Universal positive pay match, authentication, authorization, settlement and clearing system

CAFC
  • US 8,768,840 B2
  • Filed: 06/25/2012
  • Issued: 07/01/2014
  • Est. Priority Date: 10/30/2000
  • Status: Active Grant
First Claim
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1. A computer implemented method for detecting fraud in financial transactions during a payment clearing process, said method comprising:

  • receiving through one of a payer bank and a third party, a first record of an electronic financial transaction from at least one of the following group;

    a payer, a point-of-sale terminal, an online account and a portable electronic device;

    storing in a database accessible by each party to said payment clearing process of said electronic financial transaction, said first record of said electronic financial transaction, said first record comprising more than one parameter;

    receiving at said database at least a second record of said electronic financial transaction from one or more of a payee bank and any other party to said payment clearing process as said transaction moves along said payment clearing process, wherein said second record comprises at least one parameter which is the same as said more than one parameter of said first record;

    each of said first and second records received at said database comprise at least two of the same said more than one parameters;

    determining by a computer when there is a match between at least two of said parameters of said second record of said first financial transaction received at said database and the same parameters of said first record of said financial transaction stored in said database, and wherein any party to said payment clearing process is capable of verifying said parameters at each point along said financial transaction payment clearing process;

    sending a notification to said payee bank participant with authorization to process said electronic financial transaction when said parameters match; and

    sending a notification to said payee bank participant to not process said electronic financial transaction when said parameters do not match.

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