ELECTRONIC LOCKBOX USING DIGITALLY ORIGINATED CHECKS
First Claim
1. An electronic lockbox method, comprising:
- receiving a digitally originated check from a payor, wherein the digitally originated check comprises metadata containing a payment instruction from the payor to a payee, and wherein the digitally originated check comprises a check created without an original paper check;
updating an accounting system with the payment instruction; and
clearing the digitally originated check through an electronic payment system with one of paper and electronic clearing methods associated with check clearing systems.
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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.
183 Citations
23 Claims
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1. An electronic lockbox method, comprising:
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receiving a digitally originated check from a payor, wherein the digitally originated check comprises metadata containing a payment instruction from the payor to a payee, and wherein the digitally originated check comprises a check created without an original paper check; updating an accounting system with the payment instruction; and clearing the digitally originated check through an electronic payment system with one of paper and electronic clearing methods associated with check clearing systems. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. An electronic lockbox system, comprising:
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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 payee to a payor, wherein the digitally originated check comprises metadata containing a payment instruction from the payee to the payor and remittance data associated with the payment instruction, and wherein the digitally originated check comprises a check created without an original paper check; communicate the remittance data in the metadata and the payment instruction to the payee; and clear the digitally originated check with one of paper and electronic clearing methods associated with check clearing systems. - View Dependent Claims (14, 15, 16, 17, 18)
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19. A system, comprising:
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means for generating an electronic check comprising a payment instruction between a payor and a payee and remittance data associated with the payment instruction, wherein the electronic check comprises a check created without an original paper check; means for processing the electronic check through one of paper and electronic clearing methods associated with check clearing systems; and means for updating an accounting system based on the electronic check. - View Dependent Claims (20)
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21. An electronic Accounts Payable (AP) system, comprising:
a system comprising a network connection, wherein the system is configured to; receive any of bills and invoices; generate electronic payment via electronic checks, wherein each electronic check comprises a check created without an original paper check; and send the generated electronic checks to an electronic payment system for processing by various payees associated with each of the electronic checks, wherein the electronic payment system is configured to process each of the electronic checks through one of paper and electronic clearing methods associated with check clearing systems.
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22. An Electronic Bill Presentment system, comprising:
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an invoicing system configured to generate Electronic Bill Presentment (EBP) messages with prepopulated invoice data; an electronic payment system configured to receive the EBP messages and to generate electronic check payments to a payee associated with each of the EBP messages, wherein the electronic check comprises the prepopulated invoice data automatically included in metadata, wherein the electronic check is a check created without an original paper check that is cleared through one of paper and electronic clearing methods associated with check clearing systems. - View Dependent Claims (23)
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Specification