Financial settlement systems and methods
US7882021B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Jan 30, 2003 |
| Grant date | Feb 1, 2011 |
| Priority date | — |
| Expiry date | Jul 5, 2031 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/03
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
System and methods for facilitating the settlement of financial accounts across different entities utilize a host computer system that tracks financial transactions made at each merchant location or store and uses this information to reconcile accounts across different entities. In one embodiment, the host computer periodically performs a net settlement analysis of the transactional data received from each entity's stores. A request is prepared to transfer funds from each entity's bank account having a positive net settlement amount into a central entity bank account. A request is also prepared to transfer funds into each entity's bank account having a negative net settlement amount from the central entity bank account.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.