Dynamic selection of deposit clearing methods based on business rules

• US 8,027,928 B1
• Filed: 05/09/2008
• Issued: 09/27/2011
• Est. Priority Date: 10/30/2003
• Status: Active Grant

• Current Assignee: Wells Fargo Bank National Association (Wells Fargo & Company)
• Original Assignee: Wells Fargo Bank NA (Wells Fargo & Company)
• Inventors: Young, Michelle Marie, Harmon, Jeffrey Allen, Hecht, Alan W. Jr., Sturgis-Griffin, Stephanie A., Orcutt, Laura Lee
• Primary Examiner(s): Elisca; Pierre E
• Application Number:
  US12/118,341
• Time in Patent Office: 1,236 Days
• Field of Search: 705/64, 705/67, 705/1
• US Class Current: 705/64
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

In general, this disclosure describes techniques of dynamically selecting deposit clearing methods based on business rules. As described in this disclosure, a financial institution receives checks drawn on other financial institutions as customer deposits. When the financial institution receives a check, the financial institution automatically applies one or more customizable business rules to identify a method to clear the check. The financial institution then uses the identified method to clear the check.

Claims

1. A method for choosing how to clear checks received by a financial institution, the method comprising:

receiving, by the financial institution, a first check and a second check, the first check and the second check deposited at the financial institution through a same deposit transaction channel;

after the financial institution receives the first check, applying, by a computer system, a set of business rules to identify a first check clearing method as an advantageous method for clearing the first check, wherein clearing the first check includes withdrawing a first amount of money from an account of a drafter of the first check and depositing the first amount of money in an account of a recipient of the first check, the recipient of the first check being a customer of the financial institution;

after the financial institution receives the second check, applying the same set of business rules to identify a second check clearing method as an advantageous method for clearing the second check, the first check clearing method and the second check clearing method comprising different ones of the following check clearing methods;

an automated clearing house (ACH) method, an electronic check image exchange method, a paper exchange method, and an image replacement document print method, wherein clearing the second check includes withdrawing a second amount of money from an account of a drafter of the second check and depositing the second amount of money in an account of a recipient of the second check, the recipient of the second check being a customer of the financial institution;

after identifying the first check clearing method as the advantageous method for clearing the first check, using, by the financial institution, the first check clearing method to clear the first check; and

after identifying the second check clearing method as the advantageous method for clearing the second check, using, by the financial institution, the second check clearing method to clear the second check.

2. The method of claim 1, further comprising, prior to receiving the first check and the second check, customizing the set of business rules.

3. The method of claim 2, wherein customizing the set of business rules further comprises customizing the set of business rules to include a business rule that indicates that the first check clearing method is to be used to clear checks received by the financial institution during a first time period during a day and indicates that the second check clearing method is to be used to clear checks received by the financial institution during a second time period during the day.

4. The method of claim 2, wherein customizing the set of business rules further comprises customizing the set of business rules to include a business rule that specifies that the first check clearing method is to be used to clear checks regardless of the transaction channel through which the financial institution receives the checks.

5. The method of claim 2, wherein customizing the set of business rules further comprises customizing the set of business rules to include business rules to select a clear clearing method that has a lower cost to the financial institution.

6. The method of claim 2, wherein customizing the set of business rules further comprises customizing the set of business rules to include business rules to select a check clearing method that has a lower cost to the customer.

7. The method of claim 2, wherein customizing the set of business rules further comprises customizing the set of business rules to select a faster check clearing method.

8. The method of claim 2, wherein customizing the set of business rules comprises:

receiving a request to customize the set of business rules from the customer; and

customizing the set of business rules in accordance with the request.

9. The method of claim 1, wherein applying the set of business rules to identify the first check clearing method as the advantageous method for clearing the first check comprises automatically sorting the first check into a pocket associated with the first check clearing method.

10. The method of claim 1, wherein the transaction channel is in a group of transaction channels consisting of:

a branch office, an automated teller machine (ATM), a remote deposit service, a lockbox service, and an armored car service.

11. A system for choosing how to clear checks received by a financial institution, the system comprising:

a plurality of deposit transaction channels that receive the checks from customers of the financial institution, the checks including a first check and a second check, the first check and the second check deposited through a same one of the deposit transaction channels;

a first pocket and a second pocket the first pocket associated with a first check clearing method, the second pocket associated with a second check clearing method, wherein clearing a check includes withdrawing an amount of money from an account of a drafter of the check and depositing the amount of money in an account of a recipient of the check; and

a sorting device that;

applies a customizable set of business rules to identify the first check clearing method as an advantageous method for clearing the first check;

applies the customizable set of business rules to identify the second check clearing method as an advantageous method for clearing the second check, wherein the first check clearing method and the second check clearing method comprise different ones of the following check clearing methods;

an automated clearing house (ACH) method, an electronic check image exchange method, a paper exchange method, and an image replacement document print method;

sorts the first check into the first pocket; and

sorts the second check into the second pocket.

12. The system of claim 11, further comprising a business rule customization interface that receives input from a user to customize the set of business rules.

13. The system of claim 11, wherein the deposit transaction channels include:

a branch office, an automated teller machine (ATM), a remote deposit service, a lockbox service, and an armored car service.

14. A non-transitory computer-readable medium comprising instructions that cause a device that executes the instructions to:

provide an interface that receives input from a user to customize a set of business rules to include a business rule that indicates that a first method of clearing checks is to be used when a financial institution receives checks during a first time period during a day and indicates that a second method of clearing checks is to be used when the financial institution receives the checks during a second time period during the day;

receive, at the financial institution, a check from a customer through a transaction channel, wherein the transaction channel selected from a group of transaction channels including;

a branch office, an automated teller machine (ATM), a remote deposit service, a lockbox service, and an armored car service;

after receiving the check, apply the set of business rules to identify a method of clearing the check from a plurality of available methods of clearing the check, wherein clearing the check includes withdrawing an amount of money from an account of a drafter of the check and depositing the amount of money in an account of a recipient of the check, wherein each of the available methods of clearing the check clears the check in a different way, wherein the available methods of clearing the check include an automated clearing house (ACH) method, an electronic check image exchange method, and an image replacement document print method; and

after applying the set of business rules, sort the check into a pocket associated with the identified method of clearing the check.

15. The non-transitory computer readable medium of claim 14, wherein the interface receives input from the user to customize the set of business rules to include business rules to select a check clearing method that has a lower cost to the financial institution.

16. The non-transitory computer readable medium of claim 14, wherein the interface receives input from the user to customize the set of business rules to include business rules to select a check clearing method that has a lower cost to the customer.

17. The non-transitory computer readable medium of claim 14, wherein the interface receives input from the user to customize the set of business rules to select a faster check clearing method.