Importance

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Abstract

An electronic system and method for providing advance notification of a potential return that may occur when a presenting financial institution ('FI') eventually presents an item for payment to a paying FI in a subsequent paper-based presentment process. The system includes: (1) data capture circuitry for capturing item data from the item, the data including an FI account number field corresponding to an FI account upon which the item is to be drawn, (2) a database containing eligibility criteria and FI restricted account data corresponding to restricted FI accounts of the paying FI and (3) comparison circuitry for comparing the FI account number field with the eligibility criteria to determine whether the item data are eligible for matching with the FI restricted account data and, if the item data are so eligible, matching the FI account number field with the FI restricted account data to allow the electronic system to provide advance notification to the sending FI of the potential return by the paying FI to allow the sending FI to take appropriate protective action with respect to the item in anticipation of the return.

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First Claim