one or more processors, the merchant stipulated DDA access path; if the DDA access path rules do not specify a merchant stipulated DDA access path, selecting, via an access path determination engine, a DDA information source based at least in part on the DDA access path rules, wherein the access path determination engine is executable by the one or more processors; invoking one or more scoring rule matrix to evaluate whether to access additional DDA information; invoking the access path determination engine in order to select an expedient DDA access path; re-evaluating, based at least in part on information about the demand deposit account (DDA) corresponding to the proffered promissory payment, the risk of accepting the proffered promissory payment; invoking post-score rules to determine whether further risk assessment is desirable to confirm or to overturn the assessment and whether further additional DDA information is needed; invoking the access path determination engine if desirable in order to select a DDA access path; assessing further additional DDA information via the DDA access path selected by the access path determination engine; performing further risk assessment, if desirable, based at least in part on the further additional DDA info to determine if a risk level associated with accepting the promissory payment is acceptable or unacceptable; and providing an indication to the merchant to accept the promissory payment if the risk level is evaluated to be acceptable and to decline the promissory payment if the risk level is evaluated to be unacceptable. - View Dependent Claims (21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36)
-
-
37. A computer program product, comprising computer usable medium having a computer readable program code embodied therein, said computer readable program code adapted to be executed to implement a method for determining whether to accept a check offered as payment in a check transaction, the method comprising:
-
receiving electronic information about a DDA against which a check that is offered as payment in a check transaction is drawn; invoking one or more pre-scoring rules to evaluate the financial transaction; generating a risk score indicative of a predicted level of risk for the check transaction; accessing DDA access path rules; if the DDA access path rules specify a merchant stipulated DDA access path, selecting, by the one or more processors, the merchant stipulated DDA access path; if the DDA access path rules do not specify a merchant stipulated DDA access path, selecting, via an access path determination engine, a DDA information source based at least in part on the DDA access path rules, wherein the access path determination engine is executable by the one or more processors; based at least in part on the risk score, selectively integrating use of the information from the DDA together with use of other information associated with the check transaction to generate a second risk score, wherein the manner of selectively integrating the DDA information and the other information is determined, at least in part, based on characteristics of the check transaction; determining to accept the check if the second risk score indicates an acceptable level of risk associated with accepting the check and to decline the check if the second risk score indicates an unacceptable level of risk associated with accepting the check; invoking one or more scoring rule matrix to evaluate whether to assess additional DDA information; invoking the access path determination engine in order to select an expedient DDA access path; accessing additional associated information and using at least some of the received information and the additional associated information to perform a risk assessment indicative of a level of risk associated with accepting the promissory payment; invoking post-score rules to determine whether further risk assessment is desirable to confirm or to overturn the assessment and whether further additional DDA information is needed; invoking the access path determination engine if desirable in order to select a DDA access path; assessing further additional DDA information via the DDA access path selected by the access path determination engine; performing further risk assessment, if desirable, based at least in part on the further additional DDA info to determine if a risk level associated with accepting the promissory payment is acceptable or unacceptable; and providing an indication to the merchant to accept the promissory payment if the risk level is evaluated to be acceptable and to decline the promissory payment if the risk level is evaluated to be unacceptable. - View Dependent Claims (38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52)
-
-
53. A computer implemented method comprising executing computer executable instructions by one or more processors for determining whether to authorize acceptance of a promissory payment offered from a demand deposit account (DDA), the method comprising:
-
accessing electronic information about a demand deposit account from which a promissory payment has been offered; invoking one or more pre-scoring rules to evaluate the financial transaction; using at least one of a plurality of available risk engines to generate a score, or other generated evaluation, that is indicative of a level of risk predicted for the promissory payment, to make an authorization decision; accessing DDA access path rules; if the DDA access path rules specify a merchant stipulated DDA access path, selecting, by the one or more processors, the merchant stipulated DDA access path; if the DDA access path rules do not specify a merchant stipulated DDA access path, selecting, via an access path determination engine, a DDA information source based at least in part on the DDA access path rules, wherein the access path determination engine is executable by the one or more processors; re-evaluating the authorization decision, based at least in part on the demand deposit account information; invoking one or more scoring rule matrix to evaluate whether to assess additional DDA information; invoking the access path determination engine in order to select an expedient DDA access path; accessing additional associated information and using at least some of the received information and the additional associated information to perform a risk assessment indicative of a level of risk associated with accepting the promissory payment; invoking post-score rules to determine whether further risk assessment is desirable to confirm or to overturn the assessment and whether further additional DDA information is needed; invoking the access path determination engine if desirable in order to select a DDA access path; assessing further additional DDA information via the DDA access path selected by the access path determination engine; performing further risk assessment, if desirable, based at least in part on the further additional DDA info to determine if a risk level associated with accepting the promissory payment is acceptable or unacceptable; and providing an indication to the merchant to accept the promissory payment if the risk level is evaluated to be acceptable and to decline the promissory payment if the risk level is evaluated to be unacceptable. - View Dependent Claims (54, 55, 56, 57, 58, 59, 60, 61, 62)
-
-
63. A computer implemented method comprising executing computer executable instructions by one or more processors for assessing risk associated with a merchant accepting a promissory payment in a financial transaction, wherein the method utilizes a scoring process to determine a risk score for the transaction, and wherein the method further utilizes information received from a demand deposit account (DDA) on which the promissory payment is drawn for use in enhancing the scoring process, the method comprising:
-
identifying the promissory payment for which the merchant desires risk assessment; invoking one or more pre-scoring rules to evaluate the financial transaction; determining if additional DDA information is needed to evaluate the financial transaction; accessing DDA access path rules; if the DDA access path rules specify a merchant stipulated DDA access path, selecting, by the one or more processors, the merchant stipulated DDA access path; if the DDA access path rules do not specify a merchant stipulated DDA access path, and if additional DDA access is needed, selecting, via an access path determination engine, a DDA information source based at least in part on the DDA access path rules, wherein the access path determination engine is executable by the one or more processors, and receiving information associated with the DDA against which the promissory payment is drawn; calculating an initial risk score for the transaction; selectively utilizing the information from the DDA in conjunction with the initial risk score to enhance the risk score for the transaction; invoking one or more scoring rule matrix to evaluate whether to assess additional DDA information; invoking the access path determination engine in order to select an expedient DDA access path; accessing additional associated information and using at least some of the received information and the additional associated information to perform a risk assessment indicative of a level of risk associated with accepting the promissory payment; invoking post-score rules to determine whether further risk assessment is desirable to confirm or to overturn the assessment and whether further additional DDA information is needed; invoking the access path determination engine if desirable in order to select a DDA access path; assessing further additional DDA information via the DDA access path selected by the access path determination engine; performing further risk assessment, if desirable, based at least in part on the further additional DDA info to determine if a risk level associated with accepting the promissory payment is acceptable or unacceptable; and providing an indication of the risk assessment associated with accepting the promissory payment to the merchant. - View Dependent Claims (64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79)
-
Specification