Enhanced System and Method For Private Interbank Clearing System

Abstract

Enhanced systems and methods for processing invoices, checks, and money transfers are described. Various aspects include the following: Invoices are compared to distinguishing features of known templates. Templates of matching features are used to extract data in the invoices. Enhanced payment documents are generated to include images of related invoices to ensure proper deposit. Payee information solicited from a payee is printed on an endorsement section of a check payable to the payee to ensure proper deposit. The payee information can be verified through a mock transaction. Unique invoice numbers and payor numbers are included in invoices to ensure proper accreditation of payments of the invoices. Money transfers among accounts of different banks are effected through master accounts in the different banks.

1 . A computer-implemented method for making payments, the method comprising:
 establishing a master account in each of a plurality of different banks;   retrieving a plurality of invoices issued by a plurality of different issuers and issued to a plurality of payors;   identifying pending payment transactions from said payors to said issuers;   identifying bank accounts of said payors and said issuers, the bank accounts comprising bank accounts at said banks;   splitting the pending payment transactions into groups of sub-transactions, comprising:
 for a pending payment transaction from a payor to an issuer, determining whether a bank account of the payor and a bank account of the issuer are at a same bank, 
 responsive to a determination that the bank account of the payor and the bank account of the issuer are at the same bank, splitting the pending payment transaction into two sub-transactions: a first sub-transaction from the bank account of the payor to a master account at the same bank, and a second sub-transaction from the master account at the same bank to the bank account of the issuer, 
 responsive to a determination that the bank account of the payor and the bank account of the issuer are not at a same bank, splitting the pending payment transaction into three sub-transactions: a first sub-transaction from the bank account of the payor to a master account at the payor's bank, a second sub-transaction from the master account at the payor's bank to a master account at the issuer's bank, and a third sub-transaction from the master account at the issuer's bank to the bank account of the issuer, and 
 for each of said banks, grouping sub-transactions from bank accounts of payors at the bank to a master account at the bank into a first group, and grouping sub-transactions from the master account at the bank to bank accounts of issuers at the bank into a second group; 
   calculating, by a computer, an imbalance among the master accounts at said banks based at least in part on the sub-transactions;   for each of said banks, effecting the first group of sub-transactions of the bank;   effecting an inter-bank money transfer from a first master account at a first bank to a second master account at a second bank to balance the master accounts after effecting the first group of sub-transactions of the first bank; and   for each of said banks, effecting the second group of sub-transactions of the bank.   
     
     
         2 . The computer-implemented method of  claim 1 , wherein calculating the imbalance among the master accounts of said banks comprises calculating, for each said banks, an amount of money needed to clear the second group of sub-transactions after clearing the first group of sub-transactions, and the method further comprises:
 responding to a master account at a bank having sufficient amount of money, effecting the second group of sub-transactions of the bank before the effecting the inter-bank money transfer.   
     
     
         3 . The computer-implemented method of  claim 1 , wherein effecting the second group of sub-transactions of a bank comprises:
 verifying that the inter-bank money transfer for the bank is complete; and   responsive to a successful verification of the inter-bank money transfer, effecting the second group of sub-transactions of the bank.   
     
     
         4 . The computer-implemented method of  claim 1 , wherein the inter-bank money transfer comprises at least one of the following, a wire transfer, a Automated Clearing House (ACH) transaction, and an Electronic Funds Transfer (EFT) transaction. 
     
     
         5 . A computer-readable storage medium on which is encoded program code, the program code comprising:
 program code for establishing a master account in each of a plurality of different banks;   program code for retrieving a plurality of invoices issued by a plurality of different issuers and issued to a plurality of payors;   program code for identifying pending payment transactions from said payors to said issuers;   program code for identifying bank accounts of said payors and said issuers, the bank accounts comprising bank accounts at said banks;   program code for splitting the pending payment transactions into groups of sub-transactions, comprising:
 program code for determining, for a pending payment transaction from a payor to an issuer, whether a bank account of the payor and a bank account of the issuer are at a same bank, 
 program code for splitting, responsive to a determination that the bank account of the payor and the bank account of the issuer are at the same bank, the pending payment transaction into two sub-transactions: a first sub-transaction from the bank account of the payor to a master account at the same bank, and a second sub-transaction from the master account at the same bank to the bank account of the issuer, 
 program code for splitting, responsive to a determination that the bank account of the payor and the bank account of the issuer are not at a same bank, the pending payment transaction into three sub-transactions: a first sub-transaction from the bank account of the payor to a master account at the payor's bank, a second sub-transaction from the master account at the payor's bank to a master account at the issuer's bank, and a third sub-transaction from the master account at the issuer's bank to the bank account of the issuer, and 
 program code for grouping, for each of said banks, sub-transactions from bank accounts of payors at the bank to a master account at the bank into a first group, and grouping sub-transactions from the master account at the bank to bank accounts of issuers at the bank into a second group; 
   program code for calculating an imbalance among the master accounts at said banks based at least in part on the sub-transactions;   program code for effecting, for each of said banks, the first group of sub-transactions of the bank;   program code for effecting an inter-bank money transfer from a first master account at a first bank to a second master account at a second bank to balance the master accounts after effecting the first group of sub-transactions of the first bank; and   program code for effecting, for each of said banks, the second group of sub-transactions of the bank.   
     
     
         6 . The computer-readable storage medium of  claim 5 , wherein the program code for calculating the imbalance among the master accounts of said banks comprises program code for calculating, for each said banks, an amount of money needed to clear the second group of sub-transactions after clearing the first group of sub-transactions, the program code further comprises:
 program code for effecting the second group of sub-transactions of a bank before the effecting the inter-bank money transfer responsive to a master account at the bank having sufficient amount of money.   
     
     
         7 . The computer-readable storage medium of  claim 5 , wherein the program code for effecting the second group of sub-transactions of a bank comprises:
 program code for verifying that the inter-bank money transfer for the bank is complete; and   program code for effecting the second group of sub-transactions of the bank responsive to a successful verification of the inter-bank money transfer.   
     
     
         8 . The computer-readable storage medium of  claim 5 , wherein the inter-bank money transfer comprises at least one of the following, a wire transfer, a Automated Clearing House (ACH) transaction, and an Electronic Funds Transfer (EFT) transaction. 
     
     
         9 . A computer system for making payments, the computer system comprising:
 means for establishing a master account in each of a plurality of different banks;   means for retrieving a plurality of invoices issued by a plurality of different issuers and issued to a plurality of payors;   means for identifying pending payment transactions from said payors to said issuers;   means for identifying bank accounts of said payors and said issuers, the bank accounts comprising bank accounts at said banks;   means for splitting the pending payment transactions into groups of sub-transactions, comprising:
 means for determining, for a pending payment transaction from a payor to an issuer, whether a bank account of the payor and a bank account of the issuer are at a same bank, 
 means for splitting, responsive to a determination that the bank account of the payor and the bank account of the issuer are at the same bank, the pending payment transaction into two sub-transactions: a first sub-transaction from the bank account of the payor to a master account at the same bank, and a second sub-transaction from the master account at the same bank to the bank account of the issuer, 
 means for splitting, responsive to a determination that the bank account of the payor and the bank account of the issuer are not at a same bank, the pending payment transaction into three sub-transactions: a first sub-transaction from the bank account of the payor to a master account at the payor's bank, a second sub-transaction from the master account at the payor's bank to a master account at the issuer's bank, and a third sub-transaction from the master account at the issuer's bank to the bank account of the issuer, and 
 means for grouping, for each of said banks, sub-transactions from bank accounts of payors at the bank to a master account at the bank into a first group, and grouping sub-transactions from the master account at the bank to bank accounts of issuers at the bank into a second group; 
   means for calculating an imbalance among the master accounts at said banks based at least in part on the sub-transactions;   means for effecting, for each of said banks, the first group of sub-transactions of the bank;   means for effecting an inter-bank money transfer from a first master account at a first bank to a second master account at a second bank to balance the master accounts after effecting the first group of sub-transactions of the first bank; and   means for effecting, for each of said banks, the second group of sub-transactions of the bank.   
     
     
         10 . The computer system of  claim 9 , wherein the means for calculating the imbalance among the master accounts of said banks comprises means for calculating, for each said banks, an amount of money needed to clear the second group of sub-transactions after clearing the first group of sub-transactions, and the computer system further comprises:
 means for effecting the second group of sub-transactions of a bank before the effecting the inter-bank money transfer responsive to a master account at the bank having sufficient amount of money.   
     
     
         11 . The computer system of  claim 9 , wherein the means for effecting the second group of sub-transactions of a bank comprises:
 means for verifying that the inter-bank money transfer for the bank is complete; and   means for effecting the second group of sub-transactions of the bank responsive to a successful verification of the inter-bank money transfer.   
     
     
         12 . The computer system of  claim 9 , wherein the inter-bank money transfer comprises at least one of the following, a wire transfer, a Automated Clearing House (ACH) transaction, and an Electronic Funds Transfer (EFT) transaction.