System and method for commingling items destined for multiple pa

Details System and method for commingling items destined for multiple pa System and method for commingling items destined for multiple pa

1998-03-06

2000-02-01

Le, Thien M.

Registers

Systems controlled by data bearing records

Banking systems

705 30, 705 45, G06F 1760

Patent

active

060192828

ABSTRACT:
For use in a electronic presentment process wherein electronic items are transmitted from a presenting financial institution ("FI") through intermediaries to payor FIs, a system for, and method of, clearing electronic items drawn on the payor FIs and received by the presenting FI for payment and a financial infrastructure employing the system or the method. The method includes the steps of: (1) sorting the electronic items into pockets corresponding to the intermediaries, electronic items destined for multiple of the payor FIs through a particular intermediary being commingled in a single pocket and (2) electronically transmitting the pockets from the presenting FI to the particular intermediary, the particular intermediary capable of further sorting the electronic items thereby to allow multi-staged sorting of the electronic items as the electronic items proceed through the electronic presentment process.

REFERENCES:
patent: 4264808 (1981-04-01), Owens et al.
patent: 4270042 (1981-05-01), Case
patent: 4823264 (1989-04-01), Deming
patent: 4949174 (1990-08-01), Thomson et al.
patent: 5265007 (1993-11-01), Barnhard, Jr. et al.
patent: 5373550 (1994-12-01), Campbell et al.

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