Electronic image cash letter balancing

• US 8,032,462 B2
• Filed: 07/07/2006
• Issued: 10/04/2011
• Est. Priority Date: 07/07/2005
• Status: Active Grant

• Current Assignee: Federal Reserve Bank of Cleveland (Federal Reserve System)
• Original Assignee: Federal Reserve Bank of Atlanta (Federal Reserve System), Federal Reserve Bank of Cleveland (Federal Reserve System), Federal Reserve Bank of Dallas (Federal Reserve System), Federal Reserve Bank of Kansas City (Federal Reserve System)
• Inventors: Nori, V. Srinivas, Lendl, Eric, Harris, Steven Joseph, Schaadt, Thomas Edwin, Purser, Steven Q., Mueller, Randall Lee
• Primary Examiner(s): Cheung; Mary
• Assistant Examiner(s): Greene; Daniel L
• Application Number:
  US11/482,379
• Publication Number:
  US 20070095888A1
• Time in Patent Office: 1,915 Days
• Field of Search: 705/45, 705/35, 235/375, 235/379
• US Class Current: 705/45
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/0425 the cheque being electronic only
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

Balancing image cash letters (“ICLs”) and ICL items during electronic check processing includes determining whether each item has been presented to a receiving institution for payment. A tracking module can track an incoming ICL/item'"'"'s processing status using records comprising information regarding the ICL/item'"'"'s status for electronic check processing events. The tracking module can present the ICL/item'"'"'s processing status in one or more reports. The tracking module can balance an ICL by comparing an incoming ICL value amount with an outgoing ICL value amount. The incoming ICL value amount comprises the total value of the items in the incoming ICL. The outgoing ICL value amount comprises the total value of the items in the incoming ICL that have been presented to a receiving institution via one or more outgoing ICLs. If the amounts match, then the incoming ICL is balanced. If not, then the ICL is not balanced.

Claims

1. A computer-implemented method for monitoring and balancing an electronic image cash letter (“

ICL”

), comprising the steps of;

receiving, at a data capture module, an ICL comprising a plurality of items for electronic check processing, each of the items having an individual value;

identifying, by a tracking module, an incoming ICL value amount comprising a sum of the individual values of the items;

identifying, by the tracking module, an outgoing ICL value amount comprising a sum of the individual values of all items in the ICL that have been presented to at least one receiving institution for payment;

determining, by the tracking module, whether all items in the ICL have been presented to the at least one receiving institution for payment by determining whether the incoming ICL value amount equals the outgoing ICL value amount; and

outputting, by the tracking module, a report comprising information regarding the ICL in response to determining that not all of the items in the ICL have been presented to the at least one receiving institution for payment,

wherein the data capture module and the tracking module are implemented in at least one computer system that comprises instructions stored in a machine-readable medium and a processor that executes the instructions.

2. The method according to claim 1, further comprising the steps of:

assigning, by the tracking module, a tracking number to the ICL; and

assigning, by the tracking module, the tracking number to each of the items in the ICL,

wherein the step of identifying an outgoing ICL value amount comprises identifying the items in the ICL that have been presented for payment based on the tracking number assigned to the ICL and the items in the ICL.

3. The method according to claim 1, further comprising the step of determining that not all of the items in the ICL have been processed in response to a determination that the incoming ICL value amount does not equal the outgoing ICL value amount.

4. The method according to claim 3, wherein the step of outputting the report comprises the steps of:

identifying each of the items that has not been processed; and

generating the report comprising status information for each of the identified items that has not been processed.

5. The method according to claim 1, wherein the step of receiving the ICL comprises the step of receiving an electronic image cash letter file comprising the ICL.

6. The method according to claim 1, further comprising the step of determining, by the tracking module, an electronic check processing status of each item in the ICL in response to a determination that the incoming ICL value amount does not equal the outgoing ICL value amount.

7. The method according to claim 6, wherein the status of each item comprises one of processed, failed to process, pending, and processed multiple times.

8. The method according to claim 6, further comprising the steps of:

electronically processing each of the items by performing at least one electronic check processing event in connection with the items;

for each electronic check processing event and each of the items, creating, by the tracking module, a record comprising information related to a status of the electronic check processing event for the respective items;

associating, by the tracking module, each record with the respective items; and

determining, by the tracking module, a status of one of the items based on the information stored in at least one record associated with the items.

9. The method according to claim 8, wherein, for each of the items, the at least one electronic check processing event comprises at least one of storing an image, storing financial data, storing addenda data, conducting a reject/repair analysis of the financial data, creating a substitute check file based on the image and financial data, creating a new ICL comprising the substitute check file, and presenting the respective item to one of the at least one receiving institutions for payment.

10. The method according to claim 8, wherein the step of associating each record with the respective items comprises the steps of:

associating a different identifier with each of the respective items; and

associating the identifier for each respective item with each record that corresponds to the respective item.

11. The method according to claim 8, wherein the status of the item comprises one of processed, failed to process, pending, and processed multiple times.

12. The method according to claim 1, further comprising the step of determining that all items in the ICL have been processed in response to a determination that the incoming ICL value amount equals the outgoing ICL value amount.

13. The method according to claim 1, wherein the step of outputting the report comprises at least one of (a) causing the report to be printed, and (b) causing the report to be displayed on a computer display.

14. The method according to claim 1, wherein the ICL items that have been presented for payment have been presented to a plurality of different receiving institutions.

15. A computer-implemented method for monitoring and balancing an electronic image cash letter (“

ICL”

), comprising the steps of;

receiving, at a data capture module, an electronic ICL comprising a plurality of items for electronic check processing, each of the items having an individual value;

electronically processing the items in the ICL for presentment to at least one receiving institution for payment;

determining, by a tracking module, whether all items in the ICL have been presented to the least one receiving institution for payment based on at least one of;

(a) whether an incoming ICL value amount equals a sum of the individual values of the processed items, the incoming ICL value amount comprising a sum of the individual values of the received items, and (b) whether a count of all the received items equals a count of the processed items; and

outputting, by the tracking module, a report comprising information regarding the ICL in response to determining that not all of the items in the ICL have been presented for payment,

wherein the data capture module and the tracking module are implemented in at least one computer system that comprises instructions stored in a machine-readable medium and a processor that executes the instructions.

16. The method according to claim 15, wherein the determining step comprises the steps of:

identifying, by the tracking module, an incoming ICL item count comprising a count of the items in the ICL;

identifying, by the tracking module, an outgoing ICL item count comprising a count of all items in the ICL that have been presented to the at least one receiving institution for payment;

determining, by the tracking module, whether the incoming ICL item count equals the outgoing ICL item count; and

determining, by the tracking module, that all items in the ICL have been presented to the at least one receiving institution for payment in response to a determination that the incoming ICL item count equals the outgoing ICL item count.

17. The method according to claim 16, further comprising the step of determining, by the tracking module, that not all of the items in the ICL have been presented for payment in response to a determination that the incoming ICL item count does not equal the outgoing ICL item count.

18. The method according to claim 15, wherein the determining step comprises the steps of:

identifying, by the tracking module, an incoming ICL value amount comprising a sum of the individual values of the items;

identifying, by the tracking module, an outgoing ICL value amount comprising a sum of the individual values of all items in the ICL that have been presented for payment;

determining, by the tracking module, whether the incoming ICL value amount equals the outgoing ICL value amount; and

determining, by the tracking module, that all items in the ICL have been presented for payment in response to a determination that the incoming ICL value amount equals the outgoing ICL value amount.

19. The method according to claim 18, further comprising the step of determining, by the tracking module, that not all of the items in the ICL have been presented for payment in response to a determination that the incoming ICL value amount does not equal the outgoing ICL value amount.

20. The method according to claim 15, wherein the step of outputting the report comprises the steps of:

identifying, by the tracking module, each of the items that has not been presented for payment; and

generating, by the tracking module, the report comprising status information for each of the identified items that has not been presented for payment.

21. The method according to claim 15, further comprising the steps of:

assigning, by the tracking module, a tracking number to the ICL; and

assigning, by the tracking module, the tracking number to each of the items in the ICL,

wherein the determining step comprises identifying, by the tracking module, the items in the ICL that have been presented for payment based on the tracking number assigned to the ICL and the items in the ICL.

22. The method according to claim 15, further comprising the step of determining, by the tracking module, an electronic check processing status of at least one of the items in the ICL in response to a determination that not all of the items in the ICL have been presented for payment.

23. The method according to claim 22, wherein the status comprises one of processed, failed to process, pending, and processed multiple times.

24. The method according to claim 22, wherein the processing step comprises the steps of:

processing each of the items by performing at least one electronic check processing event in connection with the items;

for each electronic check processing event and each of the items, creating, by the tracking module, a record comprising information related to a status of the electronic check processing event for the respective items;

associating, by the tracking module, each record with the respective items; and

wherein the step of step of determining an electronic check processing status comprises determining, by the tracking module, a status of at least one of the items based on the information stored in at least one record associated the items.

25. The method according to claim 24, wherein, for each of the items, the at least one electronic check processing event comprises at least one of storing an image, storing financial data, storing addenda data, conducting a reject/repair analysis of the financial data, creating a substitute check file based on the image and financial data, creating a new ICL comprising the substitute check file, and presenting the respective item to a receiving institution for payment.

26. The method according to claim 24, wherein the step of associating each record with the respective items comprises the steps of:

associating, by the tracking module, a different identifier with each of the respective items; and

associating, by the tracking module, the identifier for each respective item with each record that corresponds to the respective item.

27. The method according to claim 24, wherein the status comprises one of processed, failed to process, pending, and processed multiple times.

28. The method according to claim 15, wherein the step of outputting the report comprises at least one of (a) causing the report to be printed, and (b) causing the report to be displayed on a computer display.

29. The method according to claim 15, wherein the step of electronically processing the items comprises the step of electronically processing the items in the ICL for presentment to a plurality of different receiving institutions.

30. A system for monitoring and balancing an electronic image cash letter (“

ICL”

), comprising;

a data capture module that receives an electronic ICL comprising a plurality of items for electronic check processing, each of the items having an individual value;

a processing module that processes the items in the ICL for presentment to at least one receiving institution for payment; and

a tracking module that assigns a tracking number to the ICL, assigns the tracking number to each of the items in the ICL, determines whether all items in the ICL have been presented for payment based on the tracking number assigned to the ICL and the items in the ICL and at least one of;

(a) whether an incoming ICL value amount equals a sum of the individual values of the processed items, the incoming ICL value amount comprising a sum of the individual values of the received items, and (b) whether a count of all the received items equals a count of the processed items, and outputs a report comprising information regarding the ICL in response to determining that not all of the items in the ICL have been presented for payment,

wherein the data capture module, processing module, and tracking module are implemented in at least one computer system that comprises instructions stored in a machine-readable medium and a processor that executes the instructions.

31. The system according to claim 30, wherein the tracking module determines whether all items in the ICL have been presented for payment by:

identifying an incoming ICL item count comprising a count of the items in the ICL;

identifying an outgoing ICL item count comprising a count of all items in the ICL that have been presented to the at least one receiving institution for payment;

determining whether the incoming ICL item count equals the outgoing ICL item count; and

determining that all items in the ICL have been presented for payment in response to a determination that the incoming ICL item count equals the outgoing ICL item count.

32. The system according to claim 31, wherein the tracking module further determines that not all of the items in the ICL have been processed in response to a determination that the incoming ICL item count does not equal the outgoing ICL item count.

33. The system according to claim 30, wherein the tracking module determines whether all items in the ICL have been presented for payment by:

identifying an incoming ICL value amount comprising a sum of the individual values of the items;

identifying an outgoing ICL value amount comprising a sum of the individual values of all items in the ICL that have been presented for payment;

determining whether the incoming ICL value amount equals the outgoing ICL value amount; and

determining that all items in the ICL have been presented for payment in response to a determination that the incoming ICL value amount equals the outgoing ICL value amount.

34. The system according to claim 33, wherein the tracking module further determines that not all of the items in the ICL have been presented for payment in response to a determination that the incoming ICL value amount does not equal the outgoing ICL value amount.

35. The system according to claim 30, wherein the tracking module identifies each of the items that has not been presented for payment in response to determining that not all of the items in the ICL have been presented for payment, and generates the report comprising status information for of each of the items that has not been presented for payment.

36. The system according to claim 30, wherein the tracking module determines an electronic check processing status of at least one of the items in the ICL in response to determining that not all of the items in the ICL have been presented for payment.

37. The system according to claim 36, wherein the status comprises one of processed, failed to process, pending, and processed multiple times.

38. The system according to claim 36, wherein the processing module processes the items in the ICL for presentment for payment by:

processing each of the items by performing at least one electronic check processing event in connection with the items;

for each electronic check processing event and each of the items, creating a record comprising information related to a status of the electronic check processing event for the respective items;

associating each record with the respective items; and

wherein the tracking module determiners an electronic check processing status by determining a status of at least one of the items based on the information stored in at least one record associated the items.

39. The system according to claim 38, wherein, for each of the items, the at least one electronic check processing event comprises at least one of storing an image, storing financial data, storing addenda data, conducting a reject/repair analysis of the financial data, creating a substitute check file based on the image and financial data, creating a new ICL comprising the substitute check file, and presenting the respective item to a receiving institution for payment.

40. The system according to claim 38, wherein the processing module associates each record with the respective items by:

associating a different identifier with each of the respective items; and

associating the identifier for each respective item with each record that corresponds to the respective item.

41. The system according to claim 38, wherein the status comprises one of processed, failed to process, pending, and processed multiple times.

42. The system according to claim 30, wherein the tracking module outputs the report by at least one of (a) causing the report to be printed, and (b) causing the report to be displayed on a computer display.

43. The system according to claim 30, wherein the processing module processes the items in the ICL for presentment to a plurality of different receiving institutions.

44. A computer program product, comprising:

a computer-readable medium having computer-executable program code embodied therein for preventing duplicative electronic check processing, the computer-readable medium comprising

computer-readable program code for receiving an ICL comprising a plurality of items for electronic check processing, each of the items having an individual value,

computer-readable program code for identifying an incoming ICL value amount comprising a sum of the individual values of the items,

computer-readable program code for identifying an outgoing ICL value amount comprising a sum of the individual values of all items in the ICL that have been presented to at least one receiving institution for payment,

computer-readable program code for determining whether all items in the ICL have been presented to the at least one receiving institution for payment by determining whether the incoming ICL value amount equals the outgoing ICL value amount; and

computer-readable program code for outputting a report comprising information regarding the ICL in response to determining that not all of the items in the ICL have been presented for payment.

45. The computer program product according to claim 44, wherein the ICL items that have been presented for payment have been presented to a plurality of different receiving institutions.

46. A system for monitoring and balancing an electronic image cash letter (“

ICL”

), comprising;

means for receiving an ICL comprising a plurality of items for electronic check processing, each of the items having an individual value,

means for identifying an incoming ICL value amount comprising a sum of the individual values of the items,

means for identifying an outgoing ICL value amount comprising a sum of the individual values of all items in the ICL that have been presented to at least one receiving institution for payment,

means for determining whether all items in the ICL have been presented to the at least one receiving institution for payment by determining whether the incoming ICL value amount equals the outgoing ICL value amount; and

means for outputting a report comprising information regarding the ICL in response to determining that not all of the items in the ICL have been presented for payment.

47. The system according to claim 46, further comprising:

means for assigning a tracking number to the ICL; and

means for assigning the tracking number to each of the items in the ICL,

wherein the means for identifying the outgoing ICL value amount identifies the items in the ICL that have been presented for payment based on the tracking number assigned to the ICL and the items in the ICL.

48. The system according to claim 46, further comprising means for determining that not all of the items in the ICL have been presented for payment in response to a determination that the incoming ICL value amount does not equal the outgoing ICL value amount.

49. The system according to claim 46, wherein the ICL items that have been presented for payment have been presented to a plurality of different receiving institutions.