Patent ID: 7117171
Filing Date: 2006-10-03
Classification: G06Q

Abstract:
1. A system for generating authorized payments from financial accounts belonging to a plurality of payers, in payment of debts to a payee, comprising: input means for performing an electronic information input process wherein a system operator contemporaneously enters information sufficient to identify a new payer previously unknown to the system and information specifying a payment to be generated from an account of that payer, said information including a financial institution identification number, payer account identifier, and an amount to be paid from said payer's account to said payee; an institutional database comprising financial institution identification information; institution verification means associated with said input means for receiving said financial institution identification number and comparing said financial institution identification number to entries in said institutional database, wherein when said financial institution is found in the institutional database, the institution verification means retrieves identifying information about the institution and verifies the accuracy of said financial institution identification number, and wherein when said financial institution is not found in the institutional database, an error indication is generated; and output means connected to said input means for receiving said information specifying a payment and generating in electronic information form instructions for said payment to said payee.