System and method of managing payments
First Claim
1. A method of managing payments comprising the steps of:
- providing a loan to a first entity, wherein said loan is associated with a transaction account and serviced by a loan servicing entity;
providing an invoice to the loan servicing entity requesting payment to a second entity from the loan associated with the transaction account; and
providing payment to the second entity from the loan associated with the transaction account.
1 Assignment
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Accused Products
Abstract
The present subject matter discloses a method of managing payments made in the construction industry. A subcontractor delivers an invoice to the builder, the builder approves the invoice and forwards the invoice to a title company. The title company verifies the builder has the requisite funds in a construction loan or line of credit held by the builder and the title company requests a lien waiver from the subcontractor. When the title company receives confirmation of the builder'"'"'s available funds and the lien waiver from the subcontractor, the title company processes a payment voucher, communicates the approved payment amount to the subcontractor and provides the subcontractor access to the approved payment through the builder'"'"'s transaction account.
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Citations
20 Claims
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1. A method of managing payments comprising the steps of:
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providing a loan to a first entity, wherein said loan is associated with a transaction account and serviced by a loan servicing entity;
providing an invoice to the loan servicing entity requesting payment to a second entity from the loan associated with the transaction account; and
providing payment to the second entity from the loan associated with the transaction account. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A system for managing payments made between a first entity and a second entity from finds associated with a transaction account and serviced by a third entity including:
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means for receiving a request that payment be made to the second entity from the funds associated with the transaction account;
means for receiving a lien waiver from the second party; and
means for generating instructions to authorize payment to the second entity from the funds associated with the transaction account. - View Dependent Claims (11, 12, 13)
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14. An apparatus for managing payments comprising:
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means for receiving a request to make payment from a transaction card account to a first party;
means for requesting a lien waiver from said first party in response to receiving said request to make payment to said first party;
means for receiving a lien waiver from said first party in response to a request for said lien waiver; and
means for generating instructions authorizing payment to said first party from said transaction card account in response to receiving said lien waiver from said first party. - View Dependent Claims (15, 16, 17, 18, 19, 20)
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Specification