Payment real-time funds availability

• US 10,832,246 B2
• Filed: 04/18/2016
• Issued: 11/10/2020
• Est. Priority Date: 03/23/2015
• Status: Active Grant

• Current Assignee: Early Warning Services, LLC
• Original Assignee: Early Warning Services, LLC
• Inventors: Novac, Gyorgyi, Hutchison, Chuck, Alexander, Lou Anne, McCormick, Austin, Weinflash, Laura, Kulkarni, Rajesh
• Primary Examiner(s): Ebersman, Bruce I
• Assistant Examiner(s): Gaw, Mark H
• Application Number:
  US15/131,972
• Publication Number:
  US 20160300226A1
• Time in Patent Office: 1,667 Days
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/4016 involving fraud or risk level assessment in transaction processing
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules

Abstract

A method including receiving a first promise-to-pay message at a second financial institution. The method also can include performing a successful credit for the payment amount to a second account maintained by the second financial institution to make funds available in the second account in real-time after the payment authorization time. The method additionally can include sending a first response from the second financial institution indicating the successful credit of the second account maintained by the second financial institution to inform at least the sender in real-time after the payment authorization time of the successful credit of the second account maintained by the second financial institution. Other embodiments are provided.

Claims

1. A system comprising:

one or more processors; and

one or more non-transitory computer-readable media storing computing instructions configured to run on the one or more processors and perform;

receiving a first promise-to-pay message at a second financial institution, the first promise-to-pay message being based on a successful debit of a first account maintained by a first financial institution, the successful debit of the first account being based on a payment authorization for a payment amount made by a sender at a payment authorization time, and the first account being held by the sender;

performing a successful credit for the payment amount to a second account maintained by the second financial institution to make funds available in the second account in real-time after the payment authorization time, the sender being financially liable for the second account; and

sending a first response from the second financial institution indicating the successful credit of the second account maintained by the second financial institution to inform at least the sender in real-time after the payment authorization time of the successful credit of the second account maintained by the second financial institution,

wherein;

the first financial institution is different from the second financial institution;

the first financial institution maintains a first settlement account;

the first settlement account is credited after the successful debit of the first account maintained by the first financial institution to account for the successful debit of the first account maintained by the first financial institution;

the second financial institution maintains a second settlement account;

the second settlement account is debited before the successful credit of the second account maintained by the second financial institution to account for the successful credit of the second account maintained by the second financial institution;

the successful credit of the second account maintained by the second financial institution involves a hard credit to the second account in real-time after the payment authorization time;

settlement funds are transferred from the first settlement account to the second settlement account in a settlement completion after the payment authorization time, after sending the first response, and after the hard credit to the second account;

the first promise-to-pay message is received at the second financial institution from a transaction system based on a second promise-to-pay message sent from an application service provider to the transaction system;

the application service provider is in data communication with the transaction system;

the transaction system is in data communication with the second financial institution;

the transaction system is maintained by an entity that is different from the application service provider, the first financial institution, and the second financial institution; and

the first response is sent from the second financial institution to the transaction system, such that a second response is sent from the transaction system to the application service provider indicating the successful credit of the second account maintained by the second financial institution, and such that the application service provider informs the sender in real-time after the payment authorization time of the successful credit of the second account maintained by the second financial institution.

2. The system of claim 1, wherein the computing instructions are further configured to perform, after receiving the first promise-to-pay message:

performing a debit for the payment amount from the second settlement account maintained by the second financial institution to account for the successful credit of the second account maintained by the second financial institution.

3. The system of claim 1, wherein:

the application service provider is a different entity from the first and second financial institutions.

4. The system of claim 3, wherein the computing instructions are further configured to perform, before the payment authorization time:

receiving a first capability inquiry at the second financial institution from the transaction system to determine whether the second account maintained by the second financial institution supports real-time payment transactions; and

sending a first capability response from the second financial institution to the transaction system indicating whether the second account maintained by the second financial institution supports the real-time payment transactions, such that the transaction system sends a second capability response to the application service provider indicating whether the second account supports the real-time payment transactions.

5. The system of claim 3, wherein:

the second promise-to-pay message is sent from the application service provider to the transaction system after the application service provider receives a first debit response from the transaction system indicating the successful debit of the first account maintained by the first financial institution; and

the first debit response received at the application service provider is based on a second debit response that was received at the transaction system from the first financial institution indicating the successful debit of the first account maintained by the first financial institution.

6. The system of claim 3, wherein

the second promise-to-pay message is sent from the application service provider to the transaction system after the application service provider receives a first debit response from the first financial institution indicating the successful debit of the first account maintained by the first financial institution.

7. The system of claim 1, wherein:

the application service provider is the same entity as the first financial institution.

8. The system of claim 7, wherein the computing instructions are further configured to perform, before the payment authorization time:

receiving a first capability inquiry at the second financial institution from the transaction system to determine whether the second account maintained by the second financial institution supports real-time payment transactions; and

sending a first capability response from the second financial institution to the transaction system indicating whether the second account maintained by the second financial institution supports the real-time payment transactions, such that the transaction system sends a second capability response to the application service provider indicating whether the second account supports the real-time payment transactions.

9. The system of claim 7, wherein

the second promise-to-pay message is sent from the application service provider to the transaction system after the application service provider receives a first debit response from the first financial institution indicating the successful debit of the first account maintained by the first financial institution.

10. The system of claim 1, wherein:

the application service provider is the same entity as the second financial institution.

11. The system of claim 10, wherein:

the second promise-to-pay message is sent from the application service provider to the transaction system after the application service provider receives a first debit response from the transaction system indicating the successful debit of the first account maintained by the first financial institution; and

the first debit response received at the application service provider is based on a second debit response that was received at the transaction system from the first financial institution indicating the successful debit of the first account maintained by the first financial institution.

12. The system of claim 1, wherein:

the settlement completion is part of a net settlement as a single item ACH.

13. The system of claim 1, wherein:

the settlement completion is part of a net settlement as part of a batch ACH.

14. The system of claim 1, wherein:

the settlement completion is part of a net settlement as part of a wire advice file.

15. The system of claim 1, wherein:

the settlement completion involves the settlement funds being transferred through a third settlement account of a payment processor.

16. A method being implemented via execution of computer instructions configured to run at one or more processors and configured to be stored at one or more non-transitory computer-readable media, the method comprising:

receiving a first promise-to-pay message at a second financial institution, the first promise-to-pay message being based on a successful debit of a first account maintained by a first financial institution, the successful debit of the first account being based on a payment authorization for a payment amount made by a sender at a payment authorization time, and the first account being held by the sender;

performing a successful credit for the payment amount to a second account maintained by the second financial institution to make funds available in the second account in real-time after the payment authorization time, the sender being financially liable for the second account; and

sending a first response from the second financial institution indicating the successful credit of the second account maintained by the second financial institution to inform at least the sender in real-time after the payment authorization time of the successful credit of the second account maintained by the second financial institution,

wherein;

the first financial institution is different from the second financial institution;

the first financial institution maintains a first settlement account;

the first settlement account is credited after the successful debit of the first account maintained by the first financial institution to account for the successful debit of the first account maintained by the first financial institution;

the second financial institution maintains a second settlement account;

the second settlement account is debited before the successful credit of the second account maintained by the second financial institution to account for the successful credit of the second account maintained by the second financial institution;

the successful credit of the second account maintained by the second financial institution involves a hard credit to the second account in real-time after the payment authorization time;

settlement funds are transferred from the first settlement account to the second settlement account in a settlement completion after the payment authorization time, after sending the first response, and after the hard credit to the second account;

the first promise-to-pay message is received at the second financial institution from a transaction system based on a second promise-to-pay message sent from an application service provider to the transaction system;

the application service provider is in data communication with the transaction system;

the transaction system is in data communication with the second financial institution;

the transaction system is maintained by an entity that is different from the application service provider, the first financial institution, and the second financial institution; and

the first response is sent from the second financial institution to the transaction system, such that a second response is sent from the transaction system to the application service provider indicating the successful credit of the second account maintained by the second financial institution, and such that the application service provider informs the sender in real-time after the payment authorization time of the successful credit of the second account maintained by the second financial institution.

17. The method of claim 16, further comprising, after receiving the first promise-to-pay message:

performing a debit for the payment amount from the second settlement account maintained by the second financial institution to account for the successful credit of the second account maintained by the second financial institution.

18. The method of claim 16, wherein:

the application service provider is a different entity from the first and second financial institutions.

19. The method of claim 18, further comprising, before the payment authorization time:

receiving a first capability inquiry at the second financial institution from the transaction system to determine whether the second account maintained by the second financial institution supports real-time payment transactions; and

sending a first capability response from the second financial institution to the transaction system indicating whether the second account maintained by the second financial institution supports the real-time payment transactions, such that the transaction system sends a second capability response to the application service provider indicating whether the second account support the real-time payment transactions.

20. The method of claim 18, wherein:

the second promise-to-pay message is sent from the application service provider to the transaction system after the application service provider receives a first debit response from the transaction system indicating the successful debit of the first account maintained by the first financial institution; and

the first debit response received at the application service provider is based on a second debit response that was received at the transaction system from the first financial institution indicating the successful debit of the first account maintained by the first financial institution.

21. The method of claim 18, wherein

the second promise-to-pay message is sent from the application service provider to the transaction system after the application service provider receives a first debit response from the first financial institution indicating the successful debit of the first account maintained by the first financial institution.

22. The method of claim 16, wherein:

the application service provider is the same entity as the first financial institution.

23. The method of claim 22, further comprising, before the payment authorization time:

receiving a first capability inquiry at the second financial institution from the transaction system to determine whether the second account maintained by the second financial institution supports real-time payment transactions; and

sending a first capability response from the second financial institution to the transaction system indicating whether the second account maintained by the second financial institution supports the real-time payment transactions, such that the transaction system sends a second capability response to the application service provider indicating whether the second account supports the real-time payment transactions.

24. The method of claim 22, wherein

the second promise-to-pay message is sent from the application service provider to the transaction system after the application service provider receives a first debit response from the first financial institution indicating the successful debit of the first account maintained by the first financial institution.

25. The method of claim 16, wherein:

the application service provider is the same entity as the second financial institution.

26. The method of claim 25, wherein:

the second promise-to-pay message is sent from the application service provider to the transaction system after the application service provider receives a first debit response from the transaction system indicating the successful debit of the first account maintained by the first financial institution; and

the first debit response received at the application service provider is based on a second debit response that was received at the transaction system from the first financial institution indicating the successful debit of the first account maintained by the first financial institution.

27. The method of claim 16, wherein:

the settlement completion is part of a net settlement as a single item ACH.

28. The method of claim 16, wherein:

the settlement completion is part of a net settlement as part of a batch ACH.

29. The method of claim 16, wherein:

the settlement completion is part of a net settlement as part of a wire advice file.

30. The method of claim 16, wherein:

the settlement completion involves the settlement funds being transferred through a third settlement account of a payment processor.