Method and system for electronic bill payment

Details Method and system for electronic bill payment Method and system for electronic bill payment

1996-12-09

1999-03-16

Voeltz, Emanuel Todd

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

705 39, 705 34, 235379, G06F 1760

Patent

active

058842888

ABSTRACT:
A method and system for providing a fully automated electronic bill processing capability that is integrated with banking institutions and their customers is herein disclosed. The electronic bill payment system includes a community of payors, payees, payor banks, and payee banks that are associated with computing systems-that are interconnected by a computer network. A payor bank receives electronic bills specifying payment requests from one or more payors having an account at the payor bank. The payor bank places a hold on the funds in the payor's account and then generates an electronic check that is transmitted to the payee. The payee receives an electronic check envelope that contains a number of electronic checks that are encrypted and digitally signed by the payor bank. The payee generates an electronic deposit including one or more endorsed electronic checks and a deposit slip. The electronic deposit is encrypted and digitally signed by the payee. The electronic deposit is transmitted to a payee bank that the payee is associated with. The payee bank authenticates the endorsed check and credits the payee's account accordingly.

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patent: 5283829 (1994-02-01), Anderson
patent: 5383113 (1995-01-01), Kight et al.
patent: 5699528 (1997-12-01), Hogan
Gerry VanDenengel, "Cards ON The Internet...Advertising on a $3 Bill" World Card Technology, pp. 46-48 Feb. 1995.
K. Strassel, "Dutch Software Concern Experiments With Electronic Cash in Cyberspace", Wall Street Journal Apr. 1995.
, Carnegie Mellon University Feb. 1995.

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