Electronic check exchange, clearing and settlement system
US5848400A · kind A · utility
Assignee
Inventor
Key dates
| Filing date | Jul 1, 1996 |
| Grant date | Dec 8, 1998 |
| Priority date | — |
| Expiry date | Jul 1, 2016 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/02
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
An electronic financial transaction clearing and settlement system handles and processes electronic financial transactions on behalf of a set of regional banks and correspondent banks. In particular, each bank participating in the system has a financial transaction server. The financial transaction server of each regional bank performs settlement and transaction forwarding services on behalf of the correspondent banks serviced by that regional bank. The financial transaction server for each correspondent bank transmits and receives electronic financial transactions to and from the financial transaction server for its regional bank. The financial transaction server for a regional bank includes a first interface for receiving electronic financial transactions from clients, a second interface for transferring electronic financial transactions to and from the electronic financial transaction servers of other regional banks, and a third interface to transferring electronic financial transactions to the regional bank associated with the electronic financial transaction server. Each electronic financial transaction has associated therewith a payor, a payor's financial institution, a payee…
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.