Interbank account verification and funds transfer system and method

A depository computing system, comprising:

• at least one processing circuit having at least one processor coupled to at least one memory, the at least one processing circuit configured to:
• receive a funds transfer request comprising a check deposit and a withdrawal request associated with a customer account of a customer, wherein the customer account is associated with a first amount and the withdrawal request comprises a second amount greater than the first amount;
• forward, via a real time data channel provided by a verification computing system, an inquiry message regarding the check deposit to a paying computing system;
• determine, via the real time data channel, real time account status information of a payor account of a payor, wherein the real time account status information indicates the payor account comprises an initial amount prior to the check deposit that is greater than an amount associated with the check deposit;
• receive, from the verification computing system, an indication that the withdrawal request is non-fraudulent, wherein the indication is based on the withdrawal request and information stored by the verification computing system;
• and
• authorize, based on (i) the real time account status information of the payor and (ii) the indication that the withdrawal request is non-fraudulent, the withdrawal request for the second amount, wherein the authorization occurs prior to settlement of the check deposit.

One or more non-transitory computer-readable storage media having instructions stored thereon that, when executed by at least one processing circuit, cause the at least one processing circuit to:

• receive a funds transfer request comprising a check deposit and a withdrawal request associated with a customer account of a customer, wherein the customer account is associated with a first amount and the withdrawal request comprises a second amount greater than the first amount;
• forward, via a real time data channel provided by a verification computing system, an inquiry message regarding the check deposit to a paying computing system;
• determine, via the real time data channel, real time account status information of a payor account of a payor, wherein the real time account status information indicates the payor account comprises an initial amount prior to the check deposit that is greater than an amount associated with the check deposit;
• receive, from the verification computing system, an indication that the withdrawal request is non-fraudulent, wherein the indication is based on the withdrawal request and information stored by the verification computing system;
• and
• authorize, based on (i) the real time account status information of the payor and (ii) the indication that the withdrawal request is non-fraudulent, the withdrawal request for the second amount, wherein the authorization occurs prior to settlement of the check deposit.