Patent ID: 7580886

Claim:
A computer-implemented method for managing a foreign payment in an international automated clearinghouse (“ACH”) comprising the steps of: receiving at a domestic gateway operator computer system a plurality of ACH items, each of the ACH items designating, in a foreign currency, a payment amount to be transmitted from an originating depository financial institution located in the United States to a receiving depository financial institution located in a foreign country; transmitting via the domestic gateway operator computer system the ACH items to a foreign gateway operator located in the foreign country; calculating via the domestic gateway operator computer system a foreign settlement amount comprising a total amount of money, in foreign currency, needed to settle the plurality of ACH items between the originating depository financial institution and the foreign gateway operator by aggregating the payment amounts of the plurality of ACH items; and transmitting an instruction to pay the foreign settlement amount from the domestic gateway operator computer system to the originating depository financial institution.