Abstract: The invention relates to an exchange for paper check transactions via an interbank information network (IIN) architecture. An embodiment of the present invention provides a marketplace for secure collection, assignment and distribution of payments and data from paper check transaction originators to lockbox providers. This eliminates paper checks, resulting in faster deposit into client accounts, better management of payment exceptions, and reduction in overall operating costs. The IIN architecture provides a global platform using blockchain technology for real-time interconnected flow of information that address immediate pain points across the financial industry and enable new services. With an embodiment of the present invention, a distributed network may streamline process for resolving compliance based inquiries and provide global beneficiary account validations.

Abstract: The invention relates to an exchange for paper check transactions via an interbank information network (IIN) architecture. An embodiment of the present invention provides a marketplace for secure collection, assignment and distribution of payments and data from paper check transaction originators to lockbox providers. This eliminates paper checks, resulting in faster deposit into client accounts, better management of payment exceptions, and reduction in overall operating costs. The IIN architecture provides a global platform using blockchain technology for real-time interconnected flow of information that address immediate pain points across the financial industry and enable new services. With an embodiment of the present invention, a distributed network may streamline process for resolving compliance based inquiries and provide global beneficiary account validations.