Centralized payment hub method and system

Abstract

Embodiments described herein include an electronic transaction service network (also referred to herein as a centralized electronic transaction (CET) service). In another embodiment, a financial management system hosts a “central payment hub” version of the CET service. The central payment hub is an industrial utility in that multiple financial institutions all participate in a central service that can be offered to their respective customers. All of the customers (both individuals and small businesses) of the various institutions come to one consolidated payment hub. For example a Bank of America invoice can come into the payment hub, and a Wells Fargo invoice can come into the payment hub. The payment hub is a shared utility across multiple financial institutions. The payment hub features a single registration at the payment hub across all of the participating financial institutions.

1 . A central electronic transaction method, comprising:
 a financial management system hosting a central payment hub comprising a central electronic transaction (CET) service on behalf of a plurality of financial institutions, wherein the payment hub manages information of customers of the financial institution comprising individual customers and business customers, the information comprising requests for payment and payment options;   the financial management system receiving input from a customer, the input comprising,
 customer information comprising an identification of at least one payment account, wherein the at least one payment account comprises an existing customer bank account; 
 a request to view customer invoices; and 
 and a request to pay a customer invoice; and 
   the financial management system executing a transaction in response to the received input, comprising transferring funds from the at least one payment account to a destination account.   
     
     
         2 . The method of  claim 1 , wherein the requests for payment comprise invoices, statements, and electronic shopping carts. 
     
     
         3 . The method of  claim 1 , further comprising the payment hub implementing online invoicing for a business customer through a web site identified with the business customer. 
     
     
         4 . The method of  claim 1 , further comprising:
 a business customer customizing a business customer web site to include a link to the payment hub for the use of customers of the business;   the business customer designating one or more accounts to receive funds transferred by the payment hub on behalf of customers of the business; and   the business customer viewing consolidated payment and invoicing information in response to a request to the payment hub.   
     
     
         5 . The method of  claim 1 , wherein the customer information comprises verification information for the at least one payment account, including personal customer identification information and password information. 
     
     
         6 . The method of  claim 1 , further comprising a customer of a business customer accessing the payment hub via a link in an email from the business customer. 
     
     
         7 . The method of  claim 1 , further comprising the customer accessing the web site via a link on a web site of the payment hub. 
     
     
         8 . The method of  claim 1 , further comprising receiving a customer registration that enables the customer to participate in the payment hub, comprising paying multiple payees via the payment hub, wherein paying multiple payees comprises viewing payee requests for payment on specific payee web cites and viewing multiple requests for payment from different payees on a payment hub web site, wherein payees comprise the business customers. 
     
     
         9 . The method of  claim 1 , wherein executing the transaction comprises the payment hub:
 executing a first debit transaction to withdraw funds from the at least one payment account at a first financial institution;   executing a first credit transaction to deposit the funds in an intermediate account at a second financial institution;   executing a second debit transaction to withdraw funds from the intermediate account; and   executing a second credit transaction to deposit the funds in the destination account at a third financial institution.   
     
     
         10 . The method of  claim 9 , wherein the first debit transaction and the first credit transaction are executed using a first network. 
     
     
         11 . The method of  claim 9 , wherein the second debit transaction and the second credit transaction are executed using a second network. 
     
     
         12 . The method of  claim 10 , wherein the first network is chosen from a group comprising: an automatic clearing house (ACH) network; a debit network; an automated teller machine (ATM) network, and a proprietary network. 
     
     
         13 . The method of  claim 11 , wherein the second network is chosen from a group comprising: an automatic clearing house (ACH) network; a debit network; and an automated teller machine (ATM) network. 
     
     
         14 . 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.   
     
     
         15 . The financial management system of  claim 14 , wherein the financial management system hosts multiple web sites on behalf of multiple financial institutions. 
     
     
         16 . The financial management system of  claim 14 , wherein the central electronic transaction method further comprises:
 a business customer customizing a business customer web site to include a link to the payment hub for the use of customers of the business;   the business customer designating one or more destination accounts to receive funds transferred by the payment hub on behalf of customers of the business; and   the business customer viewing consolidated payment and invoicing information in response to a request to the payment hub.   
     
     
         17 . The financial management system of  claim 14 , wherein the customer information comprises verification information for the at least one source account, including personal customer identification information and password information. 
     
     
         18 . The financial management system of  claim 14 , wherein the central electronic transaction method further comprises an individual customer accessing the payment hub via a link in an email from the business customer. 
     
     
         19 . The financial management system of  claim 14 , wherein the central electronic transaction method further comprises an individual customer of a business customer accessing the payment hub via a web site of one of the plurality of financial institutions. 
     
     
         20 . The financial management system of  claim 14 , wherein the central electronic transaction method further comprises performing a customer registration that enables the customer to participate in the payment hub, comprising paying multiple payees via the payment hub, wherein paying multiple payees comprises viewing payee invoices on specific payee web cites and viewing multiple invoices from different payees on a payment hub web site, wherein a payee comprises an individual customer and a business customer. 
     
     
         21 . The financial management system of  claim 14 , wherein executing the transaction comprises the financial management system:
 executing a first debit transaction to withdraw funds from the at least one source account at a first financial institution;   executing a first credit transaction to deposit the funds in an intermediate account at a second financial institution;   executing a second debit transaction to withdraw funds from the intermediate account; and   executing a second credit transaction to deposit the funds in the predetermined destination account at a third financial institution.   
     
     
         22 . The financial management system of  claim 21 , wherein the first debit transaction and the first credit transaction are executed using a first network. 
     
     
         23 . The financial management system of  claim 22  wherein the second debit transaction and the second credit transaction are executed using a second network. 
     
     
         24 . The financial management system of  claim 22 , wherein the first network is chosen from a group comprising: an automatic clearing house (ACH) network; a debit network; and an automated teller machine (ATM) network. 
     
     
         25 . The financial management system of  claim 23 , wherein the second network is chosen from a group comprising: an automatic clearing house (ACH) network; a debit network; and an automated teller machine (ATM) network. 
     
     
         26 . 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.   
     
     
         27 . The method of  claim 26 , wherein the customer comprises an individual customer of a financial institution and a business customer of the financial institution. 
     
     
         28 . The method of  claim 27 , further comprising an individual customer of one of the plurality of financial institutions viewing invoices, paying invoices, and viewing payment history, wherein the invoices and the payment history are related to any business customer of any of the plurality of financial institutions by accessing the payment hub.