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Electronic Payment Account

IP.com Disclosure Number: IPCOM000177033D
Publication Date: 2008-Dec-03
Document File: 7 page(s) / 28K

Publishing Venue

The IP.com Prior Art Database

Abstract

This innovation is a budget account that may be entirely electronic, web-based or voice response system-based. The intent of the budget account is to provide customers an online view of inputs and outputs of electronic household accounts for regularly scheduled payments. To facilitate use of these accounts, access to such accounts is limited to online budgeting activities. Any discretionary spending (groceries, clothes, gas, etc) is managed out of the customers’ checking account, but could still be tracked as part of the budget.

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Electronic Payment Account

Background

    In today's world, consumers are decreasingly writing checks. Instead they prefer to transact their personal and business finances electronically; and as a result, they pay bills using credit and/or debit cards, through automatic withdrawals or through their own financial institution's website bill payment systems. Unfortunately financial institutions have only allowed consumers to transact their business using traditional bank accounts, such as checking and savings accounts. In fact, most institutions have not developed any new types of accounts, which would facilitate online transactions and address the changes electronic banking has had on the management of those transactions by the consumer.

    Many consumers want their financial institutions to provide a budget account that would enable them to manage monthly bills, payments and expenses. This budget account would preferably be a structured account developed for managing budgets such as household expenses. Such an account would be particularly useful for starter families and young adult customers as it would aid in debt management. Customers would then have the ability to set spending, saving and debt repayment goals; for example, a goal may be to save 10% of the salary or to pay off all debt in two years.

Overview

    This innovation is a budget account that may be entirely electronic, web-based or voice response system-based. The intent of the budget account is to provide customers an online view of inputs and outputs of electronic household accounts for regularly

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scheduled payments. To facilitate use of these accounts, access to such accounts is limited to online budgeting activities. Any discretionary spending (groceries, clothes, gas, etc) is managed out of the customers' checking account, but could still be tracked as part of the budget.

    Tools are available for the customer to budget electronic payments based on the amounts they have scheduled for direct deposit, list scheduled ACH withdrawal payments, list scheduled automated website bill payments, and list scheduled transfers to other accounts. For any person to person payments, website bill payment systems can manage payments to smaller companies or individuals, again eliminating the need for personal checks. All such transactions are captured in bank statements that are transmitted through website delivery systems and all alerts and notifications are sent to a phone or as a text, e-mail or web message.

Description

    The electronic payment account allows customers to budget their financial accounts online using an account budget tool. The account budget tool assists customers in calculating the exact amount of money that is scheduled to go into the account, the frequency of the deposits, the amount of money scheduled to be withdrawn from the account and the frequency of the withdrawals. Income, such as income derived from emp...