Importance

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Abstract

A financial transaction system manages the exchange of financial transaction data between a client system coupled to the financial transaction system by an open network and a financial institution transaction processing system. The financial transaction system comprises a web server coupled to the open network for receiving a financial transaction from the client system. The financial transaction is in user group transaction format and comprises a plurality of data elements, at least a portion of the data elements comprise sub elements. A hub loading receives the financial transaction in the user group transaction format and parses the financial transaction to a core data element format compliant with a transaction type profile corresponding to the financial transaction. An application loading module receives the financial transaction in the core data element format and generates a financial transaction in an application format. The application format comprises a plurality of application data elements different than the data elements. A hub application receives the financial transaction in the application format, groups the financial transaction in the application format with a plurality of other financial transactions in the application format to create a batch transaction file, and provides the batch transaction file to the financial institution transaction processing system.

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