System and method for settling multiple payees from a single electronic and/or check payment

A system which performs electronic payment to multiple payees of respective payment stakes of a single electronic payment transaction and/or respective payment stakes of a multiple payee check payment, comprising:

• a database storing payor and payee identity, address, and bank account information;
• a processor that executes instructions and communicates outputs to a payor and respective payees;
• and
• a memory that stores instructions that when executed by the processor cause the processor to perform the steps of:
• executing a multiple payee payment and/or a multiple payee check handling and clearing process by a payment system using a Notification, Endorsement, Debits, Disbursements (NEDD) protocol, including receiving the payor's check information;
• receiving identification of multiple payees and specifying respective payment stakes due each payee distributed according to a pre-set disbursement or distributed based on an agreement of each payee for each other's stake;
• placing a multiple payee hold on a payor's account;
• accepting multiple payee check deposit via a n ATM;
• alerting respective payees that funds are available;
• enabling payees' electronic check endorsements;
• receiving electronic payees' endorsements and confirmation of identity and providing an endorsement file to the payor for each payee;
• debiting the payor's account by the respective payment stakes due to the respective payees;
• and
• disbursing the respective payment stakes to the respective payees through a payment network.

A non-transitory computer readable medium that stores instructions that when executed by a processor causes the processor to facilitate electronic payment to multiple payees of respective payment stakes of a single electronic payment transaction and/or respective payment stakes of a multiple payee check payment by performing the steps of:

• executing a multiple payee payment and/or a multiple payee check handling and clearing process, by a payment system using a Notification, Endorsement, Debits, Disbursements (NEDD) protocol, including receiving the payor's check information;
• receiving identification of multiple payees and specifying respective payment stakes due each payee distributed according to a pre-set disbursement or distributed based on an agreement of each payee for each other's stake;
• placing a hold on a payor's account;
• accepting multiple payee check deposit via an ATM;
• alerting respective payees that funds are available;
• enabling payees electronic check endorsements;
• receiving electronic payees' endorsements and confirmation of identity and providing an endorsement file to the payor for each payee;
• debiting the payor's account by the respective payment stakes due to the respective payees;
• and
• disbursing the respective payment stakes to the respective payees through a payment network.