METHODS OF DELIVERING PAYMENTS TO MULTIPLE PARTIES

• US 20080097904A1
• Filed: 12/17/2007
• Published: 04/24/2008
• Est. Priority Date: 01/17/2002
• Status: Active Grant

• Current Assignee: BMTX, Inc. (BM Technologies, Inc.)
• Original Assignee: Higher One, Inc. (Blackboard Incorporated)
• Inventors: Fitzgerald, Stephen, Jones, Earnest, McGuane, Casey, Hatton, Dean, Volchek, Mark, Glass, Sean, Lasater, Miles
• Granted Patent: US 8,352,361 B2
• Time in Patent Office: Days
• US Class Current: 705/42
• 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 of distributing a payment of funds made payable to two or more payees, said method comprising:

receiving a payment of funds made payable to two or more payees;

inviting each of said two or more payees to electronically select a preferred method of funds delivery;

authenticating each of said two or more payees'"'"' identity;

electronically receiving said preferred method of funds delivery selected by each of said two or more payees; and

delivering funds from said payment of funds to one or more of said two or more payees according to said preferred methods of funds delivery received.

2. A method according to claim 1, further comprising:

comparing said preferred methods of funds delivery;

notifying said two or more payees if said preferred methods of funds delivery are inconsistent; and

requiring said two or more payees to select consistent methods of funds delivery before delivering funds from said payment of funds.

3. A method according to claim 1, further comprising:

creating a profile for each of said two or more payees, said profile including said preferred method of funds delivery and rules regarding payment of funds.

4. A method according to claim 3, wherein said rules regarding payment of funds includes an amount of funds to be delivered to each of said two or more payees.

5. A method according to claim 1, wherein said preferred method of funds delivery includes one or more of the following:

i) an electronic transfer of funds to one or more bank accounts associated with one or more of said two or more payees;

(ii) one or more paper checks mailed to an address associated with one or more of said two or more payees;

(iii) a transfer of funds to one or more credit accounts associated with one or more of said two or more payees; and

(iv) issuance of one or more instant paper checks to one or more of said two or more payees.

6. A computer-readable medium containing computer-executable instructions for performing a method as defined in claim 1.

7. A method of distributing a payment of funds made payable to two or more payees, said method comprising:

identifying two or more payees commonly related to a payment of funds;

providing each of said two or more payees with a token of identification;

inviting each of said two or more payees to electronically select a preferred method of funds delivery in exchange for said token of identification;

electronically receiving said preferred method of funds delivery selected by each of said two or more payees;

creating a profile for each of said two or more payees that includes said preferred method of funds delivery;

receiving a payment of funds made payable to said two or more payees; and

delivering funds from said payment of funds to one or more of said two or more payees according to said preferred method of funds delivery it electronically selected.

8. A method according to claim 7, further comprising:

comparing said preferred methods of funds delivery;

notifying said two or more payees if said preferred methods of funds delivery are inconsistent; and

requiring said two or more payees to select consistent methods of funds delivery before delivering funds from said payment of funds.

9. A method according to claim 7, further comprising:

wherein said profile includes rules regarding payment of funds.

10. A method according to claim 9, wherein said rules regarding payment of funds includes an amount of funds to be delivered to each of said two or more payees.

11. A method according to claim 7, wherein said token of identification includes one of a bank card, a password, confidential information, and a combination thereof.

12. A method according to claim 7, wherein said preferred method of funds delivery includes one or more of the following:

i) an electronic transfer of funds to one or more bank accounts associated with one or more of said two or more payees;

(ii) one or more paper checks mailed to an address associated with one or more of said two or more payees;

(iii) a transfer of funds to one or more credit accounts associated with one or more of said two or more payees; and

(iv) issuance of one or more instant paper checks to one or more of said two or more payees.

13. A computer-readable medium containing computer-executable instructions for performing a method as defined in claim 7.

14. A method of 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;

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

authenticating the identity of said student and said parent;

electronically receiving said preferred method of funds delivery selected by 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.

15. A method according to claim 14, further comprising:

comparing said preferred methods of funds delivery;

notifying said student and said parent if said preferred methods of funds delivery are inconsistent; and

requiring said student and said parent to select consistent methods of funds delivery before arranging for said refund amount to be provided to said student and said parent.

16. A method according to claim 14, further comprising:

creating a profile for each of said student and said parent, said profile including said preferred method of funds delivery and rules regarding payment of funds.

17. A method according to claim 16, wherein said rules regarding payment of funds includes an amount of funds to be delivered to each of said student and said parent.

18. A method according to claim 14, wherein authenticating includes receiving a token of identification.

19. A method according to claim 18, wherein said token of identification includes one of a bank card, a password, confidential information, and a combination thereof.

20. A method according to claim 14, wherein said preferred method of funds delivery includes one or more of the following:

i) an electronic transfer of funds to one or more bank accounts associated with one or more of said student and said parent;

(ii) one or more paper checks mailed to an address associated with one or more of said student and said parent;

(iii) a transfer of funds to one or more credit accounts associated with one or more of said student and said parent; and

(iv) issuance of one or more instant paper checks to one or more of said student and said parent.

21. A method according to claim 14, further comprising:

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

22. A method according to claim 21, 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.

23. A computer-readable medium containing computer-executable instructions for performing a method as defined in claim 14.

24. A method of distributing a payment of funds made payable to two or more payees, said method comprising:

receiving a payment of funds made payable to two or more payees;

inviting each of said two or more payees to electronically create a profile;

authenticating each of said two or more payees'"'"' identity;

automatically selecting a preferred method of funds delivery for each of said two or more payees based on said profile of each of said two or more payees; and

delivering funds from said payment of funds to one or more of said two or more payees according to said preferred methods of funds delivery automatically selected.