Matthew W Hankins

US Patent:

7792717, Sep 7, 2010

Filed:

Oct 8, 2004

Appl. No.:

10/960012

Inventors:

Matthew Hankins - Chicago IL, US
William Mann, III - Avondale PA, US
Mark Dickelman - Inverness IL, US

Assignee:

JPMorgan Chase Bank, N.A. - New York NY

International Classification:

G06Q 40/00

US Classification:

705 35

Abstract:

The invention comprises a system and method for “waterfall” type payment processing using multiple alternative payment sources. A payor provides account information for multiple payment sources, such as a bank checking account, savings account, first credit card account, second credit card account, and so forth. The multiple payment sources are prioritized so that one is a primary payment source, another is a secondary payment source, another is a tertiary payment source, and so forth. After setting up the waterfall payment arrangement, when a bill becomes due a payee or third party payment administrator submits transactions against the payment sources in their order of priority until the payment is satisfied. Other variations and enhancements are disclosed.

US Patent:

8620786, Dec 31, 2013

Filed:

Aug 6, 2010

Appl. No.:

12/851743

Inventors:

Matthew W. Hankins - Chicago IL, US
William F. Mann - Avondale PA, US
Mark Dickelman - Inverness IL, US

Assignee:

US Bank National Association - Minneapolis MN
JP Morgan Chase Bank, N.A. - New York NY

International Classification:

G06Q 40/00

US Classification:

705 35

Abstract:

The invention comprises a system and method for “waterfall” type payment processing using multiple alternative payment sources. A payor provides account information for multiple payment sources, such as a bank checking account, savings account, first credit card account, second credit card account, and so forth. The multiple payment sources are prioritized so that one is a primary payment source, another is a secondary payment source, another is a tertiary payment source, and so forth. After setting up the waterfall payment arrangement, when a bill becomes due a payee or third party payment administrator submits transactions against the payment sources in their order of priority until the payment is satisfied. Other variations and enhancements are disclosed.