Transaction processing system

Abstract

A system for optimizing the transfer of funds from an account holder to an associate. The system identifies the geographic location of a first financial institution involved in the transaction. The system selects from a plurality of financial institutions a second financial institution which is located near the first financial institution to be involved in the transaction. Selecting a second financial institution nearby the first financial institution facilitates the transaction and reduces the time transaction funds are unavailable.

1 . A method comprising:
 (a) providing an account holder account associated with an account holder;   (b) providing an associate account associated with an associate;   (c) transferring a predetermined amount of account holder funds from the account holder to the account holder account;   (d) crediting the account holder account an amount associated with the account holder funds;   (e) comingling the account holder funds with other funds to create a fund pool;   (f) depositing portions of the fund pool with a plurality of financial institutions;   (g) requesting a transfer of payment funds from the account holder to an associate associated with an associate financial institution;   (h) identifying a predetermined receiver characteristic associated with the receiving financial institution;   (i) selecting from the plurality of financial institutions a transfer financial institution having a predetermined transfer characteristic;   (j) authorizing a transfer of at least a portion of the payment funds from the transfer financial institution to the receiving financial institution;   (k) transferring at least a portion of the payment funds from the transfer financial institution to the associate financial institution;   (l) debiting the account holder account an amount associated with the transfer; and   (m) crediting the receiver account an amount associated with the transfer.   
     
     
         2 . The method of  claim 1 , wherein the associate financial institution is a receiving depository financial institution. 
     
     
         3 . The method of  claim 2 , wherein the transfer financial institution is an originating depository financial institution. 
     
     
         4 . The method of  claim 3 , further comprising transferring the payment funds from the originating depository financial institution to the receiving depository financial institution through a financial clearinghouse. 
     
     
         5 . The method of  claim 4 , wherein the financial clearinghouse is an automated clearinghouse. 
     
     
         6 . The method of  claim 5 , wherein the predetermined receiver characteristic is a geographic location. 
     
     
         7 . The method of  claim 6 , wherein the predetermined transfer characteristic is a geographic location. 
     
     
         8 . The method of  claim 5 , wherein the predetermined transfer characteristic is a transfer time; 
     
     
         9 . The method of  claim 1 , further comprising transferring the payment funds from the transfer financial institution to the receiving financial institution through a financial clearinghouse. 
     
     
         10 . The method of  claim 9 , wherein the financial clearinghouse is an automated clearinghouse. 
     
     
         11 . The method of  claim 1 , further comprising:
 (a) selecting from the plurality of financial institutions a supplemental transfer financial institution having a third predetermined transfer characteristic;   (b) authorizing a supplemental transfer of a supplemental portion of payment funds from the supplemental transfer financial institution to the receiving financial institution; and   (c) transferring the supplemental portion of payment funds from the supplemental transfer financial institution to the receiving financial institution.   
     
     
         12 . A method comprising:
 (a) receiving account holder funds from an account holder;   (b) comingling the account holder funds with a third party funds to create a fund pool;   (c) dividing the fund pool into a plurality of fund groups;   (d) depositing the fund groups in a plurality of financial institutions;   (e) receiving a transfer request from the account holder to transfer an amount of the account holder funds to an associate;   (f) identifying a receiving financial institution associated with the receiver;   (g) selecting from the plurality of financial institutions a transfer financial institution having a predetermined transfer characteristic relating to the receiving financial institution; and   (h) transferring at least a portion of the amount of the account holder funds from the transfer financial institution to the receiving financial institution.   
     
     
         13 . The method of  claim 12 , wherein the receiving financial institution is a receiving depository financial institution. 
     
     
         14 . The method of  claim 13 , wherein the transfer financial institution is an originating depository financial institution. 
     
     
         15 . The method of  claim 14 , further comprising transferring the payment funds from the originating depository financial institution to the receiving depository financial institution through a financial clearinghouse. 
     
     
         16 . The method of  claim 15 , wherein the financial clearinghouse is an automated clearinghouse. 
     
     
         17 . The method of  claim 12 , wherein said predetermined transfer characteristic is an estimate of the time involved in processing a transfer of at least a portion of the amount of the account holder funds from the transfer financial institution to the receiving financial institution. 
     
     
         18 . A method comprising:
 (a) receiving account holder funds from an account holder;   (b) depositing first funds into a first transfer financial institution located at a first location;   (c) depositing second funds into a second transfer financial institution located at a second location;   (d) receiving a transfer request from the account holder to transfer an amount of the account holder funds to a receiving financial institution;   (e) selecting a transfer financial institution from the first financial institution and the second financial institution, based upon proximity to the receiving financial institution; and   (f) transferring at least a portion of the amount of the account holder funds from the transfer financial institution to the receiving financial institution.   
     
     
         19 . The method of  claim 18 , wherein the receiving financial institution is a receiving depository financial institution. 
     
     
         20 . The method of  claim 19 , wherein the transfer financial institution is an originating depository financial institution