Peer-to-peer and group financial management systems and methods

• US 8,676,674 B2
• Filed: 09/13/2012
• Issued: 03/18/2014
• Est. Priority Date: 10/29/2009
• Status: Active Grant

• Current Assignee: Visa International Service Association (Visa, Inc.)
• Original Assignee: Visa International Service Association (Visa, Inc.)
• Inventors: Perlman, Jeffrey William
• Primary Examiner(s): Gart, Matthew
• Assistant Examiner(s): Danzig, Reva R
• Application Number:
  US13/613,374
• Publication Number:
  US 20130013494A1
• Time in Patent Office: 551 Days
• Field of Search: 705/30, 705/21, 705/14.35, 705/1, 705/39
• US Class Current: 705/30
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/06 Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
• CPC Class Codes: G06Q 20/0655 e-cash managed centrally
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• 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
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

This relates to transferring funds from a payer to a payee in a electronic payment system. The electronic payment system includes a payment processor and an accounts database. The payment processor receives a payment request from the payer. The payment request includes information to identify the payee and a payment amount. An accounts database is accessed to determine if the accounts database includes an account associated with the payee. Based on a determination that the accounts database includes an account associated with the payee, an electronic message is sent from the payment processor to the payee, to notify the payee of the payment request. The accounts database is accessed to determine if the payee is identified as having a trusted relationship with the payer.

Claims

1. A method performed by a payment processor that executes software instructions for creating and managing electronic payment accounts on a financial management system, the method comprising:

associating an account with an account owner;

receiving, through a user interface from the account owner, entries that specify

a bill to be associated with the account,

members of a group to be associated with the account,

for each member, the respective member'"'"'s share of a total amount of the bill, and

different levels of account access for different members, the different levels of account access differing in terms of read-only access to see account status and recent activity, co-authority to request payments to the account from others, or approval authority for approving payment of the bill before the payment is processed;

sending, by the payment processor, a request, to each member of the group, to receive the member'"'"'s share of the total amount;

receiving, by the payment processor, from each member, the member'"'"'s share of the total amount; and

paying the bill, by the payment processor, automatically upon receiving all of the shares of the total amount of the bill;

wherein the bill is an itemized paperless bill delivered directly to the payment processor, and wherein the payment processor automatically allocates itemized amounts in the bill to individual members of the group;

wherein the receiving steps, the sending step and the paying step are performed by the payment processor.

2. The method of claim 1 further comprising receiving the bill before the sending step, and wherein the sending is in response to receiving the bill.

3. The method of claim 2 further comprising, before the step of receiving entries through a user interface from the account owner,

integrating the group account with an issuer of the bill such that the payment processor receives the bill directly from the issuer of the bill.

4. The method of claim 2 wherein the step of receiving entries through a user interface from the account owner includes receiving the bill through a user interface.

5. The method of claim 1 wherein the entries specify a time period for paying the bill on a recurring basis, and the sending recurs based on the time period.

6. The method of claim 1 wherein the sending of the request is through emails to the respective members.

7. The method of claim 1 wherein the bill is a rent bill, an electricity bill or a phone bill.

8. The method of claim 1 further comprising:

rendering the bill viewable by the members of the group.

9. The method of claim 1 further comprising:

communicating, to the members, a status indicator that indicates progress of receiving of the members'"'"' shares toward the total amount.

10. The method of claim 1 wherein the user interface is configured to input a total goal amount and to validate that the total goal amount matches a sum of the allocated members'"'"' shares.

11. The method of claim 1 wherein the entries that identify the members of the group are the respective members'"'"' email addresses.

12. The method of claim 1 wherein the entries specify a time limit for payment of the members'"'"' shares.

13. The method of claim 12 wherein the account is a primary account, and the method further comprising:

sending a request, to a member of the group, to open, for the member, a member account from which future payments to the primary account will be taken.

14. The method of claim 1 wherein the receiving of the member'"'"'s share includes the payment processor withdrawing a member'"'"'s share from an account opened by the member.

15. The method of claim 1 further comprising:

paying a dividend to each member on a recurring basis.

16. The method of claim 1 wherein the bill relates to a fundraising event for a charitable organization, and the account is an account of the charitable organization.

17. The method of claim 1 wherein the entries specify an activity whose completion will prompt the receiving of the members'"'"' shares.

18. The method of claim 17 further comprising:

receiving, from the user, an indication that the activity is completed; and

in response, automatically collecting the members'"'"' shares from accounts of the members.