Inventors:
Richard Norman - Dallas TX, US
Tommy Vicknair - Humble TX, US
Carl Shishmanian - Louisville KY, US
John Stephens - Houston TX, US
W. Jennings - Dublin OH, US
David James - Mt. Gilead OH, US
Assignee:
JPMorgan Chase Bank, N.A. - New York NY
International Classification:
G06Q 40/00
Abstract:
According to one embodiment, the present invention relates to a method and a system for efficient transaction processing. According to an exemplary embodiment, a method and system for facilitating settlement processing within a network of financial institutions may include receiving one or more payment items from a plurality of payment entities, at a centralized agent, wherein the one or more payment items comprise one or more electronic images and paper instruments; aggregating the payment items into one or more categories; identifying a payee financial institution and a payor financial institution for each payment items, wherein the payee financial institution and the payor financial institution are different; determining whether the payee financial institution and the payor financial institution are within the network of financial institutions; for the payee and payor within the network, determining at the centralized agent a settlement path within the network of financial institutions for each payment item; and for the payee and payor that are not within the network, forwarding the payment items to a third party settlement entity by the centralized agent for settlement processing.