Method and apparatus for payment processing using debit-based electronic funds transfer and disbursement processing using addendum-based electronic data interchange

  • US 6,119,107 A
  • Filed: 01/07/1998
  • Issued: 09/12/2000
  • Est. Priority Date: 09/30/1997
  • Status: Expired due to Term
First Claim
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1. A method of accumulating a payment and processing a disbursement, comprising the steps, performed by a processor, of:

  • initiating the payment with disbursement information from a payor to a payee through a collector;

    transferring to an accumulator agency the payment and the disbursement information from the collector;

    processing from the agency to a bank the payment as a debit transaction; and

    processing from the agency to an intermediary the disbursement information as an addendum transaction.

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