Importance

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Abstract

For use in a electronic presentment process wherein electronic items are transmitted from a presenting financial institution ('FI') through intermediaries to payor FIs, a system for, and method of, clearing electronic items drawn on the payor FIs and received by the presenting FI for payment and a financial infrastructure employing the system or the method. The method includes the steps of: (1) sorting the electronic items into pockets corresponding to the intermediaries, electronic items destined for multiple of the payor FIs through a particular intermediary being commingled in a single pocket and (2) electronically transmitting the pockets from the presenting FI to the particular intermediary, the particular intermediary capable of further sorting the electronic items thereby to allow multi-staged sorting of the electronic items as the electronic items proceed through the electronic presentment process.

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First Claim