Method and apparatus for payment processing using debit-based electronic funds transfer and disbursement processing using addendum-based electronic data interchange

US5946669A · kind A · utility

Assignee

• Lockheed Martin Corporation · US

Inventor

• John Polk · McLean, US

Key dates

• Filing date: Sep 30, 1997
• Grant date: Aug 31, 1999
• Expiry date: Sep 30, 2017

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q99/00
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

This disclosure describes a payment and disbursement system, wherein an initiator authorizes a payment and disbursement to a collector and the collector processes the payment and disbursement through an accumulator agency. The accumulator agency processes the payment as a debit-based transaction and processes the disbursement as an addendum-based transaction. The processing of a debit-based transaction generally occurs by electronic funds transfer (EFT) or by financial electronic data interchange (FEDI). The processing of an addendum-based transaction generally occurs by electronic data interchange (EDI).