Centralized payment hub method and system

A financial management system comprising:

• a plurality of servers configurable to communicate with a plurality of financial institutions via at least one network;
• and
• a plurality of storage devices, comprising,
• databases that store customer information, wherein customers comprise customers of financial institutions including individual customers and business customers, and financial institution information;
• and
• memory devices that store instructions that when executed, cause a central electronic transaction method to be executed, the method comprising,
• a central payment hub hosted by the financial management system on behalf of the plurality of financial institutions managing information of the customers of the financial institution, the information comprising invoices, payment options, and payment histories;
• the payment hub receiving input from a customer, the input comprising,
• customer information comprising an identification of at least one source account, wherein the at least one source account comprises an existing customer bank account;
• a request to view customer invoices on the web site;
• and
• a request to pay a customer invoice;
• and
• the payment hub executing a transaction in response to the received input, comprising transferring funds from the at least one source account to a predetermined destination account.

A method for central electronic transaction management, the method comprising:

• hosting a central payment hub for a plurality of financial institutions;
• supporting web site links on web sites of the plurality of financial institutions which link to the central payment hub, wherein each of the financial institutions offers a plurality of central payment hub services to its customers, the services comprising invoicing and payment services;
• receiving customer preferences comprising at least one designated destination account in which funds are to be deposited by the payment hub on behalf of a customer;
• receiving registration input from a customer comprising customer personal information and customer source account information regarding an account from which funds are to be withdrawn to make payments on behalf of the customer;
• receiving input from the customer comprising,
• a request from the customer to view invoices;
• a request to pay an invoice;
• a request to view payment history;
• and
• a request to send an invoice on behalf of the customer;
• and
• executing a transaction in response to the request to pay comprising transferring funds from the customer source account to the at least one designated destination account.