Routing number variable and indexes
US6581043B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Dec 29, 1999 |
| Grant date | Jun 17, 2003 |
| Priority date | — |
| Expiry date | Dec 29, 2019 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q20/108
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
The invention involves a system and a method of using a bank routing number having a predetermined return rate stored in a database of a plurality of bank routing numbers, each having an associated return rate for risk analysis of check honoring approval or denial, fraud detection, and the formulation of collection strategies. The invention provides for a system and method of improving the efficiency and accuracy of a risk analysis program of check honoring. The invention includes classifying each of a plurality of bank routing numbers to one of predetermined index numbers based on the associated return rates of the plurality of bank routing numbers, receiving the bank routing number, processing the bank routing number to access the index number to which the bank routing number is classified, and incorporating the accessed index number of the bank routing number in the analysis for check honoring.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.