Systems and methods for accessing reconcilement information

• US 20050137951A1
• Filed: 12/23/2003
• Published: 06/23/2005
• Est. Priority Date: 12/23/2003
• Status: Active Grant

• Current Assignee: First Data Corporation (Fiserv Incorporated)
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Michelassi, Leslie, Shankar, Sharat, Tidwell, Lisa C., Templeton, Randy
• Granted Patent: US 7,640,205 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Systems and methods are disclosed for assisting a check-cashing entity to efficiently and accurately locate relevant positive pay information or other reconcilement information regarding a check or other negotiable instrument that has been presented to a check-cashing entity in association with a request to cash, deposit, use as payment or other otherwise accept the check or negotiable instrument. In various embodiments, when a plurality of potentially useful sources of reconcilement information are identified for querying in association with a proposed check-cashing transaction, a decision regarding how many of the sources to query and/or how long to continue to query may be based at least in part on factors relating to the transaction, factors relating to characteristics of the information sources, and factors relating to preferences on the part of the check-cashing entity.

Claims

1. A process for determining whether to access additional positive pay information in association with a proposed check-cashing transaction, the process comprising:

receiving a request from a check-cashing entity for positive pay status information for a check presented in association with a proposed check-cashing transaction;

identifying at least one source of positive pay information;

accessing positive pay information from at least said one of said positive pay information sources;

storing the accessed positive pay information;

accessing additional information about at least one of the set consisting of;

characteristics of the proposed check-cashing transaction, characteristics of the identified positive pay information sources, and preferences of the check-cashing entity; and

determining whether to access additional positive pay information, based at least in part on at least one of the set consisting of;

the accessed positive pay information and the accessed additional information.

2. The process of claim 1, wherein identifying at least one source of positive pay information comprises identifying at least one positive pay information source that stores positive pay information about an account on which the check is drawn.

3. The process of claim 1, wherein identifying at least one positive pay information source comprises identifying at least one positive pay information source that stores positive pay information about a type of check that is related to the check.

4. The process of claim 1, wherein accessing positive pay information comprises obtaining at least one positive pay status report associated with the check.

5. The process of claim 1, wherein accessing additional information about characteristics of the proposed check-cashing transaction comprises accessing information about at least one of the set consisting of:

a date of the proposed transaction, a time of the proposed transaction, a location of the proposed transaction, a check type associated with the check, a check amount associated with the check, and a type of check-cashing entity at which the transaction is proposed to take place.

6. The process of claim 1, wherein accessing additional information about characteristics of the identified positive pay information sources comprises accessing information about at least one of the set consisting of:

cost of accessing the information from the sources, reliability of the information available from the sources, location of the information sources, response speeds of the information sources, size of the information sources, and type of check associated with the positive pay sources.

7. The process of claim 1, wherein accessing additional information about preferences of the check-cashing entity comprises accessing information about at least one of the set consisting of:

preferred risk tolerance level, preferences regarding speed of determining a positive pay status result, and preferences regarding cost of determining a positive pay status result.

8. The process of claim 1, wherein determining whether to access additional positive pay information comprises determining at least one of the set consisting of:

determining whether an obtained positive pay status result meets the preferences of the check-cashing entity, determining whether the preferences of the check-cashing entity indicate that no more time is to be expended on a search, determining whether the preferences of the check-cashing entity indicate that no more monetary resources are to be expended on a search, determining not to access more if at least one accessed result is negative, and determining to continue accessing if all accessed result are uncertain.

9. The process of claim 1, further comprising determining a positive pay status result for the proposed check-cashing transaction by collectively assessing the accessed positive pay information.

10. A check authentication system, comprising:

a data interface configured to receive a request from a check-cashing entity for positive pay authentication in association with a proposed check-cashing transaction, wherein the request comprises information about characteristics of the proposed check-cashing transaction;

a computer-accessible storage medium configured to store additional information about characteristics of one or more positive pay information sources and information about preferences expressed by the check-cashing entity; and

a processor configured to query at least one positive pay information source for positive pay information associated with the proposed check-cashing transaction, the processor further configured to determine thereafter whether to query at least one additional positive pay information source, based at least in part on at least one of the set consisting of;

the information about characteristics of the proposed check-cashing transaction, at least one positive pay authentication status report received in response to a query, and the stored additional information.

11. A check authentication system, comprising:

a processor configured to query at least one source for reconcilement information associated with a proposed financial transaction, the processor further configured to determine whether to query additional sources based at least in part on at least one of the set consisting of;

information about the proposed financial transaction, information about available sources, and information about preferences on the part of a check-cashing entity associated with the proposed financial transaction.

12. A method of providing an authentication status result for a negotiable instrument, comprising:

querying a source of reconcilement information for authentication information about a negotiable instrument;

determining in a programmed processor whether additional reconcilement information is desirable for assessing an authentication status result for the negotiable instrument;

continuing to query at least one additional source of reconcilement information as long as additional reconcilement information is desirable;

assessing in a programmed processor an authentication status result for the negotiable instrument, based at least in part on the authentication information; and

providing the authentication status result to a party requesting the authentication status result.

13. The method of claim 12, wherein querying a source of reconcilement information about a negotiable instrument comprises requesting reconcilement information about at least one of the set consisting of:

a personal check, a personal check card, a tax refund check, a government-issued check, a government-issued check card, a traveler'"'"'s check, a traveler'"'"'s check card, a bank check, an official check, a convenience check, a money order, other type of check card, and a cashable financial instrument.

14. A point-of-sale device comprising:

an input system configured to obtain information associated with a proposed check-cashing transaction, wherein the input system is located at a check-cashing entity;

a communications system in communication with the input system, wherein the communications system is configured to transmit at least some of the information obtained by the input system to a remote system in association with a request for the remote system to access positive pay information associated with the proposed transaction and for the purpose of enabling the remote system to determine whether to access at least one additional positive pay information source after accessing at least one positive pay information source.

15. The point-of-sale device of claim 14, wherein the input system is configured to obtain information associated with at least one of the set consisting of:

a personal check, a personal check card, a tax refund check, a government-issued check, a government-issued check card, a traveler'"'"'s check, a traveler'"'"'s check card, a bank check, an official check, a convenience check, a money order, other type of check card, and a cashable financial instrument.

16. A method of assisting in positive pay authentications comprising sending data to a check authentication system for the purpose of enabling the check authentication system to determine whether to continue querying positive pay information sources in search of positive pay information associated with a proposed check-cashing transaction.

17. The method of claim 16, wherein sending data comprises sending authentication status data associated with the proposed check-cashing transaction.

18. The method of claim 16, wherein sending data comprises sending characterizing information about a positive pay information source.

19. A process for reducing risk associated with accepting a check offered at a check-cashing transaction, the process comprising the acts of:

entering into an agreement with a check authentication system in which the check authentication system agrees to perform positive pay check authentications;

informing the check authentication system of preferences associated with positive pay check authentications;

transmitting information associated with a positive pay authentication request for a proposed check-cashing transaction to the check authentication system;

receiving from the check authentication system data indicative of a positive pay authentication result, wherein the positive pay authentication result is based at least in part on information obtained from at least one positive pay information source selected based at least in part on the transmitted information associated with the proposed check-cashing transaction and on the preferences associated with positive pay authentications; and

determining whether to accept the check offered at the proposed check-cashing transaction, based at least in part on the positive pay authentication result.

20. A check-cashing entity configured to transmit to a check authentication system information associated with a proposed check-cashing transaction, the check-cashing entity further configured to transmit preferences regarding positive pay authentications to be carried out by the check authentication system, wherein the information and the preferences enable the check authentication system to determine, after querying at least one source of positive pay information, whether to query at least one additional source of positive pay information.

21. A method for obtaining positive pay information associated with a proposed check-cashing transaction, the method comprising:

providing a check authentication system with information about preferences regarding positive pay information searches performed by the check authentication system, wherein the provided information enables the check authentication system to determine whether to continue querying positive pay information sources in searches for positive pay information that are associated with proposed check-cashing transactions;

transmitting a request to the check authentication system for positive pay information associated with a proposed check-cashing transaction, wherein the transmitted request triggers the check authentication system to query a positive pay information source for positive pay information associated with the proposed check-cashing transaction and wherein the transmitted request thereafter triggers a determination about whether to continue querying positive pay information sources in a search for positive pay information associated with the proposed check-cashing transaction; and

obtaining from the check authentication system positive pay information associated with the proposed check-cashing transaction.

22. A positive pay information source that provides to a check authentication system information useful for assisting the authentication system in a determining whether to continue querying positive pay information sources in association with a positive pay authentication of a check.

23. The positive pay information source of claim 22, wherein the information comprises information about at least one of the set consisting of:

at least one check issuer associated with the positive pay information source, at least one bank account identifier associated with the positive pay information source, at least one check type associated with the positive pay information source, a location associated with the positive pay information source, a measure of size of the positive pay information source, a measure of response speed of the positive pay information source, a measure of frequency at which positive pay information stored by the positive pay information source is updated, and a monetary cost associated with obtaining positive pay information from the positive pay information source.

24. A reconcilement information source, comprising:

a computer-accessible storage medium configured to store reconcilement information abut negotiable instruments; and

a communications system configured to transmit data about the reconcilement information source to a remote system that conducts searches for reconcilement information, wherein the communications system transmits the data to assist the remote system to determine whether to continue querying reconcilement information sources in a search for reconcilement information.

25. The reconcilement information source of claim 24, wherein the communications system is configured to transmit data about at least one of the set consisting of:

at least one issuer of negotiable instruments associated with the reconcilement information, at least one account identifier associated with the reconcilement information, at least one negotiable instrument type associated with the reconcilement information, a location associated with the reconcilement information source, a measure of size of the reconcilement information source, a measure of response speed of the reconcilement information source, a measure of frequency at which the reconcilement information is updated, and a monetary cost associated with making a reconcilement information request.

26. A process for participating in a positive pay authentication, comprising:

providing data to a remote system about a positive pay information source to assist the remote system to determine whether to continue a search for positive pay information in association with a request for positive pay authentication.

27. The process of claim 26, wherein providing data comprises providing data about at least one of the set consisting of:

at least one issuer of negotiable instruments associated with the reconcilement information, at least one account identifier associated with the reconcilement information, at least one negotiable instrument type associated with the reconcilement information, a location associated with the reconcilement information source, a measure of size of the reconcilement information source, a measure of response speed of the reconcilement information source, a measure of frequency at which the reconcilement information is updated, and a monetary cost associated with making a reconcilement information request.

28. A system for determining whether to continue a search for positive pay information, comprising:

means for receiving a request from a check-cashing entity for positive pay status information for a check presented in association with a proposed check-cashing transaction;

means for identifying at least one source of positive pay information;

means for accessing positive pay information from at least one of the identified sources;

means for accessing additional information about at least one of the set consisting of;

characteristics of the proposed check-cashing transaction, characteristics of the identified positive pay information sources, and preferences of the check-cashing entity; and

means for determining whether to access additional positive pay information, based at least in part on at least one of the set consisting of;

the accessed positive pay information and the accessed additional information.