The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Jul. 30, 2013
Filed:
Apr. 26, 2000
Mark F. Kogen, Lawndale, CA (US);
Ramiro M. Munoz, Santa Monica, CA (US);
Mark F. Kogen, Lawndale, CA (US);
Ramiro M. Munoz, Santa Monica, CA (US);
Citicorp Development Center, Inc., Blue Ash, OH (US);
Abstract
A method and system for the clearing and settlement of funds among a plurality of participants facilitates the integration of a 'closed' special purpose industry sector, such as the transit industry, within an open financial payment system. A method for clearing and settling funds among a plurality of participants comprises receiving data relating to transactions from the plurality of participants, organizing the data into groups associated with each of the plurality of participants, summing the data in the groups to determine a total funds due to and from each of the plurality of participants, and settling the difference among the plurality of participants by transferring funds to the participants owed funds and collecting funds from the participants who owe funds.