System and method for rules based electronic funds transaction processing

A system for rules based electronic funds transaction processing comprising:

• a business layer configured to receive electronic funds transaction data from a source and to process the electronic funds transaction data according to at least one of multiple independent rules based processing rules including at least one rule configured to process electronic funds clearinghouse network dishonored items, said business layer further configured to assign a transaction trace number to each transaction item of the processed electronic funds transaction data;
• a file transfer agent operatively connected to said business layer for initiating a request to build a data file from the processed electronic funds transaction data, and in response to building the data file, said file transfer agent transfers the data file to at least one selected from the group consisting of a financial institution, an agent of a financial institution, and an electronic funds transaction clearinghouse network for placement of the data file on the electronic funds transaction clearinghouse network, wherein the data file includes a network ready data file having a format at least in accordance with requirements of the electronic funds transaction clearinghouse network, and wherein the transaction trace number is configured to enable tracking of a corresponding transaction item during dishonored items processing of a dishonored items data file retrieved from at least one of the financial institution, the agent of the financial institution, and the electronic funds transactions clearinghouse network, further wherein said business layer is configured to process the dishonored transaction items according to at least one of (a) a rules based dishonored item processing rule and (b) an electronic funds transaction clearinghouse network rule;
• a database storage for storing the transaction trace numbers assigned by said business layer with corresponding transaction data of the processed electronic funds transaction data, wherein said business layer is further configured to perform data manipulation of the processed electronic funds transaction data according to (a) dishonored transaction items processing rules and (b) a tracking of dishonored transaction items via respective transaction trace numbers stored in said database storage;
• and
• a database layer operatively connected to said database storage, said database layer configured to store information in said database storage for tracking dishonored transaction items, the information for tracking dishonored transaction items including initial transaction trace number corresponding to trace numbers of transaction items prior to respective ones of the transaction items becoming dishonored transaction items and subsequent transaction trace numbers corresponding to trace numbers of dishonored transaction items prior to respective ones of the dishonored transaction items becoming subsequent dishonored transaction items.