Systems, methods and computer program products for standardization of payment requests to facilitate comprehensive payment hub processing

US8606706B2 · kind B2 · utility

Assignee

• Bank of America Corporation · US

Inventors

• Mark D. Zanzot · Huntersville, US
• Garrett C. Briggs · Seattle, US
• Eric Dryer · Charlotte, US
• Anthony B. Calderone · Matthews, US
• William E. Thomas · Charlotte, US
• Philip Tobin · Huntersville, US
• David T. Frew · Fort Mill, US
• Kerry Michelle Cantley · Fort Mill, US

Key dates

• Filing date: Apr 30, 2009
• Grant date: Dec 10, 2013
• Expiry date: May 17, 2031

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/12
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Systems, methods, and computer program products are provided for conducting comprehensive payment processing of all payment requests regardless of the payment request channel. Payment requests are transformed from the initial format to a standardized format, which allows for the occurrence of further comprehensive payment processing, referred to herein as payment hub processing. Once the payment request has undergone necessary payment hub processing, the request undergoes further transformation/conversion from the standardized format to a target clearing format. In one embodiment of the invention, the processing hub provides for determining the clearing or remittance channel based on payment routing rules, which may take into account cost, time, risk and any other payment factors.