Penny L Gerstner

US Patent:

20050125321, Jun 9, 2005

Filed:

Dec 5, 2003

Appl. No.:

10/707327

Inventors:

Penny Gerstner - Gastonia NC, US
Carrie Heise - Charlotte NC, US
Marilyn Kane - Sanibel FL, US
Stephen Kaufmann - Matthews NC, US
Christopher Keller - Ballwin MO, US
Kelly Kruse - Charlotte NC, US
Gerard Poll - Davidson NC, US
Catherine Pullen - Mount Holly NC, US
Faith Tucker - Wichita KS, US
Richard Tucker - Charlotte NC, US
Vickie Van Meir - Charlotte NC, US
Deborah Winick - Dallas TX, US

Assignee:

BANK OF AMERICA CORPORATION - Charlotte NC

International Classification:

G06F017/60

US Classification:

705035000, 705042000

Abstract:

System and method for authorizing third-party transactions for an account at a financial institution on behalf of the account holder. A financial institution can collect process, transmit and confirm authorizations to third parties for electronic payments and direct deposits on behalf of its account-holder customer. In at least some embodiments, a method of processing account-holder requests to authorize third-party transactions for an account includes the establishment of a pre-existing list of prospective third-party participants such as employers and billers. The financial institution receives account-holder requests to authorize third-party transactions. Specific requests from among the account-holder requests are matched to third-party participants and forwarded and can be confirmed. The system of the invention can include various engines and data repositories that work together to provide the means for implementing embodiments of the invention.