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,financialinstitutions, portals and companies to receive payment from their customersfor one ormore payees. The electronic payment system allows payer (consumer or business)to useany funding method (bank account, credit/debit cards or any other business orpersonalaccount or method associated with one or more banks) accepted by the payee toinitiate apayment and the payment transaction is routed to the appropriate paymentprocessor basedon payee's preferences. The electronic payment system also provides a instantpaymentdelivery notification to the payer directly from the payee. The system alsocreates a uniquepayment tracking number which can be used by all parties associated with thetransactionto track a payment's status and other attributes associated with the payment.Theelectronic payment system also provides a rule based payment management systemfor thepayees to use for managing the processing and posting of the payments. Thesystem alsoallows for payees to manage their payments received and post to variousreceivablesystems based on rules defined. Additionally, the system allows payees tocreate rules forother aspects of payment processing. The system also allows for muchsimplifiedelectronic bill delivery system which uses biller's existing infrastructure tocreate bill datafor distribution to 3 rd party consolidators.