Patent ID: 10853771

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.