Cloud-based data augmentation

US8732079B1 · kind B1 · utility

Assignee

• Bank of America Corporation · US

Inventors

• Thomas J. Durkin · Arlington Heights, US
• Alex Y. Yang · Atlanta, US
• Doug Carlson · New York, US
• Brian G. Higgins · Los Angeles, US
• Christopher Hope · Tonbridge, GB
• Savit A. Pirl · Bolingbrook, US
• Milton Santiago, Jr. · Chicago, US

Key dates

• Filing date: Dec 10, 2012
• Grant date: May 20, 2014
• Expiry date: Dec 10, 2032

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/405
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Apparatus for coordinating a rule-based relationship between a bank, a vendor and a merchant is provided. The apparatus may include a vendor data platform, a vendor payment platform and a vendor clearing platform. The vendor data platform may receive a vendor name, a vendor identification number and vendor banking information and may this information into a third party database maintained by a third party. The vendor payment platform may receive the vendor identification number and a payment amount electronically associated with the vendor identification number without the banking information and transmit, to the third party, the vendor identification number and the payment amount. The vendor clearing platform may receive, from the third party, the payment amount and the banking information, and may transmit information to a clearing house. The information may initiate a transfer of funds into a vendor bank account.