Patent ID: 7966258
Filing Date: 2011-06-21
Classification: G06Q

Abstract:
1. A process for coordinating receipt of payment instruments in a physical form received at a payee's facility remote from a depository bank with processing of the payment instruments and collection of funds represented by the payment instruments through a payment system wherein recordation of receipt of the payment instruments by the payee is recorded by the payee and the payment instruments are transmitted to said payment system for payment to the payee comprising: a) recording payment information from payment instruments in a physical form corresponding to payments received at the payee's facility remote from a depository bank and recording the receipt of the payments; b) at the payee's facility remote from a depository bank, creating an electronic data file representing payment information fields associated with the payment instruments, and processing the payment instruments; extracting payment data from the electronic data file; and processing the payment instruments electronically according to data extracted; c) at the payee's facility remote from a depository bank, associating the payment instruments with a record of an account of the payee; d) at the payee's facility remote from a depository bank, extracting payment system information from the payment instruments and converting said payment system information into a transmittable record of the payment; e) at the payee's facility remote from a depository bank, separating payment instruments received by the payment system in accordance with destination points in the payment system based on the payment instruments; f) at the payee's facility remote from a depository bank, acknowledging receipt of each of said payment instruments with an identification on behalf of said payee; g) at the payee's facility remote from a depository bank, indorsing, on behalf of the payee and a depository bank, the payment instruments bearing an identification and assembling separated payment instruments into at least one batch associated with at least one category; h) at the payee's facility remote from a depository bank, preparing at least one cash letter associated with the at least one batch of payment instruments and delivering the at least one cash letter and associated at least one batch into the payment system for payment to the payee; and i) processing said at least one cash letter and associated batch delivered into said payment system whereby the instruments are cleared for ultimate payment, wherein at least one of the above steps is performed by one of a computer or a computer processor.