Centralized payment hub method and system
First Claim
1. A central electronic transaction method, comprising:
- a financial management system hosting a central payment hub comprising a central electronic transaction (CET) service on behalf of a plurality of financial institutions, wherein the payment hub manages information of customers of the financial institution comprising individual customers and business customers, the information comprising requests for payment and payment options;
the financial management system receiving input from a customer, the input comprising,customer information comprising an identification of at least one payment account, wherein the at least one payment account comprises an existing customer bank account;
a request to view customer invoices; and
and a request to pay a customer invoice; and
the financial management system executing a transaction in response to the received input, comprising transferring funds from the at least one payment account to a destination account.
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Accused Products
Abstract
Embodiments described herein include an electronic transaction service network (also referred to herein as a centralized electronic transaction (CET) service). In another embodiment, a financial management system hosts a “central payment hub” version of the CET service. The central payment hub is an industrial utility in that multiple financial institutions all participate in a central service that can be offered to their respective customers. All of the customers (both individuals and small businesses) of the various institutions come to one consolidated payment hub. For example a Bank of America invoice can come into the payment hub, and a Wells Fargo invoice can come into the payment hub. The payment hub is a shared utility across multiple financial institutions. The payment hub features a single registration at the payment hub across all of the participating financial institutions.
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Citations
28 Claims
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1. A central electronic transaction method, comprising:
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a financial management system hosting a central payment hub comprising a central electronic transaction (CET) service on behalf of a plurality of financial institutions, wherein the payment hub manages information of customers of the financial institution comprising individual customers and business customers, the information comprising requests for payment and payment options; the financial management system receiving input from a customer, the input comprising, customer information comprising an identification of at least one payment account, wherein the at least one payment account comprises an existing customer bank account; a request to view customer invoices; and and a request to pay a customer invoice; and the financial management system executing a transaction in response to the received input, comprising transferring funds from the at least one payment account to a destination account. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A financial management system comprising:
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a plurality of servers configurable to communicate with a plurality of financial institutions via at least one network; and a plurality of storage devices, comprising, databases that store customer information, wherein customers comprise customers of financial institutions including individual customers and business customers, and financial institution information; and memory devices that store instructions that when executed, cause a central electronic transaction method to be executed, the method comprising, a central payment hub hosted by the financial management system on behalf of the plurality of financial institutions managing information of the customers of the financial institution, the information comprising invoices, payment options, and payment histories; the payment hub receiving input from a customer, the input comprising, customer information comprising an identification of at least one source account, wherein the at least one source account comprises an existing customer bank account; a request to view customer invoices on the web site; and a request to pay a customer invoice; and the payment hub executing a transaction in response to the received input, comprising transferring funds from the at least one source account to a predetermined destination account. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25)
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26. A method for central electronic transaction management, the method comprising:
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hosting a central payment hub for a plurality of financial institutions; supporting web site links on web sites of the plurality of financial institutions which link to the central payment hub, wherein each of the financial institutions offers a plurality of central payment hub services to its customers, the services comprising invoicing and payment services; receiving customer preferences comprising at least one designated destination account in which funds are to be deposited by the payment hub on behalf of a customer; receiving registration input from a customer comprising customer personal information and customer source account information regarding an account from which funds are to be withdrawn to make payments on behalf of the customer; receiving input from the customer comprising, a request from the customer to view invoices; a request to pay an invoice; a request to view payment history; and a request to send an invoice on behalf of the customer; and executing a transaction in response to the request to pay comprising transferring funds from the customer source account to the at least one designated destination account. - View Dependent Claims (27, 28)
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Specification