Electronic lockbox using digitally originated checks
First Claim
1. An electronic lockbox method, comprising:
- receiving a digitally originated check from a payor at an electronic payment system, wherein the digitally originated check comprises both remittance metadata and a funds transfer instrument based on payment instructions from the payor based a bill or invoice sent from a payee to the payor, and wherein the digitally originated check comprises a check created by the payor without using a paper check;
utilizing the electronic payment system by the payee as an electronic lockbox which presents both a payment for deposit via the electronic payment system and the remittance metadata to an accounting system automatically without further involvement by the payee; and
clearing the digitally originated check through the electronic payment system separate from and communicatively coupled with the accounting system with electronic clearing methods associated with check clearing systems.
0 Assignments
0 Petitions
Accused Products
Abstract
The present disclosure provides a digitally originated check (DOC) through an electronic payment system (EPS) which captures payor metadata instructions regarding the intended payment to a payee. The metadata is stored in a database or the like for further processing instead of printing a paper check. The DOC can be cleared either electronically or through a paper substitute check through Check 21 clearing methods. The present invention enables both payors and payees to participate with the EPS as well as the EPS may provide electronic lock box services to payees. The DOC may be used in an electronic lockbox application where in addition to the payment information; the DOC further includes remittance data that may be used to update accounting systems or the like.
71 Citations
18 Claims
-
1. An electronic lockbox method, comprising:
-
receiving a digitally originated check from a payor at an electronic payment system, wherein the digitally originated check comprises both remittance metadata and a funds transfer instrument based on payment instructions from the payor based a bill or invoice sent from a payee to the payor, and wherein the digitally originated check comprises a check created by the payor without using a paper check; utilizing the electronic payment system by the payee as an electronic lockbox which presents both a payment for deposit via the electronic payment system and the remittance metadata to an accounting system automatically without further involvement by the payee; and clearing the digitally originated check through the electronic payment system separate from and communicatively coupled with the accounting system with electronic clearing methods associated with check clearing systems. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
-
-
13. An electronic lockbox system, comprising:
-
a network interface connected to a network and operable to communicate to a plurality of users; a data storage connected to the network storage; and a processor connected to the network interface and the data storage; wherein the processor, the network interface, and the data storage are collectively configured to; create a digitally originated check from a payor to the payee, wherein the digitally originated check comprises both remittance metadata and a funds transfer instrument based on payment instructions from the payor to the payee payor and remittance data associated with the payment instruction, and wherein the digitally originated check comprises a check created by the payor without using a paper check and the payee is notified of the check by the electronic lockbox service subsequent to the digitally originated check being completed by the payor; enable the payee to perform an electronic lockbox service which presents the funds transfer instrument for deposit and communicates the remittance metadata to an accounting system of the payee without requiring further involvement by the payee, wherein the electronic lockbox system is separate from and communicatively coupled with the accounting system; and clear the digitally originated check with electronic clearing methods associated with check clearing systems. - View Dependent Claims (14, 15, 16, 17, 18)
-
Specification