Computerized system and method for an automated payment process

• US 20060161499A1
• Filed: 12/23/2005
• Published: 07/20/2006
• Est. Priority Date: 12/23/2004
• Status: Active Grant

• Current Assignee: Unirich LLC
• Original Assignee: Unirich LLC
• Inventors: Wiley, Robin, Rich, J. Stephen
• Granted Patent: US 7,752,133 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A computerized payment system and method is disclosed which provides subscribers with funds based on their income at regular, pre-defined intervals other than those on which they are normally paid. In so doing, it interfaces with the subscriber or with the subscriber and his source of income, and utilizes a computer network to electronically transfer funds and record transactions. Payments may be made with either net pay, or net pay less deductions; may be of advances or distributions; and may be of either fixed or variable amounts.

Claims

1. A method for an automated payment process comprising the steps of:

(A) Subscribing an individual, including authorizing financial institution transfers;

(B) Verifying subscription;

(C) Authorizing electronic fends transfer;

(D) Electronically transferring funds; and

(E) Sending a transaction report.

2. A system for an automated payment process comprising:

(A) A host computer network, including database server means to electronically store pay data and means to access and transmit pay data and means to access and transmit pay data in response to predetermined payment schedules;

(B) Remote computer work stations including a video monitor, means to send user commands to the host computer network, and means to receive and display on the video monitor the pay data from the host computer network;

(C) Communication network means for electronically linking the computer work stations to the host computer network;

(D) Means for generating transaction reports upon the video monitors;

(E) Means for displaying income data upon the video monitors;

(F) Means for displaying payment data upon the video monitors;

(G) Means for determining the timing and monetary value of payments to be made;

(H) Means for transmitting transaction reports;

(I) Means for transmitting payments; and

(J) A remote computer network, including database server means to electronically store financial data and means to access and transmit financial data in response to electronic funds transfer authorizations.

3. A system for an automated payment process comprising:

(A) A networked computer system having a plurality of monitors;

(B) Means for transmitting funds; and

(C) Means for recording transactions.

7. The method of Claim No. 3, wherein subscriber'"'"'s pay is direct deposited to service provider'"'"'s financial institution account after taxes and additional deductions are taken out.

4. A method for an automated payment process comprising:

(A) Enrolling a subscriber, including executing direct deposit forms and agreements setting forth the amount to be paid to subscriber;

(B) Sending direct deposit pre-notes to test accuracy;

(C) Electronically depositing designated pay amount into subscriber'"'"'s financial institution account, less service charge;

(D) Direct depositing subscriber'"'"'s pay into service provider'"'"'s financial institution account;

(E) Deducting amount of prepayment and service charge from subscriber'"'"'s pay; and

(F) Electronically transferring the balance of pay into subscriber'"'"'s financial institution account.

5. The method of Claim No. 4, wherein subscriber'"'"'s pay is deposited into service provider'"'"'s financial institution account.

6. The method of Claim No. 4, wherein the subscriber'"'"'s pay is direct deposited into a subscriber'"'"'s financial institution account.