Patent ID: 8121944
Filing Date: 2012-02-21
Classification: G06Q

Abstract:
1. A computer implemented method for facilitating settlement processing within a network of financial institutions, wherein the method is executed by a programmed computer processor which communicates with a user via a communication network, the computer implemented method comprising the steps of: receiving, at a receive module using the programmed computer processor, one or more payment items from a plurality of payment entities via the communication network, at a centralized agent, wherein the one or more payment items comprise one or more electronic images and paper instruments; aggregating, at an aggregate module using the programmed computer processor, the payment items into one or more categories; identifying, at a decision module using the programmed computer processor, 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, at a settlement module using the programmed computer processor, whether the payee financial institution and the payor financial institution are within the network of financial institutions; wherein the payee financial institution and the payor financial institution within the network of financial institutions have an agreement for clearing and settling one or more financial transactions through the centralized agent; for the payee financial institution and the payor financial institution within the network of financial institutions, determining at the centralized agent a settlement path within the network of financial institutions for each payment item; and for the payee financial institution and the payor financial institution that are not within the network of financial institutions, forwarding the payment items to a third party settlement entity by the centralized agent for settlement processing.