Integrated bill consolidation, payment aggregation, and settlement system
First Claim
1. A method of payment of bills of establishments by purchasers, comprising:
- providing a settlements exchange with billing information from establishments;
calculating an obligation value for each purchaser;
downloading the obligation value for each purchaser from the settlements exchange to a financial institution having an account for the purchaser;
based on guidelines automatically instructing the financial institution to apply to the purchaser'"'"'s account, at least a portion of the obligation value;
aggregating all of the obligation values that have been applied to purchaser'"'"'s accounts that are destined for the same establishments; and
instructing the financial institutions to issue these credits to the establishment.
3 Assignments
0 Petitions
Accused Products
Abstract
The present invention is an integrated bill consolidation, payment aggregation, and account-payment application system. The system acts as a settlements exchange for the execution of payments between households or small businesses and the service establishments (principally utilities, financial institutions, telecoms, and others) that serve them. The system eliminates paper check payments without requiring automation at the household level (for example, telephone bill-pay, PC payment systems). The invention provides for the consolidated billing of a plurality of services to a plurality of households, the payment to individual service establishments in aggregate "bullet" transfers (verses individual household payments), and the automated application of payments to service establishment accounts. The present system computes, stores, and communicates the information needed to direct the financial institution processing of debit and credit transactions between thousands of service establishments providing goods and services and millions of consuming households. The system provides for a number of methods of payment, adjusts for partial and delayed payments, and automatically structures and schedules payments in arrears.
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Citations
33 Claims
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1. A method of payment of bills of establishments by purchasers, comprising:
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providing a settlements exchange with billing information from establishments; calculating an obligation value for each purchaser; downloading the obligation value for each purchaser from the settlements exchange to a financial institution having an account for the purchaser; based on guidelines automatically instructing the financial institution to apply to the purchaser'"'"'s account, at least a portion of the obligation value; aggregating all of the obligation values that have been applied to purchaser'"'"'s accounts that are destined for the same establishments; and instructing the financial institutions to issue these credits to the establishment. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 11, 12, 13)
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10. A method of payment of bills of establishments by purchasers, comprising:
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providing a settlements exchange with billing information from service establishments; calculating an obligation value for each purchaser; downloading the obligation value and the billing information for each purchaser from the settlements exchange to a financial institution; based on guidelines automatically instructing the financial institution to debit from or charge to an account for the purchaser, at least a portion of the obligation value; enabling financial institutions to make payments to each establishment on behalf of all purchasers served; and identifying to establishments the correct application to accounts of the payments received. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27)
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28. A method of providing a settlements exchange with billing information from establishments, comprising:
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enrolling purchasers in the settlements exchange; downloading historical information to the settlements exchange; creating a matched database of purchasers, establishments and financial institutions; assigning a unique identifier to each purchaser; downloading establishment billing information; and processing establishment billing information on a continuing basis.
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29. A method of calculation of payment risk factors comprising:
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analyzing historical payment patterns for establishments and financial institutions; computing a payment risk factor for purchasers; computing a receivables risk factor for establishments; and normalizing the payment and receivables risk factors.
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30. A method of calculating of proforma payments for purchaser services, comprising:
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compiling risk factors for purchasers; and computing risk-adjusted establishment-specific payments for each purchaser.
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31. A method of calculating an obligation value for purchasers, comprising:
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compiling risk-adjustment factors with which to adjust the obligation value for each purchaser to each establishment; consolidating all purchaser establishment payment obligations into a single value; and further calculating a constant consolidated obligation value.
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32. A method of instructing financial institutions to debit from or charge to a purchaser, an obligation value, comprising:
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based on guidelines, automatically instructing a financial institution to apply at least a portion of the obligation value; channeling failed payments or specially designated accounts to an exception handling system; and confirming payments by financial institution, purchaser, and amount of debit or charge.
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33. A method of making payments to establishments, comprising:
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accumulating purchaser obligation values destined for the same establishments; downloading to financial institutions information for establishments; and based on guidelines, automatically instructing financial institutions to issue at least a portion of the purchaser obligation values to establishments.
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Specification