System and method for managing foreign payments using separate messaging and settlement mechanisms
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United States of America Patent
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Apr 8, 2014
Grant Date -
Jun 18, 2009
app pub date -
Dec 18, 2007
filing date -
Dec 18, 2007
priority date (Note) -
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status (Latency Note)
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Abstract
Managing foreign payments using separate conduits for messaging and payments. An originating depository financial institution can create an F3X message designating a fixed amount of foreign currency to be credited to, or debited from, a receiving depository financial institution. The originating depository financial institution transmits the F3X message to a domestic gateway operator via an ACH network. The domestic gateway operator then forwards the F3X message to a foreign gateway operator. Separately, the originating depository financial institution transmits a payment to the foreign gateway operator either directly or via a correspondent financial institution. The foreign gateway operator matches the payment to the F3X message and transmits the payment to the receiving depository financial institution.
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