System and method for intraday netting payment finality

Details System and method for intraday netting payment finality System and method for intraday netting payment finality

1999-05-05

2000-06-13

Trammell, James P.

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

705 35, G06F 1760

Patent

active

060760745

ABSTRACT:
A system is provided for continuous intraday final settlement of payment orders among a plurality of financial-institution participants. The system includes a central controlling agent, including a central computer operable to communicate electronically with satellite computer stations of the plurality of participants to receive payment orders therefrom, and to control release of payments among the plurality of participants; and means for storing a plurality of prefunded balances in a prefunded balance account, each balance representing the right of one of the participants to payment from the prefunded balance account and containing an initial prefunded balance for each participant at the start of each business day.

REFERENCES:
patent: 5262942 (1993-11-01), Earle
patent: 5465206 (1995-11-01), Hilt et al.
patent: 5649117 (1997-07-01), Landry
patent: 5677955 (1997-10-01), Doggett et al.
"Fedpoint 43: Fedwire", Federal Reserve Bank of New York, Oct. 1996.
"Electronic Clearing Frankfrut (EAF 2)--Objective and Design", Deutsche Bundesbank .sctn..sctn.1-4.5.3, Nov. 1995.
"CHIPS Systems and Operational Manual", The New York Clearing House, Sections II and V, Sep. 30, 1995.
Peter ChiKeung Lee and Sumit Ghosh, "NOVAHID: A Novel Architecture for Asynchronous, Hierarchical, International, Distributed, Real-Time Payments Processing", IEEE Journal of Selected Areas in Communications, vol. 12, No. 6, Aug. 1994.
External Specifications for Electronic Access to the Deutsche Bundesbank, Version k3.1, Chapters I-III, Sep. 1, 1994 (English).
"CHIPS to introduce real-time settlement and S.W.I.F.T.-based FEDI", SWIFT Watcher, No. 25, Mar. 1998, pp1 and 4-.
"CHIPS Developing Global Financial EDI", Corporate Eft Report, vol. 18, No. 2, Feb. 4, 1998, pp. 1-3.
Slide Presentation, May 1997.

Affiliated with

Also associated with

Rating

System and method for intraday netting payment finality does not yet have a rating. At this time, there are no reviews or comments for this patent.

If you have personal experience with System and method for intraday netting payment finality, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and System and method for intraday netting payment finality will most certainly appreciate the feedback.

Rate now

Comments { 0 }

Profile ID: LFUS-PAI-O-2078252