System and method for selectable funding of electronic transactions
First Claim
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1. A system for managing a transmission of funds, based on a request for the transmission of funds, the system comprising:
- a first input interface for communicating first information to a processor, the first information identifying at least one of a payment source and a payee account;
a second input interface for communicating second information to the processor, the second information containing affiliation information; and
the processor communicating with the first input interface and the second input interface so as to receive the first information and the second information;
the processor performing an affiliation test, using the affiliation information, to determine affiliates of the payment source and to determine affiliations of a payee, the payee being associated with the payee account;
the processor, based on the affiliation test, determining from a set of payment mechanisms a reduced set of payment mechanisms, the reduced set being a set of possible payment mechanisms that could effect the transmission of funds;
the processor performing an optimization determination so as to determine a selected payment mechanism, out of the reduced set of payment mechanisms, to use to transfer the funds from the payment source to the payee account, the selected payment mechanism being the optimal payment mechanism based on considered parameters, the considered parameters including the first information and the affiliates of the payment source determined by the affiliation test;
the processor performing the transmission of funds using the selected payment mechanism.
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Abstract
A system for transferring funds to pay bills and to and from selected accounts on an optimized is provided. A mediation engine may manage the payments made to selected payees, including by scheduling the payments and selecting sources for funds. A rules-based optimizer may automatically select the least-cost or other most efficient or desirable transaction, given the customer'"'"'s available funds, types of funds and payment date. All payment providers and payees may manipulated using one seamless view. A customer service representative may also view the transfers.
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Citations
17 Claims
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1. A system for managing a transmission of funds, based on a request for the transmission of funds, the system comprising:
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a first input interface for communicating first information to a processor, the first information identifying at least one of a payment source and a payee account; a second input interface for communicating second information to the processor, the second information containing affiliation information; and the processor communicating with the first input interface and the second input interface so as to receive the first information and the second information; the processor performing an affiliation test, using the affiliation information, to determine affiliates of the payment source and to determine affiliations of a payee, the payee being associated with the payee account; the processor, based on the affiliation test, determining from a set of payment mechanisms a reduced set of payment mechanisms, the reduced set being a set of possible payment mechanisms that could effect the transmission of funds; the processor performing an optimization determination so as to determine a selected payment mechanism, out of the reduced set of payment mechanisms, to use to transfer the funds from the payment source to the payee account, the selected payment mechanism being the optimal payment mechanism based on considered parameters, the considered parameters including the first information and the affiliates of the payment source determined by the affiliation test; the processor performing the transmission of funds using the selected payment mechanism. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A system for managing a transmission of funds, based on a request for the transmission of funds, the system comprising:
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a first input interface for communicating first information to a processor, the first information identifying at least one of a payment source and a payee account; a second input interface for communicating second information to the processor, the second information containing affiliation information; and the processor communicating with the first input interface and the second input interface so as to receive the first information and the second information; the processor performing an affiliation test, using the affiliation information, to determine affiliates of the payee account and the payment source; the processor, based on the affiliation test, determining from a set of payment mechanisms a reduced set of payment mechanisms, the reduced set being a set of possible payment mechanisms that could effect the transmission of funds; the processor performing an optimization determination so as to determine a selected payment mechanism, out of the reduced set of payment mechanisms, to use to transfer the funds from the payment source to the payee account, the selected payment mechanism being the optimal payment mechanism based on considered parameters, the considered parameters including the first information and the affiliates of the payee account determined by the affiliation test; the processor performing the transmission of funds using the selected payment mechanism.
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17. A method for managing a transmission of funds using a processor, in conjunction with a request for the transmission of funds, the method comprising:
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communicating first information to the processor, the first information identifying at least one of a payment source and a payee account; communicating second information to the processor, the second information containing affiliation information; and receiving, by the processor, the first information and the second information; performing an affiliation test, by the processor, using the affiliation information, to determine affiliates of the payment source and to determine affiliations of a payee, the payee being associated with the payee account; based on the affiliation test, the processor determining from a set of payment mechanisms a reduced set of payment mechanisms, the reduced set being a set of possible payment mechanisms that could effect the transmission of funds; performing an optimization determination, by the processor, so as to determine a selected payment mechanism, out of the reduced set of payment mechanisms, to use to transfer the funds from the payment source to the payee account, the selected payment mechanism being the optimal payment mechanism based on considered parameters, the considered parameters including the first information and the affiliates of the payment source determined by the affiliation test; performing the transmission of funds, by the processor, using the selected payment mechanism.
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Specification