System for communicating with a financial institution to manage disbursements over a communication network

US11094006B1 · kind B1 · utility

Assignee

• Bottomline Technologies, Inc. · US

Inventors

• Andrew Scarborough · Reading, GB
• Phillip Malone · Cottondale, US
• Sean Glerum · Portsmouth, US
• Sandhya Pillalamarri · Methuen, US
• Melissa Mikulski · Portsmouth, US
• William Cashman · Durham, US

Key dates

• Filing date: Mar 25, 2020
• Grant date: Aug 17, 2021
• Expiry date: Mar 25, 2040

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q2220/00
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Disclosed is a system and a method for communicating with a financial institution over a communication network to manage payments of payee initiated by a sender. The system includes a database for storing plurality of modules, a central server for monitoring and updating the plurality of modules, a processing unit processes the plurality of modules. The plurality of modules includes a notification module, a payee module and a payment process module. The notification module allows the sender to send a payment summary to each payee. The payee module allows the payee to upload payee's details in the central server, to select a mode of payment to receive the payment, to input banking details of the financial institution. The payment process module processes the payment as per the mode selected by the payee in the payee module, further processes the payment via cheque mode if the payee fails to update the mode of payment in a pre-defined duration.