Interbank account verification and funds transfer system and method
A computer-implemented method performed by a depository computing system includes receiving a check deposit and a withdrawal request associated with a customer account of a customer where the customer account is associated with a first amount and the withdrawal request comprises a second amount greater than the first amount, forwarding an inquiry message regarding the check deposit to a paying computing system, determining real time account status information of a payor account of a payor, and authorizing in real time relative to when the real time account status information is accessed, the withdrawal request for the second amount where the authorization occurs prior to settlement of the check deposit.
1 . A computer-implemented method, comprising:
receiving, by a depository computing system, a funds transfer request comprising a check deposit and a withdrawal request associated with a customer account of a customer, wherein the customer account is associated with a first amount and the withdrawal request comprises a second amount greater than the first amount;
forwarding, by the depository computing system and via a real time data channel provided by a verification computing system, an inquiry message regarding the check deposit to a paying computing system;
determining, by the depository computing system and via the real time data channel, real time account status information of a payor account of a payor, wherein the real time account status information indicates the payor account comprises an initial amount prior to the check deposit that is greater than an amount associated with the check deposit;
receiving, by the depository computing system and from the verification computing system, an indication that the withdrawal request is non-fraudulent, wherein the indication is based on the withdrawal request and information stored by the verification computing system; and
authorizing, by the depository computing system and based on (i) the real time account status information of the payor and (ii) the indication that the withdrawal request is non- fraudulent, the withdrawal request for the second amount, wherein the authorization occurs prior to settlement of the check deposit.
2 . The computer-implemented method of claim 1 , wherein the funds transfer request is a single fund transfer request, and wherein the check deposit is received either electronically or in a paper format.
3 . The computer-implemented method of claim 1 , wherein a plurality of member banks store the real time account status information in a paying database of the paying computing system and share the real time account status information with the depository computing system over the real time data channel, and non-member banks share the real time account status information with the depository computing system over a batch feed data channel.
4 . The computer-implemented method of claim 3 , further comprising:
determining, by the depository computing system, the paying computing system is one of a plurality of member banks.
5 . The computer-implemented method of claim 4 , wherein the real time account status information is determined based on receiving information of the payor account via the real time data channel between the paying computing system and the depository computing system.
6 . The computer-implemented method of claim 1 , wherein authorizing the withdrawal request further comprises:
generating, by the depository computing system, a settlement message comprising an indication of the authorization of the withdrawal request; and
transmitting, by the depository computing system to the paying computing system via an account verification system, the settlement message.
7 . The computer-implemented method of claim 1 , wherein the depository computing system is an automated teller machine, and wherein the check deposit and the withdrawal request are received via a mobile device of the customer.
8 . A depository computing system, comprising:
at least one processing circuit having at least one processor coupled to at least one memory, the at least one processing circuit configured to:
receive a funds transfer request comprising a check deposit and a withdrawal request associated with a customer account of a customer, wherein the customer account is associated with a first amount and the withdrawal request comprises a second amount greater than the first amount;
forward, via a real time data channel provided by a verification computing system, an inquiry message regarding the check deposit to a paying computing system;
determine, via the real time data channel, real time account status information of a payor account of a payor, wherein the real time account status information indicates the payor account comprises an initial amount prior to the check deposit that is greater than an amount associated with the check deposit;
receive, from the verification computing system, an indication that the withdrawal request is non-fraudulent, wherein the indication is based on the withdrawal request and information stored by the verification computing system; and
authorize, based on (i) the real time account status information of the payor and (ii) the indication that the withdrawal request is non-fraudulent, the withdrawal request for the second amount, wherein the authorization occurs prior to settlement of the check deposit.
9 . The depository computing system of claim 8 , wherein the funds transfer request is a single fund transfer request, and wherein the check deposit is received either electronically or in a paper format.
10 . The depository computing system of claim 8 , wherein a plurality of member banks store the real time account status information in a paying database of the paying computing system and share the real time account status information with the depository computing system over the real time data channel, and non-member banks share the real time account status information with the depository computing system over a batch feed data channel.
11 . The depository computing system of claim 10 , wherein the at least one processing circuit is further configured to:
determine the paying computing system is one of a plurality of member banks.
12 . The depository computing system of claim 11 , wherein the real time account status information is determined based on receiving information of the payor account via the real time data channel between the paying computing system and the depository computing system.
13 . The depository computing system of claim 8 , wherein the at least one processing circuit is further configured to:
generate a settlement message comprising an indication of the authorization of the withdrawal request; and
transmit, to the paying computing system via an account verification system, the settlement message.
14 . The depository computing system of claim 8 , wherein the depository computing system is an automated teller machine, and wherein the check deposit and the withdrawal request are received via a mobile device of the customer.
15 . One or more non-transitory computer-readable storage media having instructions stored thereon that, when executed by at least one processing circuit, cause the at least one processing circuit to:
receive a funds transfer request comprising a check deposit and a withdrawal request associated with a customer account of a customer, wherein the customer account is associated with a first amount and the withdrawal request comprises a second amount greater than the first amount;
forward, via a real time data channel provided by a verification computing system, an inquiry message regarding the check deposit to a paying computing system;
determine, via the real time data channel, real time account status information of a payor account of a payor, wherein the real time account status information indicates the payor account comprises an initial amount prior to the check deposit that is greater than an amount associated with the check deposit;
receive, from the verification computing system, an indication that the withdrawal request is non-fraudulent, wherein the indication is based on the withdrawal request and information stored by the verification computing system; and
authorize, based on (i) the real time account status information of the payor and (ii) the indication that the withdrawal request is non-fraudulent, the withdrawal request for the second amount, wherein the authorization occurs prior to settlement of the check deposit.
16 . The one or more non-transitory computer-readable storage media of claim 15 , wherein the funds transfer request is a single fund transfer request, and wherein the check deposit is received either electronically or in a paper format.
17 . The one or more non-transitory computer-readable storage media of claim 15 , wherein a plurality of member banks store the real time account status information in a paying database of the paying computing system and share the real time account status information with the at least one processing circuit over the real time data channel, and non-member banks share the real time account status information with the at least one processing circuit over a batch feed data channel.
18 . The one or more non-transitory computer-readable storage media of claim 17 , having additional instructions stored thereon that, when executed by the at least one processing circuit, cause the at least one processing circuit to:
determine the paying computing system is one of a plurality of member banks, wherein the real time account status information is determined based on receiving information of the payor account via the real time data channel between the paying computing system and the at least one processing circuit.
19 . The one or more non-transitory computer-readable storage media of claim 15 , having additional instructions stored thereon that, when executed by the at least one processing circuit, cause the at least one processing circuit to:
generate a settlement message comprising an indication of the authorization of the withdrawal request; and
transmit, to the paying computing system via an account verification system, the settlement message.
20 . The one or more non-transitory computer-readable storage media of claim 15 , wherein the at least one processing circuit is an automated teller machine, and wherein the check deposit and the withdrawal request are received via a mobile device of the customer.