On-line payments facility

US8374961B2 · kind B2 · utility

Assignee

• Wells Fargo Bank, N.A. · US

Inventors

• Adam E. Vancini · Concord, US
• Timothy J. Dailey · Sacramento, US
• Candie L. Gann · Pittsburg, US
• Timothy L. Coffing · Ross, US
• Nancy T. Riter · Pleasanton, US
• Ajay Vaishampayan · Fremont, US
• Aric B. Clark · Mill Valley, US

Key dates

• Filing date: Sep 10, 2010
• Grant date: Feb 12, 2013
• Expiry date: Sep 16, 2030

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/02
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A computer system implements a counterparty management module and a payment module for processing employee direct payroll deposits. The counterparty management module permits an employer to add employee bank accounts to a funds transfer system provided by a banking institution. The employee bank accounts are respectively associated with different employees of the employer. The employer has a bank account at the banking institution. The counterparty management module is accessible to the employer by way of an online banking area of a website of the banking institution. The counterparty management module also permits the employer to specify a payroll-related pay group that includes the employee bank accounts and to specify characteristics of the transferring of funds to the pay group as a whole. The payment module generates payment instructions for transferring funds from the employer bank account to the employee bank accounts.