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Method and apparatus for payment processing using debit-based electronic funds transfer and disbursement processing using addendum-based electronic data interchange

DC
  • US 5,946,669 A
  • Filed: 09/30/1997
  • Issued: 08/31/1999
  • Est. Priority Date: 09/30/1997
  • Status: Expired due to Term
First 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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