Method and system for transaction decision making
First Claim
1. A computer implemented method for processing payment items, the computer implemented method comprising the steps of:
- receiving, at a sorter, a payment item comprising a paper check;
extracting electronic data from the payment item from an electronic MICR readable line of the payment item;
imaging the payment item to obtain image data of the payment item;
verifying payment data associated with the payment item by comparing the electronic data and the image data;
determining automatically, using a transaction decision making module, an optimal settlement path from a plurality of possible settlement paths for the payment item wherein the optimal settlement path represents clearing and final settlement of the payment item, wherein the plurality of possible settlement paths includes ACH, wire transfer, and one or more of IRD, ARC, ECP, posting to a consumer account, and data archive;
determining automatically, using the transaction decision making module, whether the paper check can be destroyed; and
routing the paper check to be destroyed; and
wherein the step of verifying further comprises the step of;
accessing account data to identify positive and negative account data.
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Abstract
According to one embodiment, the present invention relates to a method and a system for transaction decision making. According to an exemplary embodiment, a method and system for processing payment items involve receiving a payment item at a sorter device; extracting electronic data from the payment item from an electronic readable line of the payment item; imaging the payment item to obtain image data of the payment item; comparing the electronic data and the image data to verify payment data associated with the payment item; and determining an optimal settlement path for the payment item, at the sorter device.
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Citations
44 Claims
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1. A computer implemented method for processing payment items, the computer implemented method comprising the steps of:
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receiving, at a sorter, a payment item comprising a paper check; extracting electronic data from the payment item from an electronic MICR readable line of the payment item; imaging the payment item to obtain image data of the payment item; verifying payment data associated with the payment item by comparing the electronic data and the image data; determining automatically, using a transaction decision making module, an optimal settlement path from a plurality of possible settlement paths for the payment item wherein the optimal settlement path represents clearing and final settlement of the payment item, wherein the plurality of possible settlement paths includes ACH, wire transfer, and one or more of IRD, ARC, ECP, posting to a consumer account, and data archive; determining automatically, using the transaction decision making module, whether the paper check can be destroyed; and routing the paper check to be destroyed; and wherein the step of verifying further comprises the step of; accessing account data to identify positive and negative account data. - View Dependent Claims (2, 3, 4, 6, 7, 8, 9, 21)
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5. A computer implemented method for processing payment items, the computer implemented method comprising the steps of:
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receiving, at a sorter, a payment item comprising a paper check; extracting electronic data from the payment item from an electronic MICR readable line of the payment item; imaging the payment item to obtain image data of the payment item; verifying payment data associated with the payment item by comparing the electronic data and the image data; determining automatically, using a transaction decision making module, an optimal settlement path from a plurality of possible settlement paths for the payment item wherein the optimal settlement path represents clearing and final settlement of the payment item, wherein the plurality of possible settlement paths includes ACH, wire transfer, and one or more of IRD, ARC, ECP, posting to a consumer account, and data archive; determining automatically, using the transaction decision making module, whether the paper check can be destroyed; and routing the paper check to be destroyed; wherein the step of verifying further comprises the step of; determining special instructions associated with the payment item, wherein the special instructions comprise one or more of stop payment orders, do not pay items, and illegitimate account data. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 43)
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10. A computer implemented method for processing payment items, the computer implemented method comprising the steps of:
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receiving, at a sorter, a payment item comprising a paper check; extracting electronic data from the payment item from an electronic MICR readable line of the payment item; imaging the payment item to obtain image data of the payment item; verifying payment data associated with the payment item by comparing the electronic data and the image data; determining automatically, using a transaction decision making module, an optimal settlement path from a plurality of possible settlement paths for the payment item wherein the optimal settlement path represents clearing and final settlement of the payment item, wherein the plurality of possible settlement paths includes ACH, wire transfer, and one or more of IRD, ARC, ECP, posting to a consumer account, and data archive; determining automatically, using the transaction decision making module, whether the paper check can be destroyed; and routing the paper check to be destroyed; extracting data from the payment item, and sending an electronic offer electronically via an electronic transmission directly to one or more potential customers based at least in part on the extracted data. - View Dependent Claims (29, 30, 31, 32, 33, 34, 35, 44)
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11. A computer implemented system for processing payment items, the computer implemented system comprising:
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a receiving module for receiving a payment item comprising a paper check; an extracting module for extracting electronic data from the payment item from an electronic MICR readable line of the payment item; an imaging module for imaging the payment item to obtain image data of the payment item; a matching module for verifying payment data associated with the payment item by comparing the electronic data and the image data; a decisioning module for automatically determining an optimal settlement path from a plurality of possible settlement paths for the payment item wherein the optimal settlement path represents clearing and final settlement of the payment item and for automatically determining whether the paper check can be destroyed; and a routing module for routing the paper check to be destroyed; wherein the plurality of possible settlement paths includes ACH, wire transfer, and one or more of IRD, ARC, ECP, posting to a consumer account, and data archive, and wherein the matching module accesses account data to identify positive and negative account data. - View Dependent Claims (12, 13, 14, 16, 17, 18, 19)
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15. A computer implemented system for processing payment items, the computer implemented system comprising:
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a receiving module for receiving a payment item comprising a paper check; an extracting module for extracting electronic data from the payment item from an electronic MICR readable line of the payment item; an imaging module for imaging the payment item to obtain image data of the payment item; a matching module for verifying payment data associated with the payment item by comparing the electronic data and the image data; a decisioning module for automatically determining an optimal settlement path from a plurality of possible settlement paths for the payment item wherein the optimal settlement path represents clearing and final settlement of the payment item and for automatically determining whether the paper check can be destroyed; and a routing module for routing the paper check to be destroyed; wherein the plurality of possible settlement paths includes ACH, wire transfer, and one or more of IRD, ARC, ECP, posting to a consumer account, and data archive; and wherein the matching module determines special instructions associated with the payment item, wherein the special instructions comprise one or more of stop payment orders, do not pay items, and illegitimate account data. - View Dependent Claims (36, 37, 38, 39, 40, 41, 42)
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20. A computer implemented system for processing payment items, the computer implemented system comprising:
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a receiving module for receiving a payment item comprising a paper check; an extracting module for extracting electronic data from the payment item from an electronic MICR readable line of the payment item; an imaging module for imaging the payment item to obtain image data of the payment item; a matching module for verifying payment data associated with the payment item by comparing the electronic data and the image data; a decisioning module for automatically determining an optimal settlement path from a plurality of possible settlement paths for the payment item wherein the optimal settlement path represents clearing and final settlement of the payment item and for automatically determining whether the paper check can be destroyed; and a routing module for routing the paper check to be destroyed; wherein the plurality of possible settlement paths includes ACH, wire transfer, and one or more of IRD, ARC, ECP, posting to a consumer account, and data archive, and wherein data is extracted from the payment item using the extracting module; and an electronic offer is sent electronically directly via an electronic transmission to one or more potential customers based at least in part on the extracted data.
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Specification