ELECTRONIC PAYMENT SYSTEM FOR FINANCIAL INSTITUTIONS AND COMPANIES TO RECEIVE ONLINE PAYMENTS

摘要

The present invention provides an a electronic payment system for bank, financial institutions, portals and companies to receive payment from their customers for one or more payees. The electronic payment system allows payer (consumer or business) to use any funding method (bank account, credit/debit cards or any other business or personal account or method associated with one or more banks) accepted by the payee to initiate a payment and the payment transaction is routed to the appropriate payment processor based on payee's preferences. The electronic payment system also provides a instant payment delivery notification to the payer directly from the payee. The system also creates a unique payment tracking number which can be used by all parties associated with the transaction to track a payment's status and other attributes associated with the payment. The electronic payment system also provides a rule based payment management system for the payees to use for managing the processing and posting of the payments. The system also allows for payees to manage their payments received and post to various receivable systems based on rules defined. Additionally, the system allows payees to create rules for other aspects of payment processing. The system also allows for much simplified electronic bill delivery system which uses biller's existing infrastructure to create bill data for distribution to 3rd party consolidators.