Methods of delivering payments to multiple parties

• US 8,352,361 B2
• Filed: 12/17/2007
• Issued: 01/08/2013
• Est. Priority Date: 01/17/2002
• Status: Active Grant

• Current Assignee: BMTX, Inc. (BM Technologies, Inc.)
• Original Assignee: Higher One, Inc. (Blackboard Incorporated)
• Inventors: Volchek, Mark T., Lasater, Miles H., Fitzgerald, Stephen P., Glass, Sean P., Hatton, Dean W., Jones, Earnest C., McGuane, Casey M.
• Primary Examiner(s): Kyle, Charles
• Assistant Examiner(s): MADAMBA, CLIFFORD B
• Application Number:
  US11/957,999
• Publication Number:
  US 20080097904A1
• Time in Patent Office: 1,849 Days
• Field of Search: 705/39
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists

Abstract

The disclosed subject matter includes a method of distributing a payment of funds made payable to two or more payees. In some embodiments, the method includes the following: receiving a payment of funds made payable to two or more payees; inviting each of the two or more payees to electronically select a preferred method of funds delivery; authenticating each of the two or more payees'"'"' identity; electronically receiving the preferred method of funds delivery selected by each of the two or more payees; and delivering funds from the payment of funds to one or more of the two or more payees according to the preferred methods of funds delivery received.

Claims

1. A method for facilitating the transfer of a refund amount from an educational institution to a student and a parent, said method comprising:

receiving an indication of a refund amount associated with a student of the educational institution, said refund amount being made payable to both said student and a parent of said student;

opening one or more soft accounts at one or more banks for one or more of said student and said parent;

inviting one of said student and said parent to electronically select each preferred method of funds delivery;

authenticating the identity of said student and said parent;

electronically receiving said preferred method of funds delivery selected by one of said student and said parent; and

automatically arranging for said refund amount to be provided to said student and said parent according to said preferred method of funds delivery it electronically selected.

2. A method according to claim 1, wherein said automatically arranging includes opening one or more bank accounts for one or more of said student and said parent and transferring funds from said one or more soft accounts to said one or more bank accounts.

3. The method of claim 1 wherein said refund amount is provided as a paper check.

4. The method of claim 1 wherein said refund amount is provided as an account associated with a student identification card.

5. The method of claim 1 wherein said refund amount is provided as a credit card.

6. The method of claim 1 wherein said refund amount is provided as a stored value card.