Patent ID: 8396798

Claim:
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; aggregating, at an aggregate module using the programmed computer processor, the one or more 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 item, 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; for the payee financial institution and the payor financial institution within the network of financial institutions, determining a settlement path within the network of financial institutions for at least one of the one or more payment items; and for the payee financial institution and the payor financial institution that are not within the network of financial institutions, forwarding at least one of the one or more payment items to a third party settlement entity for settlement processing.