US 11,694,168 B2
Real-time payment system, method, apparatus, and computer program
Stephen Ledford, Alpharetta, GA (US); and Irfan Ahmad, New York, NY (US)
Assigned to The Clearing House Payments Company L.L.C., New York, NY (US)
Filed by THE CLEARING HOUSE PAYMENTS COMPANY L.L.C., New York, NY (US)
Filed on Nov. 16, 2020, as Appl. No. 17/99,609.
Application 17/099,609 is a continuation in part of application No. 15/200,340, filed on Jul. 1, 2016, granted, now 11,042,882.
Claims priority of provisional application 62/187,406, filed on Jul. 1, 2015.
Claims priority of provisional application 62/286,738, filed on Jan. 25, 2016.
Prior Publication US 2021/0073750 A1, Mar. 11, 2021
Int. Cl. G06Q 20/40 (2012.01); G06Q 20/02 (2012.01); G06Q 40/03 (2023.01); G06Q 10/10 (2023.01); G06Q 30/018 (2023.01)
CPC G06Q 20/023 (2013.01) [G06Q 20/4037 (2013.01); G06Q 40/03 (2023.01); G06Q 10/10 (2013.01); G06Q 30/0185 (2013.01)] 21 Claims
OG exemplary drawing
 
15. A system for conducting financial settlement, the system comprising:
at least one memory for storing instructions; and
one or more computer processors arranged to execute the instructions to perform:
creating a funding agent using a computing device in communication with an automated clearinghouse (ACH) network;
linking each of a plurality of participants to the funding agent via the ACH network, thereby creating a plurality of linked participants, each of the plurality of participants having a tracking account position;
providing each of the plurality of linked participants access to a current prefunded position of the funding agent through the ACH network;
accessing, by the funding agent, an unsettled financial position of each of the plurality of linked participants using an application programming interface (API), thereby obtaining the unsettled financial position for a respective tracking account position of each of the plurality of linked participants over the network;
comparing, via the API, the unsettled financial position of each of the plurality of linked participants to the current prefunded position of the funding agent;
determining whether to perform a financial settlement for a corresponding one of the plurality of the linked participants based on a result of the comparing;
performing the financial settlement in real time for the corresponding linked participant when it is determined that the unsettled financial position of the corresponding linked participant is not greater than the current prefunded position of the funding agent; and
in response to performing the financial settlement for the corresponding linked participant, transmitting a system notification message (SNM) to the corresponding linked participant notifying the corresponding linked participant that its tracking account position has been updated.