Patents by Inventor Richard M. Fraher

Richard M. Fraher has filed for patents to protect the following inventions. This listing includes patent applications that are pending as well as patents that have already been granted by the United States Patent and Trademark Office (USPTO).

  • System and method for managing foreign payments using separate messaging and settlement mechanisms
    Patent number: 8694424
    Abstract: Managing foreign payments using separate conduits for messaging and payments. An originating depository financial institution can create an F3X message designating a fixed amount of foreign currency to be credited to, or debited from, a receiving depository financial institution. The originating depository financial institution transmits the F3X message to a domestic gateway operator via an ACH network. The domestic gateway operator then forwards the F3X message to a foreign gateway operator. Separately, the originating depository financial institution transmits a payment to the foreign gateway operator either directly or via a correspondent financial institution. The foreign gateway operator matches the payment to the F3X message and transmits the payment to the receiving depository financial institution.
    Type: Grant
    Filed: December 18, 2007
    Date of Patent: April 8, 2014
    Assignee: Federal Reserve Bank of Atlanta
    Inventors: Richard M. Fraher, Larry Schulz
  • System and method for managing foreign payments using separate messaging and settlement mechanisms
    Publication number: 20090157550
    Abstract: Managing foreign payments using separate conduits for messaging and payments. An originating depository financial institution can create an F3X message designating a fixed amount of foreign currency to be credited to, or debited from, a receiving depository financial institution. The originating depository financial institution transmits the F3X message to a domestic gateway operator via an ACH network. The domestic gateway operator then forwards the F3X message to a foreign gateway operator. Separately, the originating depository financial institution transmits a payment to the foreign gateway operator either directly or via a correspondent financial institution. The foreign gateway operator matches the payment to the F3X message and transmits the payment to the receiving depository financial institution.
    Type: Application
    Filed: December 18, 2007
    Publication date: June 18, 2009
    Applicant: Federal Reserve Bank of Atlanta
    Inventors: Richard M. Fraher, Larry Schulz