Method and apparatus for payment processing using debit-based electronic funds transfer and disbursement processing using addendum-based electronic data interchange
DCFirst Claim
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1. A method of accumulating a payment and processing a disbursement comprising the steps, performed by a processor, of:
- instituting the payment with disbursement information from an employee to a recipient through an employer;
transferring to an accumulator agency the payment and the disbursement information from the employer;
initiating by the accumulator agency the payment through a bank as a debit transaction;
transmitting by the accumulator agency the disbursement to a state as a first addendum transaction;
receiving at the accumulator agency disbursement transaction information from the state regarding the disbursement to the recipient as a second addendum transaction; and
executing by the accumulator agency the disbursement to the recipient.
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Abstract
This disclosure describes a payment and disbursement system, wherein an initiator authorizes a payment and disbursement to a collector and the collector processes the payment and disbursement through an accumulator agency. The accumulator agency processes the payment as a debit-based transaction and processes the disbursement as an addendum-based transaction. The processing of a debit-based transaction generally occurs by electronic funds transfer (EFT) or by financial electronic data interchange (FEDI). The processing of an addendum-based transaction generally occurs by electronic data interchange (EDI).
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Citations
48 Claims
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1. A method of accumulating a payment and processing a disbursement comprising the steps, performed by a processor, of:
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instituting the payment with disbursement information from an employee to a recipient through an employer; transferring to an accumulator agency the payment and the disbursement information from the employer; initiating by the accumulator agency the payment through a bank as a debit transaction; transmitting by the accumulator agency the disbursement to a state as a first addendum transaction; receiving at the accumulator agency disbursement transaction information from the state regarding the disbursement to the recipient as a second addendum transaction; and executing by the accumulator agency the disbursement to the recipient. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A system for accumulating a payment and processing a disbursement comprising:
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an instituting component configured to institute the payment with disbursement information from an employee to a recipient through an employer; a first transferring component configured to transfer to an accumulator agency the payment and the disbursement information from the employer; an initiating component configured to initiate by the accumulator agency the payment through a bank as a debit transaction; a second transmitting component configured to transmit by the accumulator agency the disbursement to a state as a first addendum transaction; a receiving component configured to receive at the accumulator agency disbursement transaction information from the state regarding the disbursement to the recipient as a second addendum transaction; and an executing component configured to execute by the accumulator agency the disbursement to the recipient. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18)
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19. A method of processing a payment comprising the steps, performed by a processor, of:
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withholding by an employer a portion of an employee'"'"'s salary for the payment; sending from the employer the payment to an accumulator agency; initiating by the accumulator agency the payment through a bank as a debit transaction; and executing the payment from the bank through an ACH as a second debit transaction. - View Dependent Claims (20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33)
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34. A system for processing a payment comprising:
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a withholding component configured to withhold by an employer a portion of an employee'"'"'s salary for the payment; a sending component configured to send from the employer the payment to an accumulator agency; an initiating component configured to initiate by the accumulator agency the payment through a bank as a debit transaction; and an executing component configured to execute the payment from the bank through an ACH as a second debit transaction. - View Dependent Claims (35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48)
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Specification