Richard M Fraher

US Patent:

20120209774, Aug 16, 2012

Filed:

Feb 10, 2012

Appl. No.:

13/371104

Inventors:

Richard Fraher - Marietta GA, US
Elizabeth McQuerry - Atlanta GA, US

Assignee:

Federal Reserve Bank of Atlanta - Atlanta GA

International Classification:

G06Q 20/40

US Classification:

705 44

Abstract:

Redirecting or returning international credit transfers is described. In one embodiment a system for redirecting or returning international credits is described including a gateway operator that receives a credit transfer from a foreign originator, compares routing and account numbers of the credit transfer with a predetermined table of routing and account numbers, and forwards the credit transfer based on the comparison of the routing and account numbers with the predetermined table, an Automated Clearing House (ACH) that presents the credit transfer to a Receiving Depository Financial Institution (RDFI) for clearing and settlement, and a wire transfer service that presents the credit transfer to the RDFI for clearing and settlement. In another embodiment a method for redirecting or returning international credits is described.

US Patent:

20090157550, Jun 18, 2009

Filed:

Dec 18, 2007

Appl. No.:

12/002917

Inventors:

Richard M. Fraher - Marietta GA, US
Larry Schulz - Atlanta GA, US

Assignee:

Federal Reserve Bank of Atlanta - Atlanta GA

International Classification:

G06Q 20/00

US Classification:

705 44, 705 35

Abstract:

Managing foreign payments using separate conduits for messaging and payments. An originating depository financial institution can create an F3X message designating a fixed amount of foreign currency to be credited to, or debited from, a receiving depository financial institution. The originating depository financial institution transmits the F3X message to a domestic gateway operator via an ACH network. The domestic gateway operator then forwards the F3X message to a foreign gateway operator. Separately, the originating depository financial institution transmits a payment to the foreign gateway operator either directly or via a correspondent financial institution. The foreign gateway operator matches the payment to the F3X message and transmits the payment to the receiving depository financial institution.