Invention Grant
- Patent Title: System and method for settling multiple payees from a single electronic and/or check payment
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Application No.: US15763074Application Date: 2016-11-23
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Publication No.: US10853771B2Publication Date: 2020-12-01
- Inventor: Hugh Enobakhare
- Applicant: Mroute Corp.
- Applicant Address: US NY New York
- Assignee: Mroute Corp.
- Current Assignee: Mroute Corp.
- Current Assignee Address: US NY New York
- Agency: BakerHostetler
- International Application: PCT/US2016/063547 WO 20161123
- International Announcement: WO2017/054016 WO 20170330
- Main IPC: G06Q20/04
- IPC: G06Q20/04 ; G06Q20/02 ; G06Q20/10 ; G06Q20/40 ; G06Q40/08 ; G06F16/27

Abstract:
A system and method is disclosed that facilitates electronic payment to multiple payees from a single electronic payment transaction and/or from a multiple payee check payment. The system includes a database storing payor and payee identity, address, and bank account information and a processor that executes instructions causing the processor to initiate a multiple payee payment and/or a multiple payee check handling and clearing process including determining identity of the payor and/or receiving the payor's check information; receive identification of multiple payees; place a hold on a payor's bank/card account and/or accept multiple payee check deposit via an ATM; alert respective payees that funds are available; enable payee electronic check endorsement and/or identity verification for the respective payees; receive electronic payee endorsement and confirmation of identity and provide an endorsement file to the payor for each payee; debit the payor's account in respective amounts owed the respective payees; and disburse the respective amounts to the respective payees through a payment network.
Public/Granted literature
- US20180285836A1 SYSTEM AND METHOD FOR SETTLING MULTIPLE PAYEES FROM A SINGLE ELECTRONIC AND/OR CHECK PAYMENT Public/Granted day:2018-10-04
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