System and method for paying bills and other obligations including selective payor and payee controls
First Claim
1. A bill paying method performed by a third party for a payee and payor, comprising the following steps performed by the third partystoring payee information,storing payor information, the payor information identifying one or more payees authorized by the payor to receive transfers of funds from the payor, and including control parameters defining the manner in which transfers of funds are to be performed,communicating with the payee and receiving for use, bill data electronically delivered from said payee to the third party without payor intervention,generating one or more electronic funds transfer messages transferring funds for a payor and a payee using bill data received from the payee, the stored payee information for the payee, and/or the stored payor information for the payor,a date of transfer for at least one bill being determined absent payor intervention based on at least one of bill data for the bill, stored payor information and stored payee information, without regard to due dates of bills of other payees.
17 Assignments
0 Petitions
Accused Products
Abstract
A system and method for paying bills without requiring interaction with the payors disclosed. The system includes a payor control interface, a communications interfacee, 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.
244 Citations
15 Claims
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1. A bill paying method performed by a third party for a payee and payor, comprising the following steps performed by the third party
storing payee information, storing payor information, the payor information identifying one or more payees authorized by the payor to receive transfers of funds from the payor, and including control parameters defining the manner in which transfers of funds are to be performed, communicating with the payee and receiving for use, bill data electronically delivered from said payee to the third party without payor intervention, generating one or more electronic funds transfer messages transferring funds for a payor and a payee using bill data received from the payee, the stored payee information for the payee, and/or the stored payor information for the payor, a date of transfer for at least one bill being determined absent payor intervention based on at least one of bill data for the bill, stored payor information and stored payee information, without regard to due dates of bills of other payees.
Specification