Send and receive money in real-time with full legal finality, immediate funds availability and insured security.
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Real-time Electronic Payments deliver a trusted, seamless, interoperable stream of secure business messages and transactions.
Each party to a PrivateLine Payments transaction has complete control over the secure digital identities and authorities of their employees, ensuring that their policies and practices are automatically enforced in every transaction.In late 2003 and early 2004, InterComputer used an IC IOS prototype to successfully move real money between two real banks in real-time. For each payment, about 20 seconds was required to clear and settle. This proof of concept project was done for the Financial Services Technology Consortium (FSTC), the R&D arm of the largest U.S. banks. Today, PrivateLine Payments™ functions within ICN's PrivateLine app to enable consumers to send and receive money between bank accounts with immediate funds availability.
PrivateLine Payments also enforces cross validation exchange, which is a mutual, insured guarantee of identity and authority between two users from different organizations. This unique feature of the PrivateLine Payments solution means that users can communicate and conduct business with insured confidence that their correspondent is who they claim to be, and has the organizational authority necessary for the communication/transaction that is taking place.
PrivateLine Payments has no natural market boundaries. It works for any two business partners (two corners) or any number of business partners (multiple corners) in any market requiring the secure exchange of money and/or high-value information.
Trusted Settlement System™
Secure, Real-time Reconciled Payment Clearing and Settlement Between Banks with Legal Finality
The legacy payment clearing and settlement systems used by U.S. banks are, frankly, archaic. The primary electronic system is the Automated Clearing House (ACH) system. ACH payments not only have limitations on speed and remittance information, but are also risk-laden as the clearing and settlement time for each payment varies between four and six days. Moreover, ACH payments can be repudiated or challenged. The ACH Rule Book controls the repudiation times. In some cases an ACH payments can be challenged up to seven days after settlement, but the worst case where the rules enabled repudiation has been up to 60 days. InterComputer’s Trusted Settlement System (TSS) for BusinessChain Payments™ solution addresses all these limitations with real-time, legal finality.
Today, TSS BusinessChain Payments™ enables banks to execute, clear, and settle electronic payments for their clients in real-time, with full legal finality and insured-security. The following diagram illustrates the “four-corner” electronic payment scenario:
For electronic payments to clear and settle with legal finality in real-time a completely new approach had to be developed. InterComputer’s TSS BusinessChain Payments™ product combined with the IC IOS’ insured-secure transmission and legally binding payment finality is the software solution to upgrade the nation’s electronic payment settlement infrastructure. InterComputer has generated legal agreements for banks and their customers which create “legal finality”.
InterComputer’s TSS BusinessChain Payments™ application enables banks to treat each payment, consisting of a debit at the payer’s bank and a corresponding credit at the payee’s bank) as a real-time clearing and gross settlement. The full legal finality of TSS BusinessChain on ICN™ obviates the need for a daily end-of-business net settlement between the two banks.
In 2013, the U.S. Patent Office granted ICN patent no. 8,380,622 for “Secure Electronic Payments with Reconcilable Finality”