Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Finance
Patent
1995-11-03
2000-02-29
Cosimano, Edward R.
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Finance
G06F 1760
Patent
active
060321334
ABSTRACT:
A method for electronically paying a bill is described in which a bill pay order is forwarded to a first processor. The bill pay order includes information identifying a biller, an amount owed, and a consumer-biller account number. The method determines whether the consumer has sufficient funds to cover the amount owed, and compares the information identifying the biller to a local biller file to determine a biller financial institution identification number for a financial institution designated to receive funds for the biller. A payment message is then generated which includes information identifying the biller, the amount owed, the consumer-biller account number, and the biller financial institution identification number. The payment message is then forwarded to a network if the consumer has sufficient funds. The payment message is routed to the appropriate biller financial institution over the network using the biller financial institution identification number.
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Hilt James J.
Hodges Ron
Pardue Stephen W.
Powar William L.
Cosimano Edward R.
Groutt Phillip
VisaInternational Service Association
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