Method and system for facilitating network transaction processing
First Claim
1. A computer implemented method for facilitating settlement processing within a network of financial institutions, wherein the method is executed by a programmed computer processor which communicates with a user via a communication network, the computer implemented method comprising the steps of:
- receiving, at a receive module using the programmed computer processor, one or more payment items from a plurality of payment entities via the communication network, at a centralized agent, wherein the one or more payment items comprise one or more electronic images and paper instruments;
aggregating, at an aggregate module using the programmed computer processor, the payment items into one or more categories;
identifying, at a decision module using the programmed computer processor, a payee financial institution and a payor financial institution for each payment items, wherein the payee financial institution and the payor financial institution are different;
determining, at a settlement module using the programmed computer processor, whether the payee financial institution and the payor financial institution are within the network of financial institutions;
wherein the payee financial institution and the payor financial institution within the network of financial institutions have an agreement for clearing and settling one or more financial transactions through the centralized agent;
for the payee financial institution and the payor financial institution within the network of financial institutions, determining at the centralized agent a settlement path within the network of financial institutions for each payment item; and
for the payee financial institution and the payor financial institution that are not within the network of financial institutions, forwarding the payment items to a third party settlement entity by the centralized agent for settlement processing.
1 Assignment
0 Petitions
Accused Products
Abstract
An exemplary method and system may include receiving one or more payment items from a plurality of payment entities, at a centralized agent, wherein the one or more payment items comprise one or more electronic images and paper instruments; aggregating the payment items into one or more categories; identifying a payee financial institution and a payor financial institution for each payment items, wherein the payee financial institution and the payor financial institution are different; determining whether the payee financial institution and the payor financial institution are within the network of financial institutions; for the payee and payor within the network, determining at the centralized agent a settlement path within the network of financial institutions for each payment item; and for the payee and payor that are not within the network, forwarding the payment items to a third party settlement entity by the centralized agent for settlement processing.
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Citations
24 Claims
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1. A computer implemented method for facilitating settlement processing within a network of financial institutions, wherein the method is executed by a programmed computer processor which communicates with a user via a communication network, the computer implemented method comprising the steps of:
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receiving, at a receive module using the programmed computer processor, one or more payment items from a plurality of payment entities via the communication network, at a centralized agent, wherein the one or more payment items comprise one or more electronic images and paper instruments; aggregating, at an aggregate module using the programmed computer processor, the payment items into one or more categories; identifying, at a decision module using the programmed computer processor, a payee financial institution and a payor financial institution for each payment items, wherein the payee financial institution and the payor financial institution are different; determining, at a settlement module using the programmed computer processor, whether the payee financial institution and the payor financial institution are within the network of financial institutions;
wherein the payee financial institution and the payor financial institution within the network of financial institutions have an agreement for clearing and settling one or more financial transactions through the centralized agent;for the payee financial institution and the payor financial institution within the network of financial institutions, determining at the centralized agent a settlement path within the network of financial institutions for each payment item; and for the payee financial institution and the payor financial institution that are not within the network of financial institutions, forwarding the payment items to a third party settlement entity by the centralized agent for settlement processing. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A computer implemented method for facilitating settlement processing within a network of financial institutions, wherein the method is executed by a programmed computer processor which communicates with a user via a communication network, the computer implemented method comprising the steps of:
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receiving, at a receive module using the programmed computer processor, one or more payment items from a plurality of payment entities via the communication network, at a centralized agent, wherein the one or more payment items comprise one or more electronic images and paper instruments; aggregating, at an aggregate module using the programmed computer processor, the payment items into one or more categories; sorting, at a sorting module using the programmed computer processor, the payment items into on-us items and transit items; identifying, at a decision module using the programmed computer processor, a payee financial institution and a payor financial institution for each payment items, wherein the payee financial institution and the payor financial institution are different; determining, at a settlement module using the programmed computer processor, whether the payee financial institution and the payor financial institution are within the network of financial institutions;
wherein the payee financial institution and the payor financial institution within the network of financial institutions have an agreement for clearing and settling one or more financial transactions through the centralized agent;for the payee financial institution and the payor financial institution within the network of financial institutions, determining at the centralized agent a settlement path within the network of financial institutions for each payment item; for the payee financial institution and the payor financial institution that are not within the network of financial institutions, forwarding the payment items to a third party settlement entity by the centralized agent for settlement processing; and providing access to data specific to payment items through an interface provided by the centralized agent, wherein the interface is customized based on user specific criteria; wherein a non-network entity accesses the centralized agent for data exchange with at least one entity within the network and wherein a payment entity leverages the centralized agent'"'"'s infrastructure for processing payment items.
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13. A computer implemented system for facilitating settlement processing within a network of financial institutions, wherein the system comprises at least a programmed computer processor which communicates with a user via a communication network, the computer implemented system comprising:
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a receive module for receiving one or more payment items from a plurality of payment entities via the communication network, wherein the one or more payment items comprise one or more electronic images and paper instruments; an aggregate module for aggregating the payment items into one or more categories; a decision module for identifying a payee financial institution and a payor financial institution for each payment items, wherein the payee financial institution and the payor financial institution are different and determining whether the payee financial institution and the payor financial institution are within the network of financial institutions;
wherein the payee financial institution and the payor financial institution within the network of financial institutions have an agreement for clearing and settling one or more financial transactions through the centralized agent; anda settlement module for determining a settlement path within the network of financial institutions for each payment item for the payee financial institution and the payor financial institution within the network of financial institutions and forwarding the payment items to a third party settlement entity for settlement processing for the payee financial institution and the payor financial institution that are not within the network of financial institutions; wherein the receive module, the aggregate module, the decision module and the settlement module reside at a centralized agent. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22, 23)
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24. A computer implemented system for facilitating settlement processing within a network of financial institutions, wherein the system comprises at least a programmed computer processor which communicates with a user via a communication network, the computer implemented system comprising:
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a receive module for receiving one or more payment items from a plurality of payment entities via the communication network, wherein the one or more payment items comprise one or more electronic images and paper instruments; an aggregate module for aggregating the payment items into one or more categories and sorting the payment items into on-us items and transit items; a decision module for identifying a payee financial institution and a payor financial institution for each payment items, wherein the payee financial institution and the payor financial institution are different and determining whether the payee financial institution and the payor financial institution are within the network of financial institutions;
wherein the payee financial institution and the payor financial institution within the network of financial institutions have an agreement for clearing and settling one or more financial transactions through the centralized agent;a settlement module for determining a settlement path within the network of financial institutions for each payment item for the payee financial institution and the payor financial institution within the network of financial institutions and forwarding the payment items to a third party settlement entity for settlement processing for the payee financial institution and the payor financial institution that are not within the network of financial institutions; and an interface for providing access to data specific to payment items, wherein the interface is customized based on user specific criteria; wherein the receive module, the aggregate module, the decision module, the settlement module and the interface reside at a centralized agent and wherein a non-network entity accesses the centralized agent for data exchange with at least one entity within the network and wherein a payment entity leverages the centralized agent'"'"'s infrastructure for processing payment items.
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Specification