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System and method for paying bills and other obligations including selective payor and payee controls

  • US 5,956,700 A
  • Filed: 07/08/1997
  • Issued: 09/21/1999
  • Est. Priority Date: 06/03/1994
  • Status: Expired due to Term
First Claim
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1. A third-party bill paying system, comprisingstorage for payee information for each of a plurality of payees,storage for payor information for each of a plurality of payors, the payor information for a payor identifying a plurality of payees authorized by the payor to receive transfers of funds from the payor, and control parameters defining the manner in which transfers of funds are to be performed,a payee communications interface receiving for use by the third party, bill data from each of said payees,a funds transfer interface generating, in the absence of specific authorization from a payor, one or more electronic funds transfer messages from the third party transferring funds for the payor and a payee using bill data received from the payee, the stored payee information for the payee, the stored payor information for the payor, and /or the control parameters stored for the payor.

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