Patent ID: 7523054
Filing Date: 2009-04-21
Classification: G06Q

Abstract:
1. A computer-implemented method of reducing risk in foreign exchange payment-based transactions between financial market participants, wherein payment is made from an account holder to a counterparty using a payment bank system operated by a payment bank, the method comprising the steps of: generating the at least one user-supplied risk parameter on a user system; receiving at least one user-supplied risk parameter associated with the counterparty; receiving a first instruction authorizing payment from the account holder to the counterparty; storing the first instruction in a payment queue; during processing of a foreign exchange payment-based transaction, performing a risk filter routine that determines whether to selectively reject payment authorized by the first instruction based upon the at least one user-supplied risk parameter associated with the counterparty; wherein said risk filter routine wherein said risk filter routine automatically rejects payment authorized by the first instruction in the event that the amount of payment authorized by the first instruction exceeds the available balance; and wherein the risk filter routine automatically returns the first instruction to the payment queue for later re-evaluation.