| US 7,580,886 B1 | ||
| Managing foreign payments in an international ACH | ||
| Larry Schulz, Atlanta, Ga. (US) | ||
| Assigned to Federal Reserve Bank of Atlanta, Atlanta, Ga. (US) | ||
| Filed on Sep. 12, 2005, as Appl. No. 11/224,380. | ||
| Claims priority of provisional application 60/610014, filed on Sep. 15, 2004. | ||
| Int. Cl. G06Q 40/00 (2006.01) | ||
| U.S. Cl. 705—39 [705/35] | 12 Claims |
| 1. A computer-implemented method for managing a foreign payment in an international automated clearinghouse (“ACH”) comprising
the steps of:
receiving at a domestic gateway operator computer system a plurality of ACH items, each of the ACH items designating, in a
foreign currency, a payment amount to be transmitted from an originating depository financial institution located in the United
States to a receiving depository financial institution located in a foreign country;
transmitting via the domestic gateway operator computer system the ACH items to a foreign gateway operator located in the
foreign country;
calculating via the domestic gateway operator computer system a foreign settlement amount comprising a total amount of money,
in foreign currency, needed to settle the plurality of ACH items between the originating depository financial institution
and the foreign gateway operator by aggregating the payment amounts of the plurality of ACH items; and
transmitting an instruction to pay the foreign settlement amount from the domestic gateway operator computer system to the
originating depository financial institution.
|