Method and system for expediting payment delivery

• US 20070055625A1
• Filed: 11/23/2005
• Published: 03/08/2007
• Est. Priority Date: 07/23/2004
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: Bank One Delaware National Association (JP Morgan Chase & Co)
• Inventors: Acharya, Ravi, Sheehan, Mark
• Granted Patent: US 8,290,863 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/0425 the cheque being electronic only
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

A method and system of the present invention are directed to expediting payments for scheduled delivery (e.g., same day delivery, next day delivery) to various payees or recipients. A computer implemented method and system for expediting payments may include receiving recipient data and payment data from a customer at a remote location; wherein recipient data comprises recipient identifier and payment data comprises payment type and delivery time; obtaining a payment instrument based at least in part on the payment data; debiting an amount of the payment instrument from an account identified by the customer; and delivering the payment instrument to a facility; wherein the facility delivers the payment instrument to a recipient identified by the recipient data entered by the customer.

Claims

1. A computer implemented method for expediting payments, the computer implemented method comprising the steps of:

receiving recipient data and payment data from a customer at a remote location;

wherein recipient data comprises recipient identifier and payment data comprises payment type and delivery time;

obtaining a payment instrument based at least in part on the payment data;

debiting an amount of the payment instrument from an account identified by the customer; and

delivering the payment instrument to a facility;

wherein the facility delivers the payment instrument to a recipient identified by the recipient data entered by the customer.

2. The method of claim 1, wherein the payment type comprises one or more of cashier'"'"'s check, certified check and money order.

3. The method of claim 1, wherein the payment type comprises one or more of a token, stored value card, cash, gift certificate, and bearer bond.

4. The method of claim 1, wherein the recipient data and payment data are entered by the customer on a first day and the payment instrument is delivered to the recipient on the first day.

5. The method of claim 1, further comprising the step of:

associating one or more documents from the customer with the payment instrument for delivery to the recipient.

6. The method of claim 1, further comprising the step of:

providing a tracking identifier to the customer for tracking the delivering of the payment instrument to the recipient.

7. The method of claim 1, further comprising the step of:

providing status data of the payment instrument to one or more of the facility and the recipient.

8. The method of claim 1, wherein the steps of claim 1 are performed at a financial institution location.

9. The method of claim 8, wherein the payment instrument is generated at the financial institution location.

10. The method of claim 1, further comprising the step of:

authenticating the customer to confirm identity of the customer.

11. The method of claim 1, wherein the payment instrument comprises a stored value card wherein the recipient provides authentication data before the stored value card is activated.

12. The method of claim 11, wherein the authentication data is provided to a service provider associated with the stored value card.

13. The method of claim 11, wherein the stored value card is activated for a designated value after authentication data from the recipient is verified.

21. The system of claim 14, wherein the steps of claim 1 are performed at a financial institution location.

22. The system of claim 21, wherein the payment instrument is generated at the financial institution location.

27. At least one processor readable carrier for storing a computer program of instructions configured to be readable by at least one processor for instructing the at least one processor to execute a computer process for performing the method as recited in claim 1.

14. A computer implemented system for expediting payments, the computer implemented system comprising:

information module for receiving recipient data and payment data from a customer at a remote location;

wherein recipient data comprises recipient identifier and payment data comprises payment type and delivery time;

payment module for obtaining a payment instrument based at least in part on the payment data and debiting an amount of the payment instrument from an account identified by the customer; and

delivery module for delivering the payment instrument to a facility;

wherein the facility delivers the payment instrument to a recipient identified by the recipient data entered by the customer.

15. The system of claim 14, wherein the payment type comprises one or more of cashier'"'"'s check, certified check and money order.

16. The system of claim 14, wherein the payment type comprises one or more of a token, stored value card, cash, gift certificate, and bearer bond.

17. The system of claim 14, wherein the recipient data and payment data are entered by the customer on a first day and the payment instrument is delivered to the recipient on the first day.

18. The system of claim 14, further comprising the step of:

associating one or more documents from the customer with the payment instrument for delivery to the recipient.

19. The system of claim 14, further comprising the step of:

providing a tracking identifier to the customer for tracking the delivering of the payment instrument to the recipient.

20. The system of claim 14, further comprising the step of:

providing status data of the payment instrument to one or more of the facility and the recipient.

23. The system of claim 14, further comprising the step of:

authenticating the customer to confirm identity of the customer.

24. The system of claim 14, wherein the payment instrument comprises a stored value card wherein the recipient provides authentication data before the stored value card is activated.

25. The system of claim 24, wherein the authentication data is provided to a service provider associated with the stored value card.

26. The system of claim 24, wherein the stored value card is activated for a designated value after authentication data from the recipient is verified.

28. At least one signal embodied in at least one carrier wave for transmitting a computer program of instructions configured to be readable by at least one processor for expediting payments, the computer process comprising:

receiving means for receiving recipient data and payment data from a customer at a remote location;

wherein recipient data comprises recipient identifier and payment data comprises payment type and delivery time;

obtaining means for obtaining a payment instrument based at least in part on the payment data;

debiting means for debiting an amount of the payment instrument from an account identified by the customer; and

delivering means for delivering the payment instrument to a facility;

wherein the facility delivers the payment instrument to a recipient identified by the recipient data entered by the customer.