×

Method and apparatus for making payments and delivering payment information

  • US 6,311,170 B1
  • Filed: 12/03/1997
  • Issued: 10/30/2001
  • Est. Priority Date: 12/04/1996
  • Status: Expired due to Fees
First Claim
Patent Images

1. An improved method of making payments from a plurality of payor entities to a plurality of payee entities through the coordinated operation of a service provider and a trusted intermediary financial institution, comprising the method steps of:

  • utilizing at least one data processing system to sort and format payment information separately for each of said plurality of payor entities concerning a plurality of payment obligations;

    communicating said payment information separately from each of said plurality of payor entities to said service provider and said trusted intermediary financial institution;

    utilizing at least one data processing system under control of said service provider to consolidate said plurality of payment obligations from said plurality of payor entities in accordance with at least one predetermined consolidation criterion;

    directing a plurality of negotiable instruments from said service provider to said plurality of payees in order to satisfy said plurality of payment obligations;

    utilizing at least one data processing system under control of said trusted intermediary financial institution to transfer automatically funds in order to honor said plurality of negotiable instruments.

View all claims
  • 0 Assignments
Timeline View
Assignment View
    ×
    ×