Universal positive pay match, authentication, authorization, settlement and clearing system and method

Abstract

A Universal Positive Pay Database (UPPD) method, system, and/or computer useable medium to reduce financial transaction fraud. A UPPD database is configured to store thereon transaction records associated with financial transactions corresponding to customers of the UPPD database. A particular financial transaction is initiated between a payer and a payee by providing parameters associated with the financial transaction to the UPPD database. An Issue File is provided to the UPPD database that includes parameters associated with the particular financial transaction. A correspondence determination is made between the financial transaction parameters from the Issue File and the financial transaction parameters provided to the UPPD database at every point along the financial transaction clearing process. The customer, payer, payee, payee bank, drawee bank, and banking institutions intermediate the payee bank and the drawee bank are able to access the correspondence determination at every point along the financial transaction clearing process.

1 .- 199 . (canceled) 
     
     
         200 . A computer implemented method for detecting inconsistencies in financial transactions during a payment clearing process, said method comprising:
 storing at a database a first record of a financial transaction;   receiving from one or more of a payee bank and another party to said payment clearing process, a second record of said financial transaction, wherein said first and second records each comprise one or more equivalent parameters;   comparing by a computerized processing system said one or more equivalent parameters of each of said first and second records received at said database, and wherein any participant to said payment clearing process is capable of verifying said parameters at one or more intermediate points along said financial transaction payment clearing process;   sending a notification to said payee bank participant with authorization to process said electronic financial transaction when said parameters match; and   sending a notification to said payee bank participant to not process said electronic financial transaction when said parameters do not match.   
     
     
         201 . The computer implemented method of  claim 200 , wherein said parameters include at least two of the following: check number, amount, account number, routing number, issue date, and payee. 
     
     
         202 . The computer implemented method of  claim 200 , wherein said first financial transaction may be at least one of check payment, credit card payment, debit card payment, and electronic payment. 
     
     
         203 . The computer implemented method of  claim 200 , wherein said database receives said first record of said first financial transaction from one of the following: a point of sale (POS), a point of presentment (POP), a point of encashment (POE), a point of data (POD), an automated teller machine, an online account, an internet point of sale, and a mobile device. 
     
     
         204 . The computer implemented method of  claim 200 , wherein said computer performs at least two of the following steps: archiving check register information in a record, storing check register information in a record, matching data in a record, verifying data in a record, and authenticating data in a record. 
     
     
         205 . The computer implemented method of  claim 200 , wherein said computer performs the step of compiling a behavior matrix for a payer based upon the financial transaction records of said payer stored in said database. 
     
     
         206 . The computer implemented method of  claim 200 , wherein said computer performs the step of authenticating said second record of said financial transaction received from a participant in said payment clearing process with information in said first record and communicating to said participant results of said authenticating. 
     
     
         207 . A computer implemented method for detecting errors in a financial transaction clearing process, said method comprising:
 receiving at a computer comprising a database accessible by each participant to said financial transaction clearing process, a first record of a financial transaction from a payer;   storing in said database said first record of said financial transaction received by said payer, said first record comprising one or more parameters;   providing access to said database, wherein said database is capable of being accessed by one or more participants to said financial transaction clearing process selected from a group comprising: a payee, a payee bank, a payer bank, banking institutions intermediate said payee bank and said payer bank, a clearing bank, a Federal Reserve Bank, and a third party processor;   enabling said one or more participants in said financial transaction clearing process to communicate separately with said database as said financial transaction moves through said financial transaction clearing process;   receiving from said at least one or more participants to said financial transaction clearing process, a second record of said financial transaction, said second record comprising at least one or more parameters which are equivalent to at least one or more of said one or more parameters of said first record, and wherein any participant in said check clearing process is capable of verifying said parameters at one or more intermediate points in said financial transaction clearing process;   determining by said computer correspondence between said parameters of said first record equivalent to said parameters of said second record;   providing notification to at least one of said one or more participants, wherein said notification includes results of said correspondence determination, wherein said notification informs said participant to process said financial transaction when each of said parameters equivalent to said first and second records correspond; and   wherein said notification informs said participant to not process said financial transaction when each of said parameters equivalent to said first and second records do not correspond.   
     
     
         208 . The computer implemented method of  claim 207 , wherein said financial transaction may comprise at least one of written check payment, electronic check payment, imaged check payment, check card payment, and debit card payment. 
     
     
         209 . The computer implemented method of  claim 207 , wherein said database receives said first record of said financial transaction from one of the following: a point of sale (POS), a point of presentment (POP), a point of encashment (POE), a point of data (POD), an automated teller machine, an online account, an internet point of sale, and a mobile device. 
     
     
         210 . The computer implemented method of  claim 207 , wherein said computer automatically polls for check register information for receiving and storing on said database. 
     
     
         211 . The computer implemented method of  claim 207 , wherein said computer performs at least two of the following steps: archiving check register information in a record, storing check register information in a record, matching data in a record, verifying data in a record, and authenticating data in a record. 
     
     
         212 . The computer implemented method of  claim 207 , wherein said computer performs the step of compiling a behavior matrix for a payer based upon account records of said payer stored in said database. 
     
     
         213 . The computer implemented method of  claim 207 , wherein said computer performs the step of authenticating said second record of said financial transaction received from a participant in said financial transaction clearing process with information in said first record and communicating to said participant results of said authenticating. 
     
     
         214 . A computer implemented method for detecting inconsistencies in processing financial transactions, said method comprising:
 providing access to at least one computer comprising a processor, an area of main memory, and a storage device comprising a database, wherein said database is capable of being accessed by each participant involved in said processing of financial transactions;   storing in said database records of financial transactions relating to payments, comprising at least a first record of a financial transaction received from at least one participant to said processing of said financial transaction selected from the following group: a payer, a point of sale terminal, an online account, and a portable electronic device, each financial transaction record comprising one or more parameters;   receiving at said computer a second record of said first financial transaction from a bank of first deposit as said financial transaction moves through said financial transaction processing, said second record comprising one or more of said one or more parameters that are associated with said first record of said financial transaction;   determining by said computer whether there is a match between at least one of said parameters of said second record of said financial transaction received at said computer and one of the same parameters in said first record of said financial transaction stored in said database, wherein any participant in said processing of said financial transaction is capable of verifying said parameters at one or more intermediate points along said financial transaction process;   providing a notification to said bank of first deposit with results from said matching of said parameters of said second record with said parameters of said first record; and   providing a notification to said at least one participant to said processing of said financial transaction with results from said matching.   
     
     
         215 . The computer implemented method of  claim 214 , wherein said financial transaction may be at least one of a check payment, a credit card payment, a debit card payment, a funds transfer payment and an electronic payment. 
     
     
         216 . The computer implemented method of  claim 214 , wherein said database receives said first record of said financial transaction from one of the following: a point of sale (POS), a point of presentment (POP), a point of encashment (POE), a point of data (POD), an automated teller machine, an online account, an internet point of sale, and a mobile device. 
     
     
         217 . The computer implemented method of  claim 214 , wherein said computer automatically polls check register information for receiving at said computer and storing on said database. 
     
     
         218 . The computer implemented method of  claim 214 , wherein said computer performs at least two of the following steps: archiving check register information in a record, storing check register information in a record, matching data in a record, verifying data in a record, and authenticating data in a record. 
     
     
         219 . The computer implemented method of  claim 214 , wherein said computer compiles a behavior matrix for a payer based upon financial transaction records of said payer stored in said database.