Real-time payment system, method, apparatus, and computer program

A non-transitory computer-readable medium storing instructions which, when executed by a computer processor, cause the computer processor 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.

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.