System and method for processing foreign currency payment instructions contained in bulk files
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United States of America Patent
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Sep 11, 2007
Grant Date -
N/A
app pub date -
Nov 12, 1999
filing date -
Nov 13, 1998
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A system an method allowing customers of a banking institution to transmit bulk files of payment instructions to the bank for execution. The payment instructions may include a mix of domestic or international Automated Clearing House (ACH) transactions, domestic or international wire transfers, multibank transactions and instructions to print checks drawn on the receiving bank or at another bank. For payments requiring payment in a foreign currency in which the customer does not have an account the present invention automatically generates and executes a contract for the foreign exchange (FX) to obtain the currency required to fulfill the payment instruction. The automatic FX process can furthermore use a real time feed of foreign exchange rates as opposed to the static rates traditionally applied to such contracts.
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