Patent ID: 8589288

Claim:
A computer-implemented method for managing remittance of funds, said method comprising the steps of: receiving a first electronic request, at a host computer, from a sending entity for scheduling a payment, said first electronic request comprised of information for identifying a receiving entity, a monetary amount to be made available for withdrawal by said receiving entity and a designated source account for debiting said monetary amount; acquiring, at said host computer, a first security code in response to said first electronic request; acquiring, at said host computer, a second security code in response to said first electronic request; storing, at said host computer, a record correlating said first security code and said second security code with said scheduled payment; receiving a second electronic request, at said host computer, from said receiving entity for retrieving said monetary amount associated with said scheduled payment; transmitting, from said host computer, instructions for use of said first security code and said second security code in response to receiving said second electronic request, said instructions prompting said receiving entity to provide a transaction code comprising a portion of said first security code and a portion of said second security code; and presenting an option to withdraw said monetary amount upon validating said transaction code received at said host computer.