ELECTRONIC PAYMENT METHOD OF PRESENTATION TO AN AUTOMATED CLEARING HOUSE (ACH)

摘要

AN ELECTRONIC PAYMENT METHOD IMPLEMENTED AS AN APPLICATION GATEWAY BETWEEN A BANK AND AN AUTOMATED CLEARING HOUSE (ACH) WHICH FACILITATES PRESENTATION OF COMPLETE PAYMENT PARTICULARS TO SAID ACH OF A REQUEST FOR PAYMENT FROM A PAYOR TO A PAYEE. OUR METHOD REQUIRES EACH OF PAYOR AND PAYEE TO SEPARATELY INPUT THEIR RESPECTIVE PARTICULARS TO COMPLETE SAID PAYMENT PARTICULARS FOR PRESENTATION TO THE ACH, WHEREIN EACH OF SAID PAYOR AND PAYEE ARE ONLY ALLOWED SELECTIVE ACCESS TO PARTICULARS SUFFICIENT TO IDENTIFY THE TRANSACTION. A PAYOR INITIATES PAYMENT REQUEST VIA HIS BANK'S ELECTRONIC BANKING CHANNEL HAVING ACCESS TO SAID APPLICATION GATEWAY. PARTIAL PAYMENT PARTICULARS ARE PROVIDED WHICH INCLUDES A PAYEE IDENTIFIER. THE PAYEE RECEIVES A UNIQUE CODE ENABLING HIM TO ACCESS THE APPLICATION GATEWAY VIA HIS BANK'S CHANNEL AND COMPLETE HIS PART OF THE PAYMENT PARTICULARS. THE COMPLETE PARTICULARS ARE PRESENTED TO THE ACH FOR CLEARANCE. FIGURE 1 ACCOMPANIES THE ABSTRACT.