Patent ID: 8606706
Filing Date: 2013-12-10
Classification: G06Q

Abstract:
1. A method for processing financial payments, the method comprising: receiving, via a computing device, a plurality of financial payment requests originating from a plurality of different payment channels, each payment channel being associated with a respective initial format and wherein the payment channels include consumer payment channels and business payment channels; transforming, via a computing device processor, the initial format of the plurality of financial payment requests into a standardized format irrespective of the payment channel; processing, via a computing device processor, the plurality of financial payment requests in the standardized format, wherein processing includes determining payment routing, including a clearing format, for each payment request based on applying payor-defined attributes, payee-defined attributes and financial institution-defined attributes to a plurality of routing rules, wherein the payment rules include a cost-related routing rule, a time-related routing rule, a risk-related routing rule and a payment destination routing rule and wherein the routing rules are configured to determine a least-cost payment type that meets time requirements and risk requirements as defined by the payee-defined attributes, the payor-defined attributes and the financial institution-defined attributes; transforming, via a computing device processor, the processed payment requests to the determined clearing format; and communicating, via a computing device, the transformed processed payment request to a designated payment remittance channel for payment.