System and method of financial instrument processing with duplicate item detection

• US 8,240,554 B2
• Filed: 03/28/2008
• Issued: 08/14/2012
• Est. Priority Date: 03/28/2008
• Status: Active Grant

• Current Assignee: KeyCorp
• Original Assignee: KeyCorp
• Inventors: Bonds, Dale, Burgess, John W., Tetreault, Luke
• Primary Examiner(s): FRANKLIN, JAMARA ALZAIDA
• Application Number:
  US12/058,216
• Publication Number:
  US 20090242623A1
• Time in Patent Office: 1,600 Days
• Field of Search: 235/379, 235/380, 705/39, 707999001-999006
• US Class Current: 235/379
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A method and system for processing financial instruments in order to detect the presence of duplicate instruments. The method may include the steps of receiving discrete items of identifying information, each for a plurality of financial instruments, grouping the items into cycles and appending discrete cycle and time dependent information to each of the items to form coded items, storing each of the coded items in a database, comparing the stored, coded items to each other to find items having duplicate identifying information, marking items having duplicate identifying information for subsequent deletion and printing a report listing all items having duplicate identifying information. The system may include a mainframe, data repository and item processing applications, all interconnected by a network. The system may receive discrete items of identifying information over a network, such as the Internet or private network, such as SVPCO. In a preferred embodiment, the system may include a module that filters items from incoming strings of items to remove false positives, namely, those items that might otherwise appear to be duplicates, but in fact are not, such as rebate coupons. The remaining duplicate items may be viewed on a graphical user interface that allows a user to review attributes of each item and manually mark duplicates for subsequent deletion.

Claims

1. A method for processing financial instruments in order to detect the presence of duplicate instruments comprising:

receiving discrete items of identifying information, each of said items of identifying information relating to data scanned from each of a plurality of financial instruments;

grouping said items into cycles and appending discrete cycle and time dependent information to each of said items to form coded items;

storing each of said coded items in a database;

comparing said stored, coded items to each other to find items having duplicate identifying information;

applying a rules engine to said coded items and removing ones of said financial instruments having no scanned data, and if scanned data exists, meeting a rule stored in said rules engine;

viewing on a graphical user interface the attributes of each of said financial instruments not removed by said rules engine and marking said financial instruments not removed by said rules engine having duplicate identifying information for subsequent deletion; and

creating a report listing all said financial instruments not removed by said rules engine having duplicate identifying information.

2. The method of claim 1 comprising the further step of purging said database of all of said items of a cycle after a pre-defined retention period.

3. The method of claim 1 wherein said applying step includes the step of eliminating items having incomplete identifying information.

4. The method of claim 1 wherein said identifying information includes MICR information.

5. The method of claim 1 wherein said receiving step includes receiving said items from a plurality of discrete sources.

6. The method of claim 5 wherein said sources are geographically distinct from each other.

7. The method of claim 1 wherein said financial instruments include bank checks.

8. A method of processing financial instruments in order to detect the presence of duplicate instruments comprising:

receiving data in input strings scanned from a plurality of financial instruments;

filtering each of said input strings by a rules engine that applies rules to said incoming input strings to remove ones of said financial instruments that have no scanned data, and if scanned data exists, meeting a rule stored in said rules engine, thereby eliminating from further treatment false positives of said financial instruments;

grouping remaining ones of said financial instruments having duplicate identifying data associated therewith; and

displaying data from said filtered input strings representing said duplicate financial instruments within said input strings.

9. The method of claim 8 further comprising the steps of:

displaying said data on a graphical user interface;

viewing said displayed data by an operator; and

marking for deletion from said input string data representing said duplicate financial instruments.

10. The method of claim 8 further comprising the step of appending unique cycle information to each input string.

11. The method of claim 10 wherein said filtering and displaying steps are performed on data having common cycle information.

12. The method of claim 11 wherein said cycle information includes one or more of a date, entry and item sequence number.

13. The method of claim 8 wherein said filtering step includes removing from consideration as duplicates financial instruments having at least one of the following characteristics:

blanks instead of account numbers, one of a predetermined group of account numbers, none or one of a predetermined group of process control field and serial field numbers, an amount less than a predetermined value, a redeposit flag, one of a predetermined group of sort pattern and user field numbers, one of a predetermined group of user field number combinations, one of a predetermined group of user field numbers, one of a predetermined group of returned item field exclusions, and financial instruments coming from an ATM.

14. A method of processing financial instruments in order to detect the presence of duplicate instruments comprising:

receiving data in input strings representing a plurality of financial instruments;

appending unique cycle information to each input string, said cycle information including one or more of a date, entry and item sequence number;

filtering data having common cycle information on each of said input strings by a rules engine that applies rules to incoming input strings to exclude financial instruments that meet at least one of said rules, thereby eliminating from further treatment false positives;

said filtering step including removing from consideration as duplicates financial instruments having at least one of the following characteristics;

blanks instead of account numbers, one of a predetermined group of account numbers, none or one of a predetermined group of process control field and serial field numbers, an amount less than a predetermined value, a redeposit flag, one of a predetermined group of sort pattern and user field numbers, one of a predetermined group of user field number combinations, one of a predetermined group of user field numbers, one of a predetermined group of returned item field exclusions, and financial instruments coming from an ATM;

displaying data from said filtered input strings representing duplicate financial instruments displaying said data on a graphical user interface;

viewing said displayed data by an operator; and

marking for deletion from said input string data representing said duplicate financial instruments.

15. A system for processing financial instruments in order to detect the presence of duplicate instruments comprising:

a scanning device for scanning information from a financial instrument and generating a data stream of said scanned information in input strings;

a processor having a batch process component for receiving data from said scanning device in input strings representing a plurality of financial instruments;

said processor including a rules engine for filtering each of said input strings that applies rules to incoming input strings to exclude financial instruments having no scanned data, and if scanned data exists, that meet at least one of said rules, thereby eliminating from further treatment false positives within each of said input strings; and

a user interface for displaying data from said filtered input strings representing duplicate financial instruments.

16. The system of claim 15 wherein said user interface allows displayed duplicate financial instruments to be viewed and marked for deletion from said input string by an operator.

17. The system of claim 15 wherein said processor appends unique cycle information to each input string.

18. The system of claim 17 wherein said processor filters data having common cycle information.

19. The system of claim 18 wherein said appended cycle information includes one or more of a date, entry and item sequence number.

20. The system of claim 19 wherein said processor filters said data by removing from consideration as duplicates financial instruments having at least one of the following characteristics:

blanks instead of account numbers, one of a predetermined group of account numbers, none or one of a predetermined group of process control field and serial field numbers, an amount less than a predetermined value, a redeposit flag, one of a predetermined group of sort pattern and user field numbers, one of a predetermined group of user field number combinations, one of a predetermined group of user field numbers, one of a predetermined group of returned item field exclusions, and financial instruments coming from an ATM.

21. A system for processing financial instruments in order to detect the presence of duplicate instruments comprising:

a scanning device for scanning information from a plurality of financial instruments and generating a data stream of said scanned information pertaining to each of said financial instruments in input strings;

a processor for receiving data in input strings from said scanning device representing a plurality of said financial instruments;

said processor appending unique cycle information to each of said input strings, said cycle information including one or more of a date, entry and item sequence number;

said processor including a rules engine for filtering said scanned information having common cycle information on each of said input strings that applies rules to incoming input strings to exclude data representing financial instruments that meets at least one of said rules, thereby eliminating from further treatment false positives;

said rules engine filtering said input strings by removing from consideration as duplicates ones of said financial instruments having at least one of the following characteristics;

blanks instead of account numbers, one of a predetermined group of account numbers, none or one of a predetermined group of process control field and serial field numbers, an amount less than a predetermined value, a redeposit flag, one of a predetermined group of sort pattern and user field numbers, one of a predetermined group of user field number combinations, one of a predetermined group of user field numbers, one of a predetermined group of returned item field exclusions, and financial instruments coming from an ATM;

a graphical user interface for displaying data from said filtered input strings representing duplicate financial instruments displaying said data on a graphical user interface; and

said graphical user interface displaying data to an operator and enabling an operator to mark for deletion from said input string data representing said duplicate financial instruments.