System and method for facilitating electronic transfer of funds
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United States of America Patent
Stats
-
Sep 19, 2006
Grant Date -
Dec 25, 2003
app pub date -
Feb 5, 2003
filing date -
Jun 21, 2002
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A system for facilitating electronic transfer of funds includes a transfer administrator in communication with a transferor institution, one or more intermediary institution, and a transferee institution, the transferor institution having an account at the one or more intermediary institution. The transfer administrator may be configured to receive an incoming payment request designating said transferor institution, a quantity of funds to be transferred, and the transferee institution. The transfer administrator generates and issues a translated payment order based at least in part on the incoming payment request and configured to accomplish a transfer among the transferor institution, the one or more intermediary institution, and the transferee institution. Finally, the transfer administrator may facilitate processing of a balancing payment among the transferor institution, the one or more intermediary institution, and the transferee institution.
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