Systems, methods and computer program products for standardization of payment requests to facilitate comprehensive payment hub processing

Systems, methods, and computer program products are provided for conducting comprehensive payment processing of all payment requests regardless of the payment request channel. Payment requests are transformed from the initial format to a standardized format, which allows for the occurrence of furthe...

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Main Authors FREW DAVID TODD, BRIGGS GARRETT C, THOMAS, II WILLIAM EARL, CANTLEY KERRY, ZANZOT MARK D, DRYER ERIC, TOBIN PHILIP, CALDERONE ANTHONY B
Format Patent
LanguageEnglish
Published 10.12.2013
Subjects
CALCULATING
COMPUTING
COUNTING
DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES
PHYSICS
SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR
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Summary:Systems, methods, and computer program products are provided for conducting comprehensive payment processing of all payment requests regardless of the payment request channel. Payment requests are transformed from the initial format to a standardized format, which allows for the occurrence of further comprehensive payment processing, referred to herein as payment hub processing. Once the payment request has undergone necessary payment hub processing, the request undergoes further transformation/conversion from the standardized format to a target clearing format. In one embodiment of the invention, the processing hub provides for determining the clearing or remittance channel based on payment routing rules, which may take into account cost, time, risk and any other payment factors.
Bibliography:Application Number: US20090433272