Integrated bill consolidation, payment aggregation, and settlement system
Patent 5978780 Issued on November 2, 1999. Estimated Expiration Date: November 21, 2017. Estimated Expiration Date is calculated based on simple USPTO term provisions. It does not account for terminal disclaimers, term adjustments, failure to pay maintenance fees, or other factors which might affect the term of a patent.
705/40, Bill distribution or payment705/38, Credit (risk) processing or loan processing (e.g., mortgage)705/39, Including funds transfer or credit transaction705/44Requiring authorization or authentication
The present invention is an integrated bill consolidation, payment aggregation, and account-payment application system. The system acts as a settlements exchange for the execution of payments between households or small businesses and the service establishments (principally utilities, financial institutions, telecoms, and others) that serve them. The system eliminates paper check payments without requiring automation at the household level (for example, telephone bill-pay, PC payment systems). The invention provides for the consolidated billing of a plurality of services to a plurality of households, the payment to individual service establishments in aggregate "bullet" transfers (verses individual household payments), and the automated application of payments to service establishment accounts. The present system computes, stores, and communicates the information needed to direct the financial institution processing of debit and credit transactions between thousands of service establishments providing goods and services and millions of consuming households. The system provides for a number of methods of payment, adjusts for partial and delayed payments, and automatically structures and schedules payments in arrears.
Stewart Deck, "CyberCash, BlueGill partner to offer online bill payment technologies," Online News Story, Sep. 5, 1997 (1 page) Sep. 5, 1997
"AT&T pulls CIO off of billing project," cw.com (2 pages) May 12, 1997
"New System for Web bill payments," news.com (3 pages) Sep. 14, 1997
"E-Commerce: AT&T and Mondex announce electronic cash for the Internet," elibrary.com (3 pages) Sep. 14, 1997
"Manning Selvage & Lee: Electronic banking could save UK industry millions," elibrary.com (3 pages) Sep. 14, 1997
"Personal Technology: New-Fashioned banking: It's not for everyone: Unless you're patient or live to be on the cutting: edge, an online checkbook can turn into a chore," elibrary.com (2 pages) Sep. 14, 1997
Price Waterhouse: Price Waterhouse and CyberCash form agreement to provide Internet currency solutions, elibrary.com (4 pages) Sep. 14, 1997
"PC Focus/Lawrence J. Magid; Personal Technology; Checks and Balances Made Easy; Home Edition," elibrary.com (2 pages) Sep. 14, 1997
"Microsoft: Microsoft & First Data form new company to enable consumers to receive & pay bills over net," elibrary.com (5 pages) Sep. 14, 1997
"IBM Says It Can Make Internet Payments Safe Cyberscape," elibrary.com (2 pages) Sep. 14, 1997