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Method and system for transaction decision making

  • US 8,396,279 B1
  • Filed: 03/21/2012
  • Issued: 03/12/2013
  • Est. Priority Date: 06/24/2004
  • Status: Active Grant
First Claim
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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 that the image data associated with the payment item matches the electronic 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;

    determining automatically, using the transaction decision making module, that the paper check can be destroyed if the image data matches the electronic data; and

    routing the paper check to be destroyed.

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