SYSTEM AND METHOD FOR DISTRIBUTION OF PAYMENTS FROM PAYROLL

SYSTEM AND METHOD FOR DISTRIBUTION OF PAYMENTS FROM PAYROLL

A system, method, and device for automatic distribution of payments are provided. The automatic distribution of payments includes receiving funds from a payment source, the funds being for the benefit of one or more third parties, distributing, automatically, the received funds to one or more custod...

Ausführliche Beschreibung

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Bibliographische Detailangaben
Hauptverfasser: King, Callum Lachlan, Chiu, Jacky Yuk Ming
Format: Patent
Sprache:eng
Schlagworte:
CALCULATING
COMPUTING
COUNTING
DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES
PHYSICS
SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR
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Beschreibung
Zusammenfassung:A system, method, and device for automatic distribution of payments are provided. The automatic distribution of payments includes receiving funds from a payment source, the funds being for the benefit of one or more third parties, distributing, automatically, the received funds to one or more custodial accounts associated with each of the one or more third parties, allocating, automatically, the distributed funds from the one or more custodial accounts associated with each of the one or more third parties, to one or more custodial accounts associated with at least one partner, wherein the allocation of the distribute funds is based on instructions previously received from one or more of the third parties, and transferring, automatically, the allocated funds to a separate banking institution based on previously received instructions the at least one partner.