Multiple Payee Endorsement
AssigneeBank of America Corporation
InventorsHenry J. Chou, Jennifer M. Lucas
Life of this patent
Estimating the term…
Abstract
A system or method may include steps of electronically maintaining a plurality of accounts for customers associated with a first financial entity and a second financial entity. Then electronically, receiving EDI data representative of a monetary fund amount, and an endorsement request associated with at least one account requiring multiple endorsements. Subsequently, electronically determining whether the endorsement request to the second financial entity is in accordance with a predetermined policy; and responsive to the endorsement request being approved, transmitting EDI data representative of the endorsement to the first financial entity.
Claims20
A computer implemented, method comprising:
- electronically maintaining a plurality of accounts for customers associated with a first financial entity and a second financial entity,
- electronically, receiving EDI data representative of a monetary fund amount, and an endorsement request associated with at least one account requiring multiple endorsements;
- electronically determining whether the endorsement request to the second financial entity is in accordance with a predetermined policy;
- and
- responsive to the endorsement request being approved, transmitting EDI data representative of the endorsement to the first financial entity.
One or more non-transitory computer readable media storing computer executable instructions that, when executed by at least one processor, cause the at least one processor to perform a method comprising:
- electronically maintaining a plurality of accounts for customers associated with a first financial entity and a second financial entity,
- electronically, receiving EDI data representative of a monetary fund amount, and an endorsement request associated with at least one account requiring multiple endorsements;
- electronically determining whether the endorsement request to the second financial entity is in accordance with a predetermined policy;
- and
- responsive to the endorsement request being approved, transmitting EDI data representative of the endorsement to the first financial entity.
A system comprising:
- at least one database configured to maintain a plurality of accounts for customers associated with a first financial entity and a second financial entity;
- and
- at least one computing device, operatively connected to the at least one database, configured to:
- receive EDI data representative of a monetary fund amount, and an endorsement request associated with at least one account requiring multiple endorsements;
- determine whether the endorsement request to the second financial entity is in accordance with a predetermined policy;
- and
- responsive to the endorsement request being approved, transmitting EDI data representative of the endorsement to the first financial entity.
Dependencies are inferred from the claim text.