Method and system for implementing an electronic exchange for bill pay transactions
US11783308B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Feb 12, 2020 |
| Grant date | Oct 10, 2023 |
| Priority date | — |
| Expiry date | Feb 12, 2040 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG07F17/12
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
The invention relates to a system that implements an electronic exchange for bill pay transactions. The system comprises an electronic exchange network coupled to an electronic input, a memory component and a computer processor configured to perform the steps of: receiving electronic data files and payment files from a plurality of disparate bill payors; distributing data and funds to each participating lockbox provider file; creating an image of each transaction in the form of a non-negotiable check; creating image files for each lockbox provider participant from a plurality of lockbox provider participants, wherein each image file is indexed to each data file; consolidating image files, data files and payment files into an electronic package for each lockbox provider participant; and transmitting the electronic package to a respective lockbox provider participant.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.