Real-time payment system, method, apparatus, and computer program

Abstract

A method, system, apparatus, and computer program for conducting a real-time payment transaction. The method includes receiving a request for payment from a creditor financial institution (FI), and forwarding it to a debtor (FI). A payment transaction message is received from the debtor financial institution, specifying an amount of payment requested in the request, and is forwarded to the creditor FI such that the amount of payment is credited to an account in real-time. The debtor FI can request a return of the payment, in which case the creditor FI can comply therewith or refuse the return the payment. Also, an unsettled financial position of the debtor FI can be settled where that position does not exceed a combination of a pre-funded balance in a settlement account and a net debit cap value, and multiple settlements can be performed depending on a relationship between the position and combination.

1 - 12 . (canceled) 
     
     
         13 . A method for performing a financial settlement, comprising:
 pre-funding a financial settlement account with a balance;   comparing an unsettled financial position of a financial institution to a combination of a value of the balance of the financial settlement account and a value of a net debit cap;   determining whether to perform a financial settlement based on a result of the comparing; and   performing a financial settlement where it is determined that the unsettled financial position of the financial institution is not greater than the combination,   wherein the financial settlement is performed multiple times within a predetermined time period.   
     
     
         14 . The method of  claim 13 , further comprising:
 determining whether there is a predetermined number of financial institutions that have unsettled financial positions; and   increasing a frequency at which financial settlements are performed, in response to determining that there is the predetermined number of financial institutions that have unsettled financial positions.   
     
     
         15 - 20 . (canceled) 
     
     
         21 . The method of  claim 13 , wherein the performing of the financial settlement includes performing financial settlement multiple times per day. 
     
     
         22 . The method of  claim 13 , wherein the unsettled financial position of the financial institution is a position of the financial institution resulting from at least one transaction. 
     
     
         23 . The method of  claim 13 , further comprising:
 determining when an unfunded settlement position has reached a predetermined net debit cap; and   effecting financial settlement multiple times per day to reduce the unfunded settlement position below the predetermined net debit cap.   
     
     
         24 . The method of  claim 13 , further comprising performing financial settlements at an increased frequency, in response to a determination that there is a predetermined level of unsettled financial positions on the part of financial institutions. 
     
     
         25 . The method of  claim 13 , wherein the comparing compares the unsettled financial position of the financial institution to the combination to determine whether the combination is exceeded, and wherein the method further comprises suspending financial settlement in response to determining that the combination is exceeded. 
     
     
         26 . The method of  claim 14 , wherein the increasing is performed to avoid a predetermined level of unsettled net debit positions. 
     
     
         27 . The method of  claim 14 , further comprising scheduling one or more additional settlements that were not previously scheduled where it is determined that there is a predetermined level of unsettled financial positions on the part of financial institutions. 
     
     
         28 . The method of  claim 13 , further comprising sharing losses between financial institutions. 
     
     
         29 . The method of  claim 28 , wherein the losses are a result of one or more of the financial institutions not timely funding unfunded positions. 
     
     
         30 . The method of  claim 13 , wherein the performing of the financial settlement includes performing at least one of real-time gross settlement, immediate netting of offsetting positions, close-to-immediate settlement, multiple net settlements, settlement after business hours, or next day settlement of net amount. 
     
     
         31 . A computer-readable medium storing instructions which,
 when executed by a computer processor, cause the computer processor to perform a method for conducting a financial settlement, the method comprising:
 pre-funding a financial settlement account with a balance; 
 comparing an unsettled financial position of a financial institution to a combination of a value of the balance of the financial settlement account and a value of a net debit cap; 
 determining whether to perform a financial settlement based on a result of the comparing; and 
 performing a financial settlement where it is determined that the unsettled financial position of the financial institution is not greater than the combination, 
 wherein the financial settlement is performed multiple times within a predetermined time period. 
   
     
     
         32 . The computer-readable medium of  claim 31 , wherein the method further comprises:
 determining whether there is a predetermined number of financial institutions that have unsettled financial positions; and   increasing a frequency at which financial settlements are performed, in response to determining that there is the predetermined number of financial institutions that have unsettled financial positions.   
     
     
         33 . The computer-readable medium of  claim 31 , wherein the performing of the financial settlement includes performing financial settlement multiple times per day. 
     
     
         34 . The computer-readable medium of  claim 31 , wherein the unsettled financial position of the financial institution is a position of the financial institution resulting from at least one transaction. 
     
     
         35 . The computer-readable medium of  claim 31 , wherein the method further comprises:
 determining when an unfunded settlement position has reached a predetermined net debit cap; and   effecting financial settlement multiple times per day to reduce the unfunded settlement position below the predetermined net debit cap.   
     
     
         36 . The computer-readable medium of  claim 31 , wherein the method further comprises performing financial settlements at an increased frequency, in response to a determination that there is a predetermined level of unsettled financial positions on the part of financial institutions. 
     
     
         37 . The computer-readable medium of  claim 31 , wherein the comparing compares the unsettled financial position of the financial institution to the combination to determine whether the combination is exceeded, and wherein the method further comprises suspending financial settlement in response to determining that the combination is exceeded. 
     
     
         38 . The computer-readable medium of  claim 32 , wherein the increasing is performed to avoid a predetermined level of unsettled net debit positions. 
     
     
         39 . The computer-readable medium of  claim 32 , wherein the method further comprises scheduling one or more additional settlements that were not previously scheduled where it is determined that there is a predetermined level of unsettled financial positions on the part of financial institutions. 
     
     
         40 . The computer-readable medium of  claim 31 , wherein the method further comprises sharing losses between financial institutions. 
     
     
         41 . The computer-readable medium of  claim 40 , wherein the losses are a result of one or more of the financial institutions not timely funding unfunded positions. 
     
     
         42 . The computer-readable medium of  claim 31 , wherein the performing of the financial settlement includes performing at least one of real-time gross settlement, immediate netting of offsetting positions, close-to-immediate settlement, multiple net settlements, settlement after business hours, or next day settlement of net amount. 
     
     
         43 . A system for conducting financial settlement, the system comprising:
 a memory storing a program; and   a computer processor arranged to execute the program to perform a method comprising:
 pre-funding a financial settlement account with a balance, 
 comparing an unsettled financial position of a financial institution to a combination of a value of the balance of the financial settlement account and a value of a net debit cap, 
 determining whether to perform a financial settlement based on a result of the comparing, and 
 performing a financial settlement where it is determined that the unsettled financial position of the financial institution is not greater than the combination, 
   wherein the financial settlement is performed multiple times within a predetermined time period.   
     
     
         44 . The system of  claim 43 , wherein the method further comprises:
 determining whether there is a predetermined number of financial institutions that have unsettled financial positions; and   increasing a frequency at which financial settlements are performed, in response to determining that there is the predetermined number of financial institutions that have unsettled financial positions.   
     
     
         45 . The system of  claim 43 , wherein the performing of the financial settlement includes performing financial settlement multiple times per day. 
     
     
         46 . The system of  claim 43 , wherein the unsettled financial position of the financial institution is a position of the financial institution resulting from at least one transaction. 
     
     
         47 . The system of  claim 43 , wherein the method further comprises:
 determining when an unfunded settlement position has reached a predetermined net debit cap; and   effecting financial settlement multiple times per day to reduce the unfunded settlement position below the predetermined net debit cap.   
     
     
         48 . The system of  claim 43 , wherein the method further comprises performing financial settlements at an increased frequency, in response to a determination that there is a predetermined level of unsettled financial positions on the part of financial institutions. 
     
     
         49 . The system of  claim 43 , wherein the comparing compares the unsettled financial position of the financial institution to the combination to determine whether the combination is exceeded, and wherein the method further comprises suspending financial settlement in response to determining that the combination is exceeded. 
     
     
         50 . The system of  claim 44 , wherein the increasing is performed to avoid a predetermined level of unsettled net debit positions. 
     
     
         51 . The system of  claim 44 , wherein the method further comprises scheduling one or more additional settlements that were not previously scheduled where it is determined that there is a predetermined level of unsettled financial positions on the part of financial institutions. 
     
     
         52 . The system of  claim 43 , wherein the method further comprises sharing losses between financial institutions. 
     
     
         53 . The system of  claim 52 , wherein the losses are a result of one or more of the financial institutions not timely funding unfunded positions. 
     
     
         54 . The system of  claim 43 , wherein the performing of the financial settlement includes performing at least one of real-time gross settlement, immediate netting of offsetting positions, close-to-immediate settlement, multiple net settlements, settlement after business hours, or next day settlement of net amount.