System and method for intraday netting payment finality
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United States of America Patent
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Jun 13, 2000
Grant Date -
N/A
app pub date -
May 5, 1999
filing date -
May 5, 1998
priority date (Note) -
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Abstract
A system is provided for continuous intraday final settlement of payment orders among a plurality of financial-institution participants. The system includes a central controlling agent, including a central computer operable to communicate electronically with satellite computer stations of the plurality of participants to receive payment orders therefrom, and to control release of payments among the plurality of participants; and means for storing a plurality of prefunded balances in a prefunded balance account, each balance representing the right of one of the participants to payment from the prefunded balance account and containing an initial prefunded balance for each participant at the start of each business day.
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