System and method for selectable funding of electronic transactions

Abstract

A system for transferring funds to pay bills and to and from selected accounts on an optimized is provided. A mediation engine may manage the payments made to selected payees, including by scheduling the payments and selecting sources for funds. A rules-based optimizer may automatically select the least-cost or other most efficient or desirable transaction, given the customer's available funds, types of funds and payment date. All payment providers and payees may manipulated using one seamless view. A customer service representative may also view the transfers.

1 - 41 . (canceled) 
     
     
         42 . A system for managing a transmission of funds, the system comprising:
 a user device that interfaces with a human user to input first information, the first information including payment source information and payee information;   a payment platform database that includes payment platform information; and   a processor, the processor communicating with the user device and the payment platform database so as to input the first information and access select payment platform information, the processor:
 identifying a single payment source based on the payment source information, the single payment source being selected from a plurality of payment sources, the single payment source being the source of funds for the transmission of funds; 
 identifying, automatically without human involvement, a payee account based on the payee information; 
 performing, after identifying the single payment source and the payee account, an optimization determination to determine a payment mechanism to use to transfer the funds from the single payment source to the payee account, the processor using the first information and payment platform information in the optimization determination, the optimization determination performed automatically without human involvement; and 
 effecting the transmission of funds from the single payment source to the payee account using the payment mechanism; and 
   wherein the processor inputs a plurality of selected payment sources, and performs a determination to determine which one of the selected payment sources is the single payment source.   
     
     
         43 . The system of  claim 42 , wherein the user device is a cellular phone. 
     
     
         44 . The system of  claim 43 , wherein the cellular phone is a network-enabled cellular telephone. 
     
     
         45 . The system of  claim 43 , wherein the cellular phone is a browser equipped cellular telephone. 
     
     
         46 . The system of  claim 43 , wherein the cellular phone communicates with the processor utilizing a Wi-Fi based radio frequency link. 
     
     
         47 . The system of  claim 43 , wherein the cellular phone communicates with the processor utilizing a cellular phone channel. 
     
     
         48 . The system of  claim 42 , wherein the user device is one selected from the group consisting of a portable digital assistant, a paging device, and a set-top box. 
     
     
         49 . The system of  claim 42 , wherein the processor identifying a single payment source includes the processor inputting the single payment source from the user device. 
     
     
         50 . The system of  claim 42 , wherein the user device provides for the user to select the plurality of selected payment sources. 
     
     
         51 . The system of  claim 42 , wherein the user device presents the user with at least two payment sources, and the user device interfaces with the user to allow the user to manually choose the single payment source. 
     
     
         52 . The system of  claim 42 , wherein the at least two payment sources meet payment schedule data and the user device presents associated costs of the at least two sources. 
     
     
         53 . The system of  claim 42 , wherein the processor determines from a set of payment mechanisms a reduced set of payment mechanisms, the reduced set being a set of payment mechanisms from which the payment mechanism is selected, the reduced set of payment mechanisms including at least two payment mechanisms. 
     
     
         54 . The system of  claim 42 , wherein the optimization determination comprises a calculation of at least one of payee account data, payment schedule data, payment type data and privacy data. 
     
     
         55 . The system of  claim 42 , wherein the single payment source comprises at least one of a direct deposit account, a source credit account, a mortgage account, a securities account, a money market account, a micro payment account, an overdraft account and a stored value account. 
     
     
         56 . The system of  claim 42 , wherein the payee account comprises at least one of a utility account, a mortgage account, a payee credit account, and a contribution account. 
     
     
         57 . The system of  claim 42 , wherein user device comprises a graphical user interface directly communicating with the processor. 
     
     
         58 . The system of  claim 42 , wherein the optimization determination includes at least one of minimizing a cost variable, fulfilling a transaction schedule, utilizing a determined affiliation between the single payment source and the payee account, maximizing security, maximizing reliability, minimizing risk, fulfilling a contractual obligation, maximizing volume discounts, aggregating a transaction amounts, maximizing a transaction amount and maximizing available bonus awards. 
     
     
         59 . The system of  claim 42 , wherein the optimization determination includes:
 the processor performing processing so as to identify an affiliation between the single payment source and the payee account; and   determining the payment mechanism based on the identified affiliation.   
     
     
         60 . The system of  claim 42 , wherein the optimization determination comprises minimizing a cost variable, and the cost variable comprises at least one of a transaction cost charged to the user and an internal cost absorbed by a payment enabler, the payment enabler maintaining the processor. 
     
     
         61 . A computer implemented method for managing a transmission of funds for a payment, comprising:
 inputting first information from a cellular phone, the first information including payment source information and payee information;   inputting, from a payment platform database, payment platform information; and   performing processing based on the first information and the payment platform information, the processing being performed by a processor, the processing including:
 identifying, automatically without human involvement, a single payment source based on the payment source information, the single payment source being selected from a plurality of payment sources, the single payment source being the source of funds for the transmission of funds; 
 identifying a payee account based on the payee information; 
 performing, after identifying the single payment source and the payee account, an optimization determination to determine a payment mechanism to use to transfer the funds from the single payment source to the payee account, the processing including using the first information and payment platform information in the optimization determination, the optimization determination performed automatically without human involvement; and 
 effecting the transmission of funds from the single payment source to the payee account using the payment mechanism; and 
   the processor further selecting the single payment source, from a plurality of payment sources.   
     
     
         62 . The computer implemented method of  claim 62 , wherein the single payment source comprises one selected from the group consisting of a checking or other demand deposit account (DDA), money market fund, securities account, stored value account, credit card account, currency account, overdraft line of credit, micro payment account, and line of credit. 
     
     
         63 . A system for managing a transmission of funds for a user effecting a payment, comprising:
 a user device that interfaces with a human user to input first information, the first information including payment source information and payee information;   a payment platform database that includes payment platform information; and   a processor, the processor communicating with the user device and the payment platform database so as to input the first information and access select payment platform information, the processor:
 identifying a single payment source based on the payment source information, the single payment source being selected from a plurality of payment sources, the single payment source being the source of funds for the transmission of funds; 
 identifying a payee account based on the payee information; 
 performing, after identifying the single payment source and the payee account, a first optimization determination to determine a payment mechanism to use to transfer the funds from the single payment source to the payee account, the processor using the first information and payment platform information in performing the first optimization determination, the first optimization determination performed automatically without human involvement; and 
 effecting the transmission of funds from the single payment source to the payee account using the payment mechanism; and 
   the processor identifying a single payment source includes the processor performing a determination to determine the single payment source, the processor inputting a plurality of selected payment sources, and performing the determination to determine which one of the plurality of selected payment sources is to constitute the single payment source;   the user device providing for the payment initiator to select the plurality of selected payment sources; and   wherein the first optimization determination includes at least one selected from the group consisting of minimizing a cost variable, consideration of risk, and determination of whether there is an affiliation between the single payment source and the payee account.