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Comprehensive Standing Instruction Maintenance and Execution

IP.com Disclosure Number: IPCOM000205544D
Publication Date: 2011-Mar-30
Document File: 3 page(s) / 224K

Publishing Venue

The IP.com Prior Art Database

Related People

K S RAJASEKARAN: INVENTOR

Abstract

The present disclosure provides a system for providing standing instructions in banks. Conditions for the instruction execution and on the executing, computing the amount based on conditions can be defined and is unique. Instructions are allowed for carrying it forward to the next time execution in case it is marked for carrying it forward allowed.

This text was extracted from a PDF file.
This is the abbreviated version, containing approximately 52% of the total text.

Page 01 of 3

Comprehensive Standing Instruction Maintenance and Execution

Field of Disclosure

This disclosure relates to standing instructions, also called Standing Order, in banks.

Background

Standing Instruction, also called as Standing Order in some banks, is a facility to define instructions in the system and execution of the instruction based on the frequency (refer frequency table )of execution. Standing Instructions are normally used for automatic transfer of funds from one account to another account or accounts as per the instruction and according to the period for SI execution.

Simple standing instructions can be created in the system. One account to another account where the amount is fixed in nature is normally supported. Amount computation or condition for execution are pre-defined and are not much flexible. These instructions are not normally linked to payment systems. There is also no process to define how many times it can be carried forward.

Abstract of the Disclosure

The present disclosure provides a system for providing standing instructions in banks. Conditions for the instruction execution and on the executing, computing the amount based on conditions can be defined and is unique. Instructions are allowed for carrying it forward to the next time execution in case it is marked for carrying it forward allowed.

DRAWINGS

Fig 1 is a screen shot of system for providing standing instructions.

Detailed Description

Fig 1 indicates the header details of the standing instruction which are mainly to define the condition for execution.

The system provides following options and flexibility for standing instructions. The highlight is the overall combination of these functionalities to define a comprehensive standing order definition and execution facility.


Page 02 of 3

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Carrying forward standing instructions for next time execution whenever the execution failed due to various reasons;

Number of times it can be carried forward is a parameter. As per the present disclosure, when the carrying it forward period is longer, multipl...