Importance

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Abstract

A payment system making payments from each payer of a community of payers to each vendor of a community of vendors. The payers are grouped into mutually exclusive sub groups, each being associated with one of a group of participating banks. Upon receipt of a payment instruction file from a bank, including instructions for executing payments from payers in the subgroup associated with the bank to various vendors, the system: i) obtains authorization of a funding amount for each payer; ii) provides a transaction to transfer the funding amount from the payer's account to a pooling account held by the originating bank; and iii) after receipt of the funding amount in the pooling account, provides an EFT file for payment of the vendors. Multiple banks are supported. The vendors are not associated with any particular bank.

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First Claim