US 2019/0295046 A1Published application

Settlement facilitation hub

AssigneeVyze, Inc.

InventorsCynthia Reh Simmons, Terence Paul Spielman, Neal Emerson Rigney

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Abstract

Some implementations may include a settlement facilitation hub (SFH) to receive, from one or more retailers, transaction data comprising one or more retailer transactions. The SFH may store each retailer transaction. Based on a lender identifier of each retailer transaction, the SFH may create, for a clearinghouse associated with one or more lenders, settlement transaction data that includes a portion of the stored transactions. After providing the settlement transaction data to the clearinghouse, the SFH may receive transaction results indicating results of the clearinghouse initiating, based on the settlement transaction data, a transfer of funds from a lender account to one or more retailer accounts corresponding to the one or more retailers. The SFH may update the status of the portion of the stored transactions and create a settlement report for at least one of the one or more retailers based on the updated transactions.

Claims20

Dependent claims

An apparatus comprising:

a network interface configured to receive and send data transmissions;
a memory having stored therein conversion data for converting data between different formats;
a controller circuit configured to implement a settlement facilitation hub that facilitates settlement of transactions between a plurality of retailers and a plurality of lenders that employ a plurality of clearinghouses, each clearinghouse having a clearinghouse-specific data format, the controller circuit implementing the settlement facilitation hub via:
receiving, from a plurality of retailers in a plurality of data formats, sets of retailer transactions, where a set of retailer transactions is received from a single retailer and is directed to a plurality of lenders;
converting, using the conversion data, the sets of retailer transactions from the plurality of data formats to an intermediate data format to create intermediate retailer transactions;
appending a status field to transactions included in the intermediate retailer transactions;
storing at least a portion of the intermediate retailer transactions from each of the plurality of retailers to a database as a consolidated collection of transactions;
identifying first transactions from the consolidated collection of transactions directed to lenders associated with a first clearinghouse;
generating, using the conversion data, first settlement data that includes the first transactions modified into a first data format associated with the first clearinghouse;
identifying second transactions from the consolidated collection of transactions directed to lenders associated with a second clearinghouse;
generating, using the conversion data, second settlement data that includes the second transactions modified into a second data format associated with the second clearinghouse;
transmitting the first settlement data to the first clearinghouse and the second settlement data to the second clearinghouse;
receiving status reports of the first transactions from the first clearinghouse and of the second transactions from the second clearinghouse;
updating the status field of each for the first transactions and the second transactions in the consolidated collection of transactions based on the status reports;
and
generating settlement reports for each of the plurality of retailers, each settlement report based on the status fields of the set of transactions from the consolidated collection of transactions corresponding to a respective retailer.

13 more elements

A method comprising:

storing to a memory, via a controller circuit, conversion data for converting data between different formats;
implementing, via the controller circuit, a settlement facilitation hub that facilitates settlement of transactions between a plurality of retailers and a plurality of lenders that employ a plurality of clearinghouses, each clearinghouse having a clearinghouse-specific data format, the settlement facilitation hub implemented via:
receiving, from a plurality of retailers in a plurality of data formats, sets of retailer transactions, where a set of retailer transactions is received from a single retailer and is directed to a plurality of lenders;
converting, using the conversion data, the sets of retailer transactions from the plurality of data formats to an intermediate data format to create intermediate retailer transactions;
appending a status field to transactions included in the intermediate retailer transactions;
storing at least a portion of the intermediate retailer transactions from each of the plurality of retailers to a database as a consolidated collection of transactions;
identifying first transactions from the consolidated collection of transactions directed to lenders associated with a first clearinghouse;
generating, using the conversion data, first settlement data that includes the first transactions modified into a first data format associated with the first clearinghouse;
identifying second transactions from the consolidated collection of transactions directed to lenders associated with a second clearinghouse;
generating, using the conversion data, second settlement data that includes the second transactions modified into a second data format associated with the second clearinghouse;
transmitting the first settlement data to the first clearinghouse and the second settlement data to the second clearinghouse;
receiving status reports of the first transactions from the first clearinghouse and of the second transactions from the second clearinghouse;
updating the status field of each of the first transactions and the second transactions in the consolidated collection of transactions based on the status reports;
and
generating settlement reports for each of the plurality of retailers, each settlement report based on the status fields of the set of transactions corresponding to a respective retailer.

12 more elements

A memory device storing instructions that, when executed, cause a processor to perform a method comprising:

storing, to a memory accessible to the processor, conversion data for converting data between different formats;
implementing, via the processor, a settlement facilitation hub to facilitate settlement of transactions between a plurality of retailers and a plurality of lenders that employ a plurality of clearinghouses, each clearinghouse having a clearinghouse-specific data format, the settlement facilitation hub implemented via:
receiving, from a plurality of retailers in a plurality of data formats, sets of retailer transactions, where a set of retailer transactions is received from a single retailer and is directed to a plurality of lenders;
converting, using the conversion data, the sets of retailer transactions from the plurality of data formats to an intermediate data format to create intermediate retailer transactions;
appending a status field to transactions included in the intermediate retailer transactions;
storing at least a portion of the intermediate retailer transactions from each of the plurality of retailers to a database as a consolidated collection of transactions;
identifying first transactions from the consolidated collection of transactions directed to lenders associated with a first clearinghouse;
generating, using the conversion data, first settlement data that includes the first transactions modified into a first data format associated with the first clearinghouse;
identifying second transactions from the consolidated collection of transactions directed to lenders associated with a second clearinghouse;
generating using the conversion data, second settlement data that includes the second transactions modified into a second data format associated with the second clearinghouse;
transmitting the first settlement data to the first clearinghouse and the second settlement data to the second clearinghouse;
receiving status reports of the first transactions from the first clearinghouse and of the second transactions from the second clearinghouse;
updating the status field for each of the first transactions and the second transactions in the consolidated collection of transactions based on the status reports;
and
generating settlement reports for each of the plurality of retailers, each settlement report based on the status fields of the set of transactions from the consolidated collection of transactions corresponding to a respective retailer.

12 more elements

Dependencies are inferred from the claim text.

Facts

Application: 16/435,418Filed 7 Jun 2019
Priority: 6 Jan 2014
Published: 26 Sep 2019
Term ends: Not estimatedThe source records don’t support an estimate.

Classification3 codes

G06Q 20/023
Involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]: the neutral party being a clearing house
G06Q 40/02
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: banking, e.g. interest calculation or account maintenance
G06Q
Information and communication technology [ict] specially adapted for administrative, commercial, financial, managerial