System and method for managing financial transactions based on electronic check data

A system comprising:

• at least one processor;
• a memory;
• a set of instructions operable on the at least one processor to:
• register, by a third-party service, a payor, wherein the payor electronically supplies at least one bank account identity to the third-party service;
• receive a check-type payment request from the payor by the third-party service comprising payment information comprising at least a payee identifier, an amount for the check-type payment, and a bank account identifier representative of one of the at least one bank account identity supplied by the payor, the payment information representing a set of depositable payment information;
• store the payment information with the third-party service;
• generate a unique identifier for the check-type payment request and associating the payment information with the unique identifier;
• divide the set of depositable payment information into a first portion and the second portion with the first portion comprising some of the payment information and the second portion comprising a remainder of the payment information, wherein the first portion and the second portion are associated with the unique identifier;
• transmit the unique identifier and the second portion without the first portion to the payee;
• receive a deposit request to a deposit account from the payee by the third-party for the check-type payment associated with the unique identifier of the payment information, the deposit request including the unique identifier and the second portion;
• generate electronic data representing a depositable item responsive to the deposit request by electronically associating the payment information and the supplied bank account identity associated with the payment information, wherein the depositable item is generated using the second portion and the first portion, the first portion retrieved from the third-party service using the unique identifier;
• and
• use the electronic data representing the deposit to make a deposit into the deposit account by the third-party service.

A non-transitory machine readable medium that stores instructions which when performed by a machine, cause the machine to perform operations comprising:

• registering, by a third-party service, a payor, wherein the payor electronically supplies at least one bank account identity to the third-party service;
• receiving a check-type payment request from the payor by the third-party service comprising payment information comprising at least a payee identifier, an amount for the check-type payment, and a bank account identifier representative of one of the at least one bank account identity supplied by the payor, the payment information representing of a set of depositable payment information;
• storing the payment information with the third-party service;
• generating a unique identifier for the check-type payment request and associating the payment information with the unique identifier;
• dividing the set of depositable payment information into a first portion and the second portion with the first portion comprising some of the payment information and the second portion comprising a remainder of the payment information, wherein the first portion and the second portion are associated with the unique identifier;
• transmitting the unique identifier and the second portion without the first portion to the payee;
• receiving a deposit request to a deposit account from the payee by the third-party for the check-type payment associated with the unique identifier of the payment information, the deposit request including the unique identifier and the second portion;
• generating electronic data representing a depositable item responsive to the deposit request by associating the payment information and the supplied bank account identity associated with the payment information, wherein the depositable item is generated using the second portion and the first portion, the first portion retrieved from the third-party service using the unique identifier;
• and
• the generating from at least a portion of the set of depositable payment information;
• and
• processing the electronic data representing the depositable item to make a deposit into the deposit account by the third-party service.