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US5978780A
Expired / Lapsed
US
⏱️ 0.0 years remaining
Integrated bill consolidation, payment aggregation, and settlement system
Assignee: PayPal Inc
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Filing: 1997-11-21
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Granted: 1999-11-02
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Expires: 2017-11-21
Abstract
Abstract The present invention is an integrated bill consolidation, payment aggregation, and account-payment application system. The system acts as a settlements exchange for the execution of payments between households or small businesses and the service establishments (principally utilities, financial institutions, telecoms, and others) that serve them. The system eliminates paper check payments without requiring automation at the household level (for example, telephone bill-pay, PC payment systems). The invention provides for the consolidated billing of a plurality of services to a plurality of households, the payment to individual service establishments in aggregate "bullet" transfers (verses individual household payments), and the automated application of payments to service establishment accounts. The present system computes, stores, and communicates the information needed to direct the financial institution processing of debit and credit transactions between thousands of service establishments providing goods and services and millions of consuming households. The system provides for a number of methods of payment, adjusts for partial and delayed payments, and automatically structures and schedules payments in arrears.
Inventors
- 👤 Craig Michael Watson
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-10-26 16:53
CPC Classifications
G; G06; G06Q; G06Q30/00; G06Q30/04; G06Q20/00; G06Q20/08; G06Q20/10; G06Q20/102; G06Q20/38; G06Q20/40; G06Q40/00; G06Q40/02; G06Q40/03
Claims Analysis
Total Claims: 41
Claim 1
Independent Claim
102 words
A method of payment of bills of establishments by purchasers, comprising: providing a settlements exchange with billing information from establishments; calculating an obligation value for each purchaser; downloading the obligation value for each purchaser from the settlements exchange to a financial institution having an account for the purchaser; based on guidelines automatically instructing the financial institution to apply to the purchaser's account, at least a portion of the obligation value; aggregating all of the obligation values that have been applied to purchaser's accounts that are destined for the same establishments; and instructing the financial institutions to issue these credits to the establishment.
Claim 2
Independent Claim
102 words
A method of payment of bills of establishments by purchasers, comprising: providing a settlements exchange with billing information from establishments; calculating an obligation value for each purchaser; downloading the obligation value for each purchaser from the settlements exchange to a financial institution having an account for the purchaser; based on guidelines automatically instructing the financial institution to apply to the purchaser's account, at least a portion of the obligation value; aggregating all of the obligation values that have been applied to purchaser's accounts that are destined for the same establishments; and instructing the financial institutions to issue these credits to the establishment.
Claim 3
Dependent Claim
22 words
The method of paying bills of claim 1, wherein the step of calculating an obligation value calculates a consolidated actual payment value.
Claim 4
Dependent Claim
23 words
The method of paying bills of claim 1, wherein the step of calculating an obligation value calculates a constant proforma consolidated payment value.
Claim 5
Dependent Claim
29 words
The method of paying bills of claim 1, further including generating a single consolidated billing statement for the purchaser and transmitting the single consolidated billing statement to each purchaser.
Claim 6
Dependent Claim
23 words
The method of paying bills of claim 4, wherein the step of generating a consolidated billing statement generates an electronic consolidated billing statement.
Claim 7
Dependent Claim
23 words
The method of paying bills of claim 4, wherein the step of generating a consolidated billing statement generates a printed consolidated billing statement.
Claim 8
Dependent Claim
20 words
The method of paying bills of claim 4, wherein the step of transmitting a consolidated billing statement is by mail.
Claim 9
Dependent Claim
19 words
The method of paying bills of claim 4, wherein the step of transmitting a consolidated billing statement is electronic.
Claim 10
Dependent Claim
24 words
The method of paying bills of claim 1, further including the step of issuing to each establishment a detailed verification of each purchaser's payment.
Claim 11
Independent Claim
102 words
A method of payment of bills of establishments by purchasers, comprising: providing a settlements exchange with billing information from service establishments; calculating an obligation value for each purchaser; downloading the obligation value and the billing information for each purchaser from the settlements exchange to a financial institution; based on guidelines automatically instructing the financial institution to debit from or charge to an account for the purchaser, at least a portion of the obligation value; enabling financial institutions to make payments to each establishment on behalf of all purchasers served; and identifying to establishments the correct application to accounts of the payments received.
Claim 12
Independent Claim
102 words
A method of payment of bills of establishments by purchasers, comprising: providing a settlements exchange with billing information from service establishments; calculating an obligation value for each purchaser; downloading the obligation value and the billing information for each purchaser from the settlements exchange to a financial institution; based on guidelines automatically instructing the financial institution to debit from or charge to an account for the purchaser, at least a portion of the obligation value; enabling financial institutions to make payments to each establishment on behalf of all purchasers served; and identifying to establishments the correct application to accounts of the payments received.
Claim 13
Dependent Claim
22 words
The method of paying bills of claim 2, wherein the step of calculating an obligation value calculates a consolidated actual payment value.
Claim 14
Dependent Claim
21 words
The method of paying bills of claim 2, wherein the step of calculating an obligation value calculates a proforma payment value.
Claim 15
Dependent Claim
29 words
The method paying bills of claim 12, wherein the step of calculating a proforma payment value further comprises: compiling risk factors; and computing risk-adjusted establishment-specific payments for each purchaser.
Claim 16
Dependent Claim
29 words
The method of paying bills of claim 10, further including the steps of generating a single consolidated billing statement and transmitting the single consolidated billing statement to each purchaser.
Claim 17
Dependent Claim
22 words
The method of paying bills of claim 14, wherein the step of generating a billing statement generates an electronic consolidated billing statement.
Claim 18
Dependent Claim
22 words
The method of paying bills of claim 14, wherein the step of generating a billing statement generates a printed consolidated billing statement.
Claim 19
Dependent Claim
20 words
The method of paying bills of claim 14, wherein the step of transmitting a consolidated billing statement is by mail.
Claim 20
Dependent Claim
19 words
The method of paying bills of claim 14, wherein the step of transmitting a consolidated billing statement is electronic.
Claim 21
Dependent Claim
24 words
The method of paying bills of claim 10, further including the step of issuing to each establishment a detailed verification of each purchaser's payment.
Claim 22
Dependent Claim
63 words
The method of paying bills of claim 10, wherein the step of providing a settlements exchange with billing information from establishments, further comprises: enrolling purchasers in the settlements exchange; downloading historical purchaser information to the settlements exchange; creating a matched database of purchasers, establishments and financial institutions; assigning a unique identifier to each purchaser; and downloading establishment billing information on a continuing basis.
Claim 23
Dependent Claim
21 words
The method of paying bills of claim 10, further including the step of calculating of payment risk factors for the purchaser.
Claim 24
Dependent Claim
52 words
The method of paying bills of claim 21, wherein the step of calculating payment risk factors for the purchaser further comprises: analyzing historical payment patterns for establishments and financial institutions; computing a payment risk factor for purchasers; computing a receivables risk factor for establishments; and normalizing the purchaser and establishment risk factors.
Claim 25
Dependent Claim
56 words
The method of paying bills of claim 10, wherein the step of calculating an obligation value for each purchaser, further comprises: compiling risk-adjustment factors with which to adjust the obligation value for each purchaser to each service establishment; consolidating all purchaser establishment payment obligations into a single value; and further calculating a constant consolidated obligation value.
Claim 26
Dependent Claim
50 words
The method of paying bills of claim 10, wherein the step of downloading from a settlements exchange to a financial institution, further comprises: establishing a connection between the settlements exchange and the financial institution; creating billing information; correlating purchasers with financial institutions; and downloading billing information detail to financial institutions.
Claim 27
Dependent Claim
58 words
The method of paying bills of claim 10, wherein the step of instructing financial institutions to debit from or charge to the purchaser, an obligation value, further comprises: issuing instructions to financial institutions; channeling failed payments or specially designated accounts to an exception handling system; and confirming payments by financial institution, purchaser, and amount of debit or charge.
Claim 28
Dependent Claim
45 words
The method of paying bills of claim 10, wherein the step of enabling payments to establishments, further comprises: accumulating the obligation values destined for the same establishments; downloading to financial institutions information for establishments; and instructing financial institutions to issue the obligation values to establishments.
Claim 29
Dependent Claim
75 words
The method of paying bills of claim 10, wherein the step of identifying to establishments the correct application to individual purchaser accounts of the aggregate payments received further comprises: receiving from financial institutions correspondence between aggregate payments made and the payment instructions; generating a list of individual purchasers and their corresponding payments by establishment; sorting the payments by establishment; sorting the establishment specific purchaser payments; and downloading to establishments, the list of applied account payments.
Claim 30
Independent Claim
56 words
A method of providing a settlements exchange with billing information from establishments, comprising: enrolling purchasers in the settlements exchange; downloading historical information to the settlements exchange; creating a matched database of purchasers, establishments and financial institutions; assigning a unique identifier to each purchaser; downloading establishment billing information; and processing establishment billing information on a continuing basis.
Claim 31
Independent Claim
56 words
A method of providing a settlements exchange with billing information from establishments, comprising: enrolling purchasers in the settlements exchange; downloading historical information to the settlements exchange; creating a matched database of purchasers, establishments and financial institutions; assigning a unique identifier to each purchaser; downloading establishment billing information; and processing establishment billing information on a continuing basis.
Claim 32
Independent Claim
40 words
A method of calculation of payment risk factors comprising: analyzing historical payment patterns for establishments and financial institutions; computing a payment risk factor for purchasers; computing a receivables risk factor for establishments; and normalizing the payment and receivables risk factors.
Claim 33
Independent Claim
40 words
A method of calculation of payment risk factors comprising: analyzing historical payment patterns for establishments and financial institutions; computing a payment risk factor for purchasers; computing a receivables risk factor for establishments; and normalizing the payment and receivables risk factors.
Claim 34
Independent Claim
24 words
A method of calculating of proforma payments for purchaser services, comprising: compiling risk factors for purchasers; and computing risk-adjusted establishment-specific payments for each purchaser.
Claim 35
Independent Claim
24 words
A method of calculating of proforma payments for purchaser services, comprising: compiling risk factors for purchasers; and computing risk-adjusted establishment-specific payments for each purchaser.
Claim 36
Independent Claim
44 words
A method of calculating an obligation value for purchasers, comprising: compiling risk-adjustment factors with which to adjust the obligation value for each purchaser to each establishment; consolidating all purchaser establishment payment obligations into a single value; and further calculating a constant consolidated obligation value.
Claim 37
Independent Claim
44 words
A method of calculating an obligation value for purchasers, comprising: compiling risk-adjustment factors with which to adjust the obligation value for each purchaser to each establishment; consolidating all purchaser establishment payment obligations into a single value; and further calculating a constant consolidated obligation value.
Claim 38
Independent Claim
61 words
A method of instructing financial institutions to debit from or charge to a purchaser, an obligation value, comprising: based on guidelines, automatically instructing a financial institution to apply at least a portion of the obligation value; channeling failed payments or specially designated accounts to an exception handling system; and confirming payments by financial institution, purchaser, and amount of debit or charge.
Claim 39
Independent Claim
61 words
A method of instructing financial institutions to debit from or charge to a purchaser, an obligation value, comprising: based on guidelines, automatically instructing a financial institution to apply at least a portion of the obligation value; channeling failed payments or specially designated accounts to an exception handling system; and confirming payments by financial institution, purchaser, and amount of debit or charge.
Claim 40
Independent Claim
45 words
A method of making payments to establishments, comprising: accumulating purchaser obligation values destined for the same establishments; downloading to financial institutions information for establishments; and based on guidelines, automatically instructing financial institutions to issue at least a portion of the purchaser obligation values to establishments.
Claim 41
Independent Claim
45 words
A method of making payments to establishments, comprising: accumulating purchaser obligation values destined for the same establishments; downloading to financial institutions information for establishments; and based on guidelines, automatically instructing financial institutions to issue at least a portion of the purchaser obligation values to establishments.
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USPTO Annuity & Maintenance Windows
| Annuity Stage | Window Opens | Payment Deadline | Surcharge Period Until | Estimated Fee | Status |
|---|---|---|---|---|---|
| 3.5 Years (Year 4) | 2002-11-01 | 2003-05-03 | 2003-11-02 | $2000.00 | Window Closed / Lapsed |
| 7.5 Years (Year 8) | 2006-11-01 | 2007-05-03 | 2007-11-02 | $3760.00 | Window Closed / Lapsed |
| 11.5 Years (Year 12) | 2010-11-01 | 2011-05-03 | 2011-11-02 | $7700.00 | Window Closed / Lapsed |