A system for expediting the deposit, settlement and submission into the payment system for collection of funds represented of commingled paper and electronic financial instruments that are received by a payee at a location remote from the payee's collecting and clearing bank in which the instruments are sorted at a payer's location where and the sorted instruments accompanied by cash letters are delivered into the payment system and the payments' deposit with the collecting and clearing bank is coordinated with the timing of a settlement of accounts in the payment system.
System For Effecting The Payment Of Paper And Electronic Financial Instruments Received At A Payment Facility
A system for expediting the deposit, settlement and submission into the payment system for collection of funds represented of commingled paper and electronic financial instruments that are received by a payee at a location remote from the payee's collecting and clearing bank in which the instruments are separated at a payer's location where and the separated instruments accompanied by cash letters are delivered into the payment system and the payments' deposit with the collecting and clearing bank is coordinated with the timing of a settlement of accounts in the payment system.
System For Expediting The Clearing Of Financial Instruments And Coordinating The Same With Invoice Processing At The Point Of Receipt
A system and process are described for effecting the expedited submission into the payment system for collection of funds represented by financial instruments that are received by a payee at an item capture facility remote from the payee's depository bank in which the submission of the instruments into the payment system is coordinated with the payee's internal accounting process and the register of the deposit of the instruments with an account at the instruments payee's bank.
John L. Barnhard - Worthington OH Thomas K. Bowen - Westerville OH Terry L. Geer - Baltimore OH John W. Liebersbach - Gahanna OH
Assignee:
Huntington Bancshares Incorporated - Columbus OH
International Classification:
G06F 1520 G06G 752
US Classification:
364408
Abstract:
A central check clearing association by which different member banks and financial institutions can each settle debit and credit balances with respect to other member institutions on a predetermined periodic basis and methods and systems by which the association is operable. The system and method is independent of conventional central bank district geographic and institutional boundaries and time zones.
Mechanism For Expediting The Deposit, Transport And Submission Of Checks Into The Payment System
A mechanism and process for effecting the expedited deposit, settlement and submission into the payment system for collection of funds represented by tangible financial instruments that are received by a payee at a location remote from the payee's collecting and clearing bank in which the instruments are sorted at a first location where indorsements on behalf of the payee and the collecting and clearing bank are applied, cash letters are prepared according to predetermined criteria, the sorted instruments and the cash letters are delivered into the check payment system and the checks' deposit with the collecting and clearing bank is coordinated with the timing of a settlement of accounts in the check payment system.