Digital Check Image Carousel for Treasury Management
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Solution Overview
Problem
Current treasury management systems lack efficient methods for payers to visually inspect and manage checks, leading to difficulties in identifying unauthorized checks and providing full check services, as drawee banks may not have access to all checks issued by a payer, especially those generated by bill-pay vendors until deposited.
Innovation Solution
A digital check image shifting system that allows payers to view and manage digital images of checks in a carousel view, with embedded approval and disapproval indicators, enabling efficient approval, rejection, or application of check services like stopping payment or holding funds, while maintaining control over funds until they are withdrawn.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If a payer wants to visually inspect checks to identify unauthorized transactions, then the payer needs access to check images, but the drawee bank may not have access to all checks issued by the payer, especially those generated by bill-pay vendors until deposited
Solution Approach 1:
The system performs preliminary actions by obtaining check images from bill-pay vendors before the checks are deposited and before the drawee bank would normally receive them. This allows the payer to review checks in advance and authorize payments before actual clearing occurs, resolving the information access problem by making check data available earlier in the process timeline
2Reliability
If the payer manually reviews each check image to approve or reject payments, then the payer can identify unauthorized checks, but the process consumes significant time and labor
Solution Approach 1:
The system implements feedback mechanisms by automatically analyzing check images using optical character recognition and comparison algorithms. The system provides feedback to the payer about potential discrepancies (such as amount mismatches or unauthorized checks) and allows the payer to review only flagged items rather than every check manually, significantly reducing review time while maintaining fraud detection accuracy
Solution Approach 2:
The patent replaces the mechanical manual review process with automated optical character recognition and image processing systems. These systems automatically extract check data, compare it against authorized payment information, and identify discrepancies, substituting human visual inspection with machine-based pattern recognition to reduce time consumption while maintaining or improving detection accuracy
3Productivity
If the drawee bank waits until check deposit to provide check services, then the bank maintains traditional processing workflows, but the payer cannot receive comprehensive check services including stop payment and reconciliation before check clearing
Solution Approach 1:
The system enables preliminary check services by obtaining check images from bill-pay vendors before deposit and clearing. This allows the drawee bank to perform reconciliation, stop payment, and fraud detection services in advance of traditional processing points, making check services available earlier and expanding the range of services that can be provided before funds are actually transferred
Solution Approach 2:
The patent introduces an intermediary mechanism where check images are obtained from bill-pay vendors and made available to the drawee bank through a coordinated information exchange system. This intermediary data flow allows the bank to access check information earlier than traditional workflows permit, enabling expanded service availability without disrupting the fundamental check clearing process between banks
Data Source
AI summary
Apparatus and methods are provided for viewing a check image and selecting a check service to be applied to a check. Check services may include a pay/return decision. The check images may be presented in a carousel view without pop-up windows. The user may import pre-selected check services such as stop payments. Check images may be marked with a status indicator. The status indicator may correspond to a check service applied to the check or a reconciliation error associated with the check. A user may receive notifications of pending expiration of an applied check service. The user may select and apply a check service at any time during a clearing process of the check. User may search for checks and check images based on the check service applied to the check. Search results may include check images and may be transmitted to a requested location such as via e-mail.