VARIABLE MERCHANT SETTLEMENT OPTIONS

• US 20110191238A1
• Filed: 01/25/2011
• Published: 08/04/2011
• Est. Priority Date: 01/29/2010
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Upton, Michael W., Blackhurst, Jason
• Application Number:
  US13/013,685
• Publication Number:
  US 20110191238A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems

Abstract

Embodiments of the invention provide for offering variable settlement options to merchants. The merchant and/or the financial institution can define settlement rules based on many settlement options, such as settlement time, settlement location, settlement channel, type of product/service associated with the transaction, and the like. Based on the occurrence of a transaction, the transaction parameters, such as settlement time, location and/or channel are determined by applying the settlement rules to the transaction. Accordingly, the transaction is settled according to the determined settlement rules. In alternate embodiments merchant settlement variables, such current financial status, cash flow requirements, credit requirements and the like, are monitored and the variables are applied to the settlement rules to determine the settlement parameters.

Claims

1. A method for transaction settlement between a financial institution and a merchant, the method comprising:

receiving, in computing device memory, one or more settlement rules associated with the merchant;

receiving, at a computing device, a transaction confirmation that indicates that a transaction has occurred involving the merchant;

determining, via a computing device processor, one or more settlement parameters by applying at least one of the settlement rules to the transaction; and

settling, via a computing device processor, the transaction with the merchant in accordance with the one or more settlement parameters.

2. The method of claim 1, further comprising monitoring, via a computing device processor, one or more settlement variables associated with the merchant.

3. The method of claim 2, wherein determining the one or more settlement parameters further comprises determining, via the computing device processor, the one or more settlement parameters by applying at least one of the settlements rules to the transaction, wherein at least one of the applied settlement rules is associated with a monitored settlement variable.

4. The method of claim 1, wherein receiving the one or more settlement rules further comprises receiving, in the computing device memory, one or more settlement rules associated with the merchant, wherein the settlement rules are received from one of the financial institution or the merchant.

5. The method of claim 1, wherein receiving the one or more settlement rules further comprises receiving, in the computing device memory, a settlement rule associated with a time for settlement.

6. The method of claim 1, wherein receiving the one or more settlement rules further comprises receiving, in the computing device memory, a settlement rule associated with a settlement location.

7. The method of claim 1, wherein receiving the one or more settlement rules further comprises receiving, in the computing device memory, a settlement rule associated with a settlement channel.

8. The method of claim 1, wherein receiving the one or more settlement rules further comprises receiving, in the computing device memory, a settlement rule associated with a transaction product type.

9. The method of claim 1, wherein receiving the one or more settlement rules further comprises receiving, in the computing device memory, a settlement rule associated with transaction type.

10. The method of claim 9, wherein receiving a settlement rule associated with transaction type further comprises receiving, in the computing device memory, a settlement rule associated with one or more of transaction amount, transaction payment type, transaction location, transaction customer type or transaction customer.

11. The method of claim 2, wherein monitoring further comprises monitoring, at a computing device, at least one of the merchant'"'"'s current financial status, the merchant'"'"'s current cash flow requirements, the merchant'"'"'s future cash flow requirements, the merchant'"'"'s current credit requirements or the merchant'"'"'s future credit requirements.

12. The method of claim 1, wherein determining one or more settlement parameters further comprises determining, via a computing device processor, one or more settlement parameters, wherein the parameters include at least one of settlement time, settlement location or settlement channel.

13. The method of claim 1, wherein receiving a transaction confirmation further comprises receiving a transaction confirmation associated with a transaction in which the financial institution has authenticated the customer.

14. An apparatus configured for transaction settlement between a financial institution and a merchant, the apparatus comprising:

a computing platform including at least one processor and a memory; and

a merchant settlement application stored in the memory, executable by the processor and configured to include,

a settlement rules routine configured to receive, in computing device memory, one or more settlement rules associated with the merchant,

a settlement parameter determining routine configured to determining one or more settlement parameters by applying at least one of the settlement rules to a transaction involving the merchant, and

a settlement routine configured to settle the transaction with the merchant in accordance with the one or more settlement parameters.

15. The apparatus of claim 14, wherein the merchant settlement application further comprises a merchant settlement variable monitoring routine configured to monitor one or more settlement variables associated with the merchant.

16. The apparatus of claim 15, wherein the settlement parameter determining routine is further configured to determine the one or more settlement parameters by applying at least one of the settlements rules to the transaction, wherein at least one of the applied settlement rules is associated with a monitored settlement variable.

17. The apparatus of claim 14, wherein the settlement rules routine is further configured to receive the one or more settlement rules associated with the merchant, wherein the settlement rules are received from one of the financial institution or the merchant.

18. The apparatus of claim 14, wherein the settlement rules routine is further configured to receive a settlement rule associated with a time for settlement.

19. The apparatus of claim 14, wherein the settlement rules routine is further configured to receive a settlement rule associated with a settlement location.

20. The apparatus of claim 14, wherein the settlement rules routine is further configured to receive a settlement rule associated with a settlement channel.

21. The apparatus of claim 14, wherein the settlement rules routine is further configured to receive a settlement rule associated with a transaction product type.

22. The apparatus of claim 14, wherein the settlement rules routine is further configured to receive a settlement rule associated with transaction type.

23. The apparatus of claim 22, wherein the settlement rules routine is further configured to receive a settlement rule associated with the transaction type, wherein transaction type includes one or more of transaction amount, transaction payment type, transaction location, transaction customer type or transaction customer.

24. The apparatus of claim 15, wherein the merchant settlement variable monitoring routine is further configured to monitor at least one of the merchant'"'"'s current financial status, the merchant'"'"'s current cash flow requirements, the merchant'"'"'s future cash flow requirements, the merchant'"'"'s current credit requirements or the merchant'"'"'s future credit requirements.

25. The apparatus of claim 15, wherein the settlement parameter determining routine is further configured to determine one or more settlement parameters, wherein the parameters include at least one of settlement time, settlement location or settlement channel.

26. A computer program product comprising:

a non-transitory computer-readable medium comprising;

a first set of codes for causing a computer to receiving one or more settlement rules associated with the merchant;

a second set of codes for causing a computer to receive a transaction confirmation that indicates that a transaction has occurred involving the merchant;

a third set of codes for causing a computer to determine one or more settlement parameters by applying at least one of the settlement rules to the transaction; and

a fourth set of codes for settling the transaction with the merchant in accordance with the one or more settlement parameters.

27. The computer program product of claim 26, further comprising a fifth set of codes for monitoring one or more settlement variables associated with the merchant.

28. The computer program product of claim 27, wherein the third set of codes is further configured to cause the computer to determine the one or more settlement parameters by applying at least one of the settlements rules to the transaction, wherein at least one of the applied settlement rules is associated with a monitored settlement variable.

29. The computer program product of claim 26, wherein the first set of codes is further configured to cause the computer to receive one or more settlement rules associated with the merchant, wherein the settlement rules are received from one of the financial institution or the merchant.

30. The computer program product of claim 26, wherein the first set of codes is further configured to cause the computer to receive a settlement rule associated with a time for settlement.

31. The computer program product of claim 26, wherein the first set of codes is further configured to cause the computer to receive a settlement rule associated with a settlement location.

32. The computer program product of claim 26, wherein the first set of codes is further configured to cause the computer to receive a settlement rule associated with a settlement channel.

33. The computer program product of claim 26, wherein the first set of codes is further configured to cause the computer to receive a settlement rule associated with a transaction product type.

34. The computer program product of claim 26, wherein the first set of codes is further configured to cause the computer to receive a settlement rule associated with transaction type.

35. The computer program product of claim 34, wherein the first set of codes is further configured to cause the computer to receive a settlement rule associated with one or more of transaction amount, transaction payment type, transaction location, transaction customer type or transaction customer.

36. The computer program product of claim 27, wherein the fifth set of codes is further configured to monitor at least one of the merchant'"'"'s current financial status, the merchant'"'"'s current cash flow requirements, the merchant'"'"'s future cash flow requirements, the merchant'"'"'s current credit requirements or the merchant'"'"'s future credit requirements.

37. The computer program product of claim 26, wherein the third set of codes is further configured to cause the computer to determine one or more settlement parameters, wherein the parameters include at least one of settlement time, settlement location or settlement channel.

38. The computer program product of claim 26, wherein the first set of codes is further configured to cause the computer to receive a transaction confirmation associated with a transaction in which the financial institution has authenticated the customer.