System and method for paying bills and other obligations including selective payor and payee controls
First Claim
1. A bill payment system comprising:
- storage for payee information for each of a plurality of payees;
storage for payor information for each of a plurality of payors, said payor information for each said payor including child-payee information identifying at least one of said payees authorized to receive a transfer of funds from said payor, a recurring obligation amount, and a recurring minimum time interval;
a bill generator for generating at a first predetermined time a bill record from said payor information for at least one of said payors and said payee information for at least one of said payees corresponding to said child payee information in said payor information for said one payor, said generated bill record including an obligation amount and payment date so that said generated bill record corresponds to a transfer of funds between said one of said payors and said one of said payees to pay said recurring obligation amount on said payment date corresponding to said minimum time interval, said generated bill record being stored within said payor information for said one of said payors; and
a TCF message generator for generating at a second predetermined time EFT messages corresponding to said generated bill record to effect said transfer of funds.
9 Assignments
0 Petitions
Accused Products
Abstract
A system and methodfor paying bills without requiring interaction with the payors disclosed. The system includes a payor control interface, a communications interface, a bill generator, and a TCF message generator. The bill generator generates bill records from payor and payee information stored within the system for recurring bills. The bill generator may also generate bill records from the payor and payee information and from bill data messages received from payees. The generated bill records are used by the TCF message generator to generate the EFT messages for transferring funds electronically between payors and payees. Payors may alter the payment amount and date for a bill as well as reverse payment of a bill already paid. Payees are also able to alter recurring bill records or may present bill data so that bill records reflecting variable obligation amounts may be generated.
268 Citations
24 Claims
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1. A bill payment system comprising:
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storage for payee information for each of a plurality of payees;
storage for payor information for each of a plurality of payors, said payor information for each said payor including child-payee information identifying at least one of said payees authorized to receive a transfer of funds from said payor, a recurring obligation amount, and a recurring minimum time interval;
a bill generator for generating at a first predetermined time a bill record from said payor information for at least one of said payors and said payee information for at least one of said payees corresponding to said child payee information in said payor information for said one payor, said generated bill record including an obligation amount and payment date so that said generated bill record corresponds to a transfer of funds between said one of said payors and said one of said payees to pay said recurring obligation amount on said payment date corresponding to said minimum time interval, said generated bill record being stored within said payor information for said one of said payors; and
a TCF message generator for generating at a second predetermined time EFT messages corresponding to said generated bill record to effect said transfer of funds. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 17, 19)
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16. A bill payment system comprising:
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storage for payee information for each of a plurality of payees;
storage for payor information for each of a plurality of payors, said payor information for each said payor including child-payee information identifying at least one of said payees authorized to receive a transfer of funds from said payor;
a communication interface for receiving a bill data message from at least one of said payees, said bill data message including a payorID and at least one of an obligation amount and a due date;
a bill generator for generating a bill record from a bill data message received from one of said payees, payor information for said payor identified by said payorID in said received bill data message, and said payee information for said payee corresponding to said child payee information in said payor information for said identified payor, said generated bill record including an obligation amount and a payment date so that said generated bill record corresponds to a transfer of funds between said identified payor and said payee sending said bill data message to pay said recurring obligation amount on said payment date, said generated bill record being stored within said payor information for said identified payor; and
a TCF message generator for generating at a predetermined time EFT messages corresponding to said generated bill record to effect said transfer of funds. - View Dependent Claims (18, 20, 21, 22, 23, 24)
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Specification