Universal payment module and system

• US 8,762,271 B2
• Filed: 07/11/2012
• Issued: 06/24/2014
• Est. Priority Date: 07/11/2012
• Status: Active Grant

• Current Assignee: Viewpost LLC
• Original Assignee: Viewpost LLC
• Inventors: Eliscu, Max
• Primary Examiner(s): Bartley, Kenneth
• Application Number:
  US13/546,699
• Publication Number:
  US 20140019345A1
• Time in Patent Office: 713 Days
• Field of Search: 705 35- 40
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems

Abstract

Methods, systems and instructions stored on computer-readable media for receiving an invoice associated with a buyer from a vendor that includes an invoice amount. The invoice is sent to the buyer. A buyer financial institution and a buyer account are determined. A check is received from the buyer to pay the invoice. A vendor financial institution and a vendor account is determined. A custodian financial institution and a custodian account is determined. An ICL is created based in part on the received check. The ICL includes the buyer account, the buyer financial institution, the custodian account, and the payment amount to transfer into the vendor account. The ICL is sent to the custodian financial institution to transfer the payment amount from the buyer account into the custodian account. An ACH transfer of funds in the amount of the payment amount from the custodian account to the vendor account is initiated.

Claims

1. A method for operating a universal payment system comprising one or more processors and a data repository, the method comprising:

accessing the data repository, the data repository storing;

vendor financial account data associated with vendor financial institutions for a first plurality of vendors that are registered with the universal payment system, including data on an ability of the vendor financial institutions to receive or not to receive image cash letters (ICLs) from the universal payment system;

buyer financial account data associated with buyer financial institutions for a first plurality of buyers that are registered with the universal payment system; and

network transfer data for a network of financial institutions where image cash letter (ICL) transfers have been approved for direct ICL transfer from the universal payment system to a respective one of the financial institutions, the network transfer data including an account for each of the respective financial institutions in the network for receiving an ICL, wherein the network of financial institutions includes a custodian financial institution that holds a respective custodian account for receiving an ICL from the universal payment system therein, wherein the custodian financial institution may or may not be the same as the vendor financial institution for a given one of the vendors;

receiving, at the universal payment system, a request from one of the buyers to send an approved payment amount on behalf of the one buyer to one of the vendors;

accessing, by the one or more processors via the data repository, a buyer account associated with the financial institution for the one buyer;

accessing, by the one or more processors via the data repository, a vendor account associated with the vendor financial institution for the one vendor;

generating, by the one or more processors, an image of a check drawn on the one buyer account with a payee that is the one vendor based at least in part on the request from the one buyer and listing the approved payment amount and affixing a signature of the one buyer to the check, or receiving, by the one or more processors, an image of a check with a signature from the one buyer drawn on the one buyer account with a payee that is the one vendor;

determining, by the one or more processors accessing the data repository, an ability of the vendor financial institution to receive or not to receive ICLs from the universal payment system;

determining, by the one or more processors, based on the determination that the vendor financial institution for the one vendor cannot receive the ICL, the custodian financial institution from the network of financial institutions, wherein the custodian financial institution is not the vendor financial institution of the one vendor;

creating, at the universal payment system, an ICL based in part on the check, wherein the image cash letter includes the buyer account and the buyer financial institution of the one buyer, the respective custodian account in the determined custodian financial institution, and the approved payment amount;

sending, from the universal payment system, the ICL created to the custodian financial institution to transfer the approved payment amount from the buyer account at the buyer financial institution into the respective custodian account at the custodian financial institution; and

initiating, by the universal payment system, an electronic transfer of the approved payment amount from the respective custodian account of the custodian financial institution to the vendor account at the vendor financial institution.

2. The method of claim 1, wherein the image cash letter includes a plurality of checks associated with a plurality of the buyers and a plurality of the vendors.

3. The method of claim 1, further comprising:

receiving, by the one or more processors, an invoice associated with the one buyer from the one vendor, wherein the invoice comprises terms negotiated between the one buyer and the one vendor including an invoice amount;

sending, by the one or more processors, the invoice to the one buyer;

receiving approval, by the one or more processors, of the invoice from the one buyer; and

sending, by the one or more processors, an indication of approval of the invoice by the one buyer to the one vendor.

4. The method of claim 1, further comprising:

receiving, by the one or more processors, an invoice associated with the one buyer from the one vendor, wherein the invoice comprises terms negotiated between the one buyer and the one vendor including an invoice amount;

sending, by the one or more processors, the invoice to the one buyer;

receiving a change request regarding the invoice that changes the invoice amount from the one buyer;

sending, by the one or more processors, the change request to the one vendor;

receiving an approval, by the one or more processors, of the change request from the one vendor;

updating, by the one or more processors, the invoice amount; and

sending, by the one or more processors, the approval of the change request to the one buyer.

5. The method of claim 1, wherein the check from the one buyer is received from a mobile device.

6. The method of claim 1, further comprising:

receiving, by the one or more processors, an invoice associated with the one buyer from the one vendor, wherein the invoice comprises terms negotiated between the one buyer and the one vendor including an invoice amount;

sending, by the one or more processors, the invoice to the one buyer;

determining, by the one or more processors, bill data fields to include in a bill based upon preferences of the one buyer;

determining, by the one or more processors, mapping of invoice data fields to bill data fields based upon the preferences of the one buyer;

determining, by the one or more processors, conversions of invoice data fields to bill data fields based upon the preferences of the one buyer;

converting, by the one or more processors, the invoice into a bill based upon the bill data fields, the mapping, and the conversions, wherein the invoice is received in a first data format and the bill is in a different data format; and

sending, by the one or more processors, the bill to the one buyer.

7. The method of claim 6, wherein mapping of invoice data fields to bill data fields comprises mapping a vendor description to a buyer description, and wherein conversion of invoice data fields to bill data fields comprises converting a vendor quantity in a first unit to a buyer quantity in a second different unit.

8. The method of claim 1, further comprising printing, at the universal payment system, the check.

9. The method of claim 1, wherein the electronic transfer of funds from the respective custodian account to the vendor account at the one vendor financial institution is accomplished by an automated clearing house (ACH) transfer.

10. The method of claim 1, further comprising making accessible, from the universal payment system, notification of payment, to the one vendor.

11. The method of claim 1, further comprising

receiving, by the one or more processors, electronic notification via a synchronization agent to the one buyer system or via electronic network entry, that the one buyer has provided payment data for the approved payment amount;

generating and providing, by the one or more processors, interface data accessible to the one vendor indicating information obtained from the payment data; and

selecting, by the one or more processors, one or more invoices for provision to the one vendor for offering possible early payment discounts, based on one or more criteria.

12. A system for operating a universal payment system, the system comprising:

a data repository, the data repository storing;

vendor financial account data associated with vendor financial institutions for a first plurality of vendors that are registered with the universal payment system, including data on an ability of the vendor financial institutions to receive or not to receive image cash letters (ICLs) from the universal payment system;

buyer financial account data associated with buyer financial institutions for a first plurality of buyers that are registered with the universal payment system; and

network transfer data for a network of financial institutions where image cash letter (ICL) transfers have been approved for direct ICL transfer from the universal payment system to a respective one of the financial institutions, the network transfer data including an account for each of the respective financial institutions in the network for receiving an ICL, wherein the network of financial institutions includes a custodian financial institution that holds a respective custodian account for receiving an ICL from the universal payment system therein, wherein the custodian financial institution may or may not be the same as the vendor financial institution for a given one of the vendors; and

one or more processors configured to;

receive, by the one or more processors, a request from one of the buyers to send an approved payment amount on behalf of the one buyer to one of the vendors;

access, by the one or more processors via the data repository, a buyer account associated with the buyer financial institution for the one buyer;

access, by the one or more processors via the data repository, a vendor account associated with the vendor financial institution for the one vendor;

generate, by the one or more processors, an image of a check drawn on the one buyer account with a payee that is the one vendor based at least in part on the request from the one buyer and listing the approved payment amount and affixing a signature of the one buyer to the check, or receiving, by the one or more processors, an image of a check with a signature from the one buyer drawn on the one buyer account with a payee that is the one vendor;

determine, by the one or more processors, an ability of the vendor financial institution to receive or not to receive ICLs from the universal payment system;

determine, by the one or more processors, based on the determination that the vendor financial institution for the one vendor cannot receive the ICL, the custodian financial institution from the network of financial institutions, wherein the custodian financial institution is not the vendor financial institution of the one vendor;

create, by the one or more processors, an ICL based in part on the check, wherein the image cash letter includes the buyer account and the buyer financial institution of the one buyer, the respective custodian account in the determined custodian financial institution, and the approved payment amount;

send, by the one or more processors, the ICL created to the custodian financial institution to transfer the approved payment amount from the buyer account at the buyer financial institution into the respective custodian account at the custodian financial institution; and

initiate, by the one or more processors, an electronic transfer of the approved payment amount from the respective custodian account of the custodian financial institution to the vendor account at the vendor financial institution.

13. The system of claim 12, wherein the one or more processors are further configured to display the image of the check to the one buyer.

14. The system of claim 12, wherein the electronic transfer to the vendor financial institution of the one vendor comprises a plurality of checks associated with the one buyer and one or more other of the buyers and the one vendor and one of more other of the vendors.

15. The system of claim 12, wherein the one or more processors are further configured to:

receive, by the one or more processors, an invoice associated with the one buyer from the one vendor, wherein the invoice comprises terms negotiated between the one buyer and the one vendor including an invoice amount;

send, by the one or more processors, the invoice to the one buyer;

receive, by the one or more processors, a change request regarding the invoice that changes the invoice amount from the one buyer;

send, by the one or more processors, the change request to the one vendor;

receive, by the one or more processors, an approval of the change request from the one vendor;

update, by the one or more processors, the invoice amount; and

send, by the one or more processors, the approval of the change request to the one buyer.

16. The system of claim 12, wherein the check from the one buyer is received from a mobile device.

17. The system of claim 12, wherein the one or more processors are further configured to:

receive, by the one or more processors, an invoice associated with the one buyer from the one vendor, wherein the invoice comprises terms negotiated between the one buyer and the one vendor including an invoice amount;

send, by the one or more processors, the invoice to the one buyer;

determine, by the one or more processors, bill data fields to include in a bill based upon preferences of the one buyer;

determine, by the one or more processors, mapping of invoice data fields to bill data fields based upon the preferences of the one buyer;

determine, by the one or more processors, conversions of invoice data fields to bill data fields based upon the preferences of the one buyer;

convert, by the one or more processors, the invoice into a bill based upon the bill data fields, the mapping, and the conversions, wherein the invoice is received in a first data format and the bill is in a different data format; and

send, by the one or more processors, the bill to the one buyer.

18. The system of claim 12, wherein the one or more processors are further configured to print the check.

19. The system of claim 12, wherein the electronic transfer of funds from the respective custodian account to the vendor account at the one vendor financial institution is accomplished by an automated clearing house (ACH) transfer.

20. The system of claim 12, wherein the one or more processors are further configured to make accessible notification of payment to the one vendor.

21. The system of claim 12, wherein the one or more processors are further configured to:

receive, by the one or more processors, electronic notification via a synchronization agent to the one buyer system or via electronic network entry, that the one buyer has provided payment data for the approved payment amount;

generate and provide, by the one or more processors, interface data accessible to the one vendor indicating information obtained from the payment data; and

select, by the one or more processors, one or more invoices for provision to the one vendor for offering possible early payment discounts, based on one or more criteria.

22. A non-transitory computer-readable medium having instructions stored thereon for operating, when executed by one or more processors, a universal payment system, the instructions to:

access, by the one or more processors, a data repository, the data repository storing;

vendor financial account data associated with vendor financial institutions for a first plurality of vendors that are registered with the universal payment system, including data on an ability of the vendor financial institutions to receive or not to receive image cash letters (ICLs) from the universal payment system;

buyer financial account data associated with buyer financial institutions for a first plurality of buyers that are registered with the universal payment system; and

network transfer data for a network of financial institutions where image cash letter (ICL) transfers have been approved for direct ICL transfer from the universal payment system to a respective one of the financial institutions, the network transfer data including an account for each of the respective financial institutions in the network for receiving an ICL, wherein the network of financial institutions includes a custodian financial institution that holds a respective custodian account for receiving an ICL from the universal payment system therein, wherein the custodian financial institution may or may not be the same as the vendor financial institution for a given one of the vendors;

receive, by the one or more processors, a request from one of the buyers to send an approved payment amount on behalf of the one buyer to one of the vendors;

access, by the one or more processors via the data repository, a buyer account associated with the buyer financial institution for the one buyer;

access, by the one or more processors via the data repository, a vendor account associated with the vendor financial institution for the one vendor;

generate, by the one or more processors, an image of a check drawn on the one buyer account with a payee that is the one vendor based at least in part on the request from the one buyer and listing the approved payment amount and affixing a signature of the one buyer to the check, or receive, by the one or more processors, an image of a check with a signature from the one buyer drawn on the one buyer account with a payee that is the one vendor;

determine, by the one or more processors, an ability of the vendor account to receive or not to receive ICLs from the universal payment system;

determine, by the one or more processors, when it has been determined that the vendor financial institution for the one vendor cannot receive the ICL, the custodian institution from the network of financial institutions, wherein the custodian financial is not the vendor financial institution of the one vendor;

create, by the one or more processors, an ICL based in part on the image of the check, wherein the image cash letter includes the buyer account and the buyer financial institution of the one buyer, the respective custodian account in the determined custodian financial institution, and the approved payment amount;

send, by the one or more processors, the ICL created to the custodian financial institution to transfer the approved payment amount from the buyer account at the buyer financial institution into the respective custodian account at the custodian financial institution;

initiate, by the one or more processors, an electronic transfer of the approved payment amount from the respective custodian account of the custodian financial institution to the vendor account at the vendor financial institution.