Electronic bill pay system
Number of patents in Portfolio can not be more than 2000
United States of America Patent
Stats
-
Feb 29, 2000
Issued Date -
N/A
app pub date -
Nov 3, 1995
filing date -
Nov 1, 1993
priority date (Note) -
In Force
status (Latency Note)
Importance
Abstract
A method for electronically paying a bill is described in which a bill pay order is forwarded to a first processor. The bill pay order includes information identifying a biller, an amount owed, and a consumer-biller account number. The method determines whether the consumer has sufficient funds to cover the amount owed, and compares the information identifying the biller to a local biller file to determine a biller financial institution identification number for a financial institution designated to receive funds for the biller. A payment message is then generated which includes information identifying the biller, the amount owed, the consumer-biller account number, and the biller financial institution identification number. The payment message is then forwarded to a network if the consumer has sufficient funds. The payment message is routed to the appropriate biller financial institution over the network using the biller financial institution identification number.
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