Method and system for facilitating network transaction processing
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United States of America Patent
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Mar 12, 2013
Grant Date -
May 31, 2012
app pub date -
Jan 20, 2012
filing date -
Jun 24, 2004
priority date (Note) -
In Force
status (Latency Note)
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Abstract
According to one embodiment, the present invention relates to a method and a system for facilitating settlement processing within a network of financial institutions may include receiving one or more payment items from a plurality of payment entities, at a centralized agent; aggregating the payment items into one or more categories; identifying a payee financial institution and a payor financial institution for each payment items, wherein the payee financial institution and the payor financial institution are different; determining whether the payee financial institution and the payor financial institution are within the network of financial institutions; for the payee and payor within the network, determining at the centralized agent a settlement path within the network of financial institutions for each payment item; and for the payee and payor that are not within the network, forwarding the payment items to a third party settlement entity.
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