Method and system for facilitating network transaction processing

US8121944B2 · kind B2 · utility

Assignee

• JPMORGAN CHASE BANK, N.A. · US

Inventors

• Richard Norman · Dallas, US
• Tommy J. Vicknair · Humble, US
• Carl Shishmanian · Louisville, US
• John Spence Stephens, Jr. · Houston, US
• W. Earl Jennings · Dublin, US
• David L. James · Fresno, US

Key dates

• Filing date: May 26, 2005
• Grant date: Feb 21, 2012
• Expiry date: Mar 15, 2028

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/102
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

An exemplary method and system may include receiving one or more payment items from a plurality of payment entities, at a centralized agent, wherein the one or more payment items comprise one or more electronic images and paper instruments; aggregating the payment items into one or more categories; identifying a payee financial institution and a payor financial institution for each payment items, wherein the payee financial institution and the payor financial institution are different; determining whether the payee financial institution and the payor financial institution are within the network of financial institutions; for the payee and payor within the network, determining at the centralized agent a settlement path within the network of financial institutions for each payment item; and for the payee and payor that are not within the network, forwarding the payment items to a third party settlement entity by the centralized agent for settlement processing.