METHOD, APPARATUS, AND COMPUTER PROGRAM PRODUCT FOR OBTAINING COVERAGE REQUEST AUTHORIZATIONS

• US 20140365247A1
• Filed: 05/15/2014
• Published: 12/11/2014
• Est. Priority Date: 03/14/2013
• Status: Abandoned Application

• Current Assignee: Invenger Technologies, Inc.
• Original Assignee: Invenger Technologies, Inc.
• Inventors: Mariyal, Chandramohan, Pai, Krishna Mohan
• Application Number:
  US14/278,567
• Publication Number:
  US 20140365247A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 20/22 Payment schemes or models
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method, apparatus, and computer program product are provided herein for obtaining multiple authorizations for a multiple payee coverage request and facilitating the distribution of coverage payments according to the request. An example method involves receiving a multiple payee coverage request to generate a coverage payment in accordance with a coverage plan, determining two or more payees based on the multiple payee coverage request, receiving transaction data from at least one of the two or more payees and associating the transaction data with the multiple payee coverage request, determining a distribution vehicle for each payee based, at least in part, on the transaction data received, and causing the coverage payment to be distributed according to the respective distribution vehicles determined.

Claims

1. A method comprising:

receiving, via a processor, a multiple payee coverage request to generate a coverage payment in accordance with a coverage plan;

determining, via the processor, two or more payees based on the multiple payee coverage request;

receiving transaction data comprising account data from at least one of the two or more payees and associating, via the processor, the transaction data with the multiple payee coverage request;

determining, via the processor, a distribution vehicle selected by each payee based on the transaction data received; and

causing, via the processor, the coverage payment to be distributed according to the respective distribution vehicles determined in response to receiving an authorization provided by each payee to distribute the coverage payment.

2. The method of claim 1, wherein the at least one of the two or more payees is a lender, the method further comprising:

generating coverage plan data describing an event triggering the multiple payee coverage request; and

transmitting the coverage plan data, via the processor, to the lender.

3. The method of claim 1, wherein the two or more payees comprise at least one of a policyholder, a lender, or a vendor of goods or services.

4. The method of claim 1, wherein the coverage payment is divided into a first coverage payment and one or more subsequent coverage payments.

5. The method of claim 1, wherein receiving the multiple payee coverage request to generate a coverage payment in accordance with a coverage plan comprises:

receiving, from a coverage provider, the multiple payee coverage request;

verifying a validity of the multiple payee coverage request; and

transmitting a request for transaction data to at least one of the two or more payees.

6. The method of claim 1, wherein causing the coverage payment to be distributed further comprises:

upon receiving the authorization from each payee, receiving, from a first account associated with a coverage provider, one or more funds and distributing the one or more funds according to the distribution vehicle determined by transferring the one or more funds to at least one second account associated with at least one of the two or more payees or providing at least one check to the at least one of the two or more payees, wherein the authorization comprises an electronic identifier.

7. The method of claim 6, wherein the one or more funds are transferred via an intermediary, the intermediary being at least one of a settlement funds transfer application, electronic billing application, or automated clearing house application.

8. The method of claim 1 further comprising:

generating a notification describing a status of the multiple payee coverage request; and

transmitting the notification to at least one of the two or more payees, wherein the notification comprises at least one of a text message, a link, an email message, an icon, or a button.

9. An apparatus comprising at least one processor and at least one memory including computer program code, the at least one memory and the computer program code configured to, with the processor, cause the apparatus to at least:

receive a multiple payee coverage request to generate a coverage payment in accordance with a coverage plan;

determine two or more payees based on the multiple payee coverage request;

receive transaction data comprising account data from at least one of the two or more payees and associate the transaction data with the multiple payee coverage request;

determine a distribution vehicle selected by each payee based on the transaction data received; and

cause the coverage payment to be distributed according to the respective distribution vehicles determined in response to receiving an authorization provided by each payee to distribute the coverage payment.

10. The apparatus of claim 9, wherein the at least one of the two payees is a lender, wherein the at least one memory and the computer program code are further configured to, with the processor, cause the apparatus to:

generate coverage plan data describing an event triggering the multiple payee coverage request; and

transmit the coverage plan data, via the processor, to the lender.

11. The apparatus of claim 9, wherein the at least one memory and the computer program code are further configured to, with the processor, cause the apparatus to:

receive the multiple payee coverage request to generate a coverage payment in accordance with a coverage plan by receiving, from a coverage provider, the multiple payee coverage request;

verify a validity of the multiple payee coverage request; and

transmit a request for transaction data to at least one of the two or more payees.

12. The apparatus of claim 9, wherein the at least one memory and the computer program code are further configured to, with the processor, cause the apparatus to cause the coverage payment to be distributed by:

upon receiving the authorization from each payee, receiving, from a first account associated with a coverage provider, one or more funds and distributing the one or more funds according to the distribution vehicle determined by transferring the one or more funds to at least one second account associated with at least one of the two or more payees or providing at least one check to the at least one of the two or more payees, wherein the authorization comprises an electronic identifier.

13. The apparatus of claim 12, wherein the at least one memory and the computer program code are further configured to, with the processor, cause the apparatus to transfer the one or more funds via an intermediary, the intermediary being at least one of a settlement funds transfer application, electronic billing application, or automated clearing house application.

14. The apparatus of claim 9, wherein the at least one memory and the computer program code are further configured to, with the processor, cause the apparatus to generate a notification describing a status of the multiple payee coverage request;

and

transmit the notification to at least one of the two or more payees, wherein the notification comprises at least one of a text message, a link, an email message, an icon, or a button.

15. A computer program product comprising at least one non-transitory computer-readable storage medium having computer-executable program code portions stored therein, the computer-executable program code portions comprising program code instructions for:

receiving a multiple payee coverage request to generate a coverage payment in accordance with a coverage plan;

determining two or more payees based on the multiple payee coverage request;

receiving transaction data comprising account data from at least one of the two or more payees and associating the transaction data with the multiple payee coverage request;

determining a distribution vehicle selected by each payee based on the transaction data received; and

causing the coverage payment to be distributed according to the respective distribution vehicles determined in response to receiving an authorization provided by each payee to distribute the coverage payment.

16. The computer program product of claim 15, wherein the at least one of the two or more payees is a lender, the computer program product further comprising program code instructions for generating coverage plan data describing an event triggering the multiple payee coverage request;

and transmitting the coverage plan data, via the processor, to the lender.

17. The computer program product of claim 15, the computer program product further comprising program code instructions for receiving, from a coverage provider, the multiple payee coverage request;

verifying a validity of the multiple payee coverage request; and

transmitting a request for transaction data to at least one of the two or more payees.

18. The computer program product of claim 15, the computer program product further comprising program code instructions for

upon receiving the authorization from each payee, receiving, from a first account associated with a coverage provider, one or more funds and distributing the one or more funds according to the distribution vehicle determined by transferring the one or more funds to at least one second account associated with at least one of the two or more payees or providing at least one check to the at least one of the two or more payees, wherein the authorization comprises an electronic identifier.

19. The computer program product of claim 18, the computer program product further comprising program code instructions for transferring the one or more funds via an intermediary, the intermediary being at least one of a settlement funds transfer application, electronic billing application, or automated clearing house application.

20. The computer program product of claim 15, the computer program product further comprising program code instructions for generating a notification describing a status of the multiple payee coverage request;

and transmitting the notification to at least one of the two or more payees, wherein the notification comprises at least one of a text message, a link, an email message, an icon, or a button.