Enhanced Optimized Routing With Volume Controls
AssigneeBank of America Corporation
InventorsGregory Lee Booth, Amanda Jane Holcomb, Stephanie Lee Willett-Smith, Jason P. Blackhurst, Anthony B. Calderone, William E. Thomas
Life of this patent
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Abstract
Systems, apparatuses, and methods are illustrated for enhancing the transfer of funds. Aspects of the disclosure relate to enhancing the transfer of funds using a plurality of factors/controls, such as speed, quality, cost, priority, and/or volume. The volume controls may be configured with minimum and maximum values and configured to override other factors (e.g., cost, quality, etc.) Systems and methods are disclosed to assist in selecting delivery mechanism to transfer funds in an enhanced manner.
Claims20
A computer-implemented method, comprising:
- receiving, by a computing device associated with a financial institution, a request for a fund transfer transaction from a payor to a payee, where the fund transfer transaction includes electronic payee information configured to enable identification of a payee of a transfer of funds from a payor's account to the payee;
- determining, by a processor of the computing device, whether the payee has an account with the financial institution;
- calculating, using the processor of the computing device, a score for each of a plurality of delivery mechanisms based on a plurality of criteria, wherein the plurality of criteria includes volume controls;
- selecting, based on the scores, an appropriate delivery mechanism configured to receive the fund transfer transaction for processing;
- and
- making, by the computing device, the requested payment from the payor to the payee by transferring funds using the appropriate delivery mechanism.
An apparatus comprising:
- an electronic processor for executing computer-executable instructions;
- an electronic memory storing computer-executable instructions that when executed by the processor cause the apparatus to perform steps comprising:
- process a fund transfer transaction received at a computer network of a financial institution, where the fund transfer transaction does not indicate a required delivery mechanism for a transfer of a payor's funds;
- calculate a score for each of a plurality of delivery mechanisms based on a plurality of criteria, wherein the plurality of criteria includes volume controls;
- select, based on the scores, an appropriate delivery mechanism configured to receive the fund transfer transaction;
- and
- send the fund transfer transaction using the appropriate delivery mechanism;
- and
- a communications module for at least receiving and sending fund transfer transactions.
A tangible computer-readable medium storing computer-executable instructions that, when executed, cause a processor to perform a method comprising:
- process a fund transfer transaction received at a financial institution, where the fund transfer transaction does not indicate a delivery mechanism for a transfer of a payor's funds;
- calculate a score for each of a plurality of delivery mechanisms based on a plurality of criteria, wherein the plurality of criteria includes volume controls;
- select, based on the scores, an appropriate delivery mechanism configured to receive the fund transfer transaction;
- and
- send the fund transfer transaction to the appropriate delivery mechanism.
Dependencies are inferred from the claim text.