JPMorgan Chase Bank, N.A. (20240211899). METHOD AND SYSTEM FOR IMPLEMENTING AN ELECTRONIC EXCHANGE FOR BILL PAY AND OTHER TRANSACTIONS VIA AN INTERBANK INFORMATION NETWORK (IIN) simplified abstract

METHOD AND SYSTEM FOR IMPLEMENTING AN ELECTRONIC EXCHANGE FOR BILL PAY AND OTHER TRANSACTIONS VIA AN INTERBANK INFORMATION NETWORK (IIN)

Organization Name

JPMorgan Chase Bank, N.A.

Inventor(s)

Steve Hoffman of North Aurora IL (US)

Sejdo Radoncic of Bronx NY (US)

Tiffany Ashley Wan of Brooklyn NY (US)

Amy M Leslie of Ann Arbor MI (US)

John L Biloz of Wonder Lake IL (US)

Raghvendra Singh of Brooklyn NY (US)

Maria Adele Ressa of New York NY (US)

Zachary Chestnut of Brooklyn NY (US)

Thomas Eapen of Jersey CIty NJ (US)

Ruwayd Dodin of New York NY (US)

Amanda Preston of Chicago IL (US)

Ganesh Raut of Jersey City NJ (US)

Josephine Lanning of London (GB)

Kimberly Yang of Rochester Hillls MI (US)

Shriya Kommuri of New York NY (US)

METHOD AND SYSTEM FOR IMPLEMENTING AN ELECTRONIC EXCHANGE FOR BILL PAY AND OTHER TRANSACTIONS VIA AN INTERBANK INFORMATION NETWORK (IIN) - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240211899 titled 'METHOD AND SYSTEM FOR IMPLEMENTING AN ELECTRONIC EXCHANGE FOR BILL PAY AND OTHER TRANSACTIONS VIA AN INTERBANK INFORMATION NETWORK (IIN)

The invention described in the abstract is a system for exchanging paper check transactions through an interbank information network architecture. This system allows for secure collection, assignment, and distribution of payments and data from paper check transactions, eliminating the need for physical checks and streamlining the process for faster deposit into client accounts.

• Marketplace for secure collection, assignment, and distribution of payments and data from paper check transactions
• Faster deposit into client accounts
• Better management of payment exceptions
• Reduction in overall operating costs
• Global platform using blockchain technology for real-time interconnected flow of information
• Streamlined process for resolving compliance-based inquiries
• Global beneficiary account validations
• Platform/ecosystem for network participants to deliver value-added service applications

Potential Applications: - Financial institutions - Payment processing companies - Businesses that deal with paper check transactions

Problems Solved: - Slow processing times for paper check transactions - High costs associated with manual check processing - Security risks with physical checks

Benefits: - Faster and more secure payment processing - Cost savings for businesses - Improved efficiency in financial transactions

Commercial Applications: - Payment processing services - Financial technology solutions - Banking software

Prior Art: Prior art related to this technology may include existing systems for electronic payment processing and blockchain-based financial platforms.

Frequently Updated Research: Research on blockchain technology advancements in the financial industry may be relevant to this technology.

Questions about the technology: 1. How does this system improve the efficiency of paper check transactions? 2. What are the key benefits of using blockchain technology in this context?

Original Abstract Submitted

the invention relates to an exchange for paper check transactions via an interbank information network (iin) architecture. an embodiment of the present invention provides a marketplace for secure collection, assignment and distribution of payments and data from paper check transaction originators to lockbox providers. this eliminates paper checks, resulting in faster deposit into client accounts, better management of payment exceptions, and reduction in overall operating costs. the iin architecture provides a global platform using blockchain technology for real-time interconnected flow of information that address immediate pain points across the financial industry and enable new services. with an embodiment of the present invention, a distributed network may streamline process for resolving compliance based inquiries and provide global beneficiary account validations. an embodiment of the present invention provides a platform/ecosystem that network participants may use to deliver value-added service applications to other network participants.