Patent ID: 8374961

Claim:
A computer system for processing employee direct payroll deposits, comprising: a computer-readable storage medium having instructions stored therein; one or more processors executing the instructions stored in the computer-readable medium to implement a counterparty management module to permit an employer to add employee bank accounts to a funds transfer system provided by a banking institution, the employee bank accounts being respectively associated with different employees of the employer, the employer having a bank account at the banking institution, the counterparty management module being accessible to the employer by way of an online banking area of a website of the banking institution, including to provide screens to the employer by way of the Internet, permit the employer to specify, by providing responses to prompts contained in the screens, a payroll-related pay group that includes the employee bank accounts and to specify characteristics of the transferring of funds to the pay group as a whole, permit the employer to specify, by providing responses to the prompts contained in the screens, bank account numbers for each of the employee bank accounts; a payment module to generate payment instructions for transferring funds from the employer bank account to the employee bank accounts.