Abstract: An debit-card system for accessing funds in a participants Flexible Spending Account is provided. A method is provided that substantially eliminates the paperwork component of claims processing, and assures substantial compliance with the IRS rules. The debit-card system and method provide a virtually seamless transaction between the participant and the service provider. Compliance is accomplished through the creation of a sponsor shadow account that mirrors each sponsor's group account. Transactions are posted to the sponsor shadow account pending adjudication. Upon approval as a qualified expense, the transaction amount will be removed from the sponsor shadow account and posted to the individual participant's FSA. In this way, non-qualified expenses should never be posted to the participant's FSA, thereby substantially eliminating the potential risks and penalty for both plan sponsors and plan participants.
Abstract: A system and method for processing invoice information in which billing data is communicated from a first site to a second site and an automated reasonability test is performed on the billing data at the second site using a reasonability criterion.
Type:
Grant
Filed:
August 26, 1999
Date of Patent:
March 19, 2002
Assignee:
Mellon Bank, N.A.
Inventors:
Michael W. Anderson, David L. Merritt, John W. Matthews
Abstract: A system and method for processing invoice information in which invoice information is communicated from a first site to a second site and an automated reasonability test is performed on the invoice information at the second site using a reasonability criterion.
Type:
Grant
Filed:
December 8, 1995
Date of Patent:
May 2, 2000
Assignee:
Mellon Bank, N.A.
Inventors:
Michael W. Anderson, David L. Merritt, John W. Matthews
Abstract: A system and method for detecting and thus preventing check fraud utilizing a digital computer with image capture and interpretation systems. The system converts the payee information, issue date and the MICR line information (account number, check number and dollar amount) to a check digit which is then placed into the MICR line of a check, printed on its face or transmitted via the paid issuance file to the drawee bank. The drawee bank, upon presentment utilizes a transformation algorithm to convert the printed payee information and issue date on the check into a numerical value that is combined with MICR line information and a check digit is calculated based upon pre-agreed logic. This unique data processing system quickly confirms properly presented checks while effectively precludes payee and other alterations in a cost effective manner.
Type:
Grant
Filed:
January 18, 1996
Date of Patent:
March 30, 1999
Assignees:
Merrill Lynch & Co., Inc., Mellon Bank, N.A.
Inventors:
James F. Carney, Craig W. Ponsonby, Jr., Anthony F. Brady