David T Reichard

Title: Innovations of David T. Reichard in Financial Instrument Clearing

Introduction

David T. Reichard is an accomplished inventor based in Orchard Park, New York, with an impressive portfolio of innovative solutions tailored for the financial sector. With two patents to his name, Reichard has significantly contributed to the advancement of methods for clearing financial instruments, streamlining processes to enhance efficiency in the industry.

Latest Patents

Among David T. Reichard's notable inventions is his patented "Method and system for clearing financial instruments." This innovation pertains to the electronic clearing of financial instruments through a system where the clearing costs per item fluctuate based on the time of day. The method involves receiving electronic files that contain scanned data from financial instruments, including their respective amounts. A control system applies specific rules to determine whether an item should be stored or promptly forwarded for clearing based on predefined criteria. This efficient approach not only aims to minimize clearing costs but also optimizes the timing of transactions according to market dynamics.

Another patent, also titled "Method and system for clearing financial instruments," emphasizes a similar technological framework. It focuses on sorting these instruments to decide the most economical pathway for clearing, whether it be immediate processing or deferred storage for future clearing when costs are lower. This innovative concept introduces a control mechanism that receives files from scanning devices and effectively transmutes them into a useable format for the clearing process.

Career Highlights

David T. Reichard is associated with Keycorp Limited, a company recognized for its commitment to providing solutions in the financial domain. His work underscores a dedication to developing systems that revolutionize how financial instruments are processed, contributing to the efficiency and cost-effectiveness of financial transactions.

Collaborations

Throughout his career, Reichard has collaborated with prominent colleagues such as Douglas Paul Davis and Edward Kwabena Obeng, fostering an environment of innovation and teamwork. These collaborations have undoubtedly enhanced the scope and impact of his inventions, reflecting a collective effort toward improved financial technology systems.

Conclusion

David T. Reichard’s contributions to financial instrument clearing demonstrate his innovative spirit and commitment to enhancing efficiency within the financial industry. His patented methods not only present advanced technological solutions but also pave the way for future developments in the field. As the financial landscape continues to evolve, inventions like those of Reichard will play a crucial role in shaping its future.