Multiple Payee Endorsement

Abstract

A system or method may include steps of electronically maintaining a plurality of accounts for customers associated with a first financial entity and a second financial entity. Then electronically, receiving EDI data representative of a monetary fund amount, and an endorsement request associated with at least one account requiring multiple endorsements. Subsequently, electronically determining whether the endorsement request to the second financial entity is in accordance with a predetermined policy; and responsive to the endorsement request being approved, transmitting EDI data representative of the endorsement to the first financial entity.

1 . A computer implemented, method comprising:
 electronically maintaining a plurality of accounts for customers associated with a first financial entity and a second financial entity,   electronically, receiving EDI data representative of a monetary fund amount, and an endorsement request associated with at least one account requiring multiple endorsements;   electronically determining whether the endorsement request to the second financial entity is in accordance with a predetermined policy; and   responsive to the endorsement request being approved, transmitting EDI data representative of the endorsement to the first financial entity.   
     
     
         2 . The method of  claim 1 , further comprising electronically enabling transmission of EDI data representative of endorsement request approval notification to an electronic device associated with the customer. 
     
     
         3 . The method of  claim 2 , wherein the EDI data representative of endorsement request approval notification comprise an electronic message. 
     
     
         4 . The method of  claim 1 , wherein the predetermined policy includes data representative of payment history of the account. 
     
     
         5 . The method of  claim 1 , wherein the step responsive to the endorsement request being approved, further comprises transmitting EDI data representative of an endorsement approval code. 
     
     
         6 . The method of  claim 1 , wherein the multiple endorsements includes the endorsement of the customer and the endorsement of the second financial entity. 
     
     
         7 . The method of  claim 1 , wherein responsive to the endorsement request being approved, enabling distribution of the amount of monetary funds to the customer. 
     
     
         8 . The method of  claim 1 , wherein the step of responsive to the endorsement request being approved, includes transmitting EDI data representative of a first portion of the monetary fund amount to the first financial entity, the first portion being less than the monetary fund amount. 
     
     
         9 . The method of  claim 8 , further including a step of transmitting EDI data representative of a second portion of the monetary fund amount to the first financial entity, the second portion being defined the balance of the monetary fund amount minus the first portion. 
     
     
         10 . The method of  claim 9 , wherein the step of responsive to the endorsement request being approved, includes transmitting EDI data representative of the second portion to a fee due account. 
     
     
         11 . One or more non-transitory computer readable media storing computer executable instructions that, when executed by at least one processor, cause the at least one processor to perform a method comprising:
 electronically maintaining a plurality of accounts for customers associated with a first financial entity and a second financial entity,   electronically, receiving EDI data representative of a monetary fund amount, and an endorsement request associated with at least one account requiring multiple endorsements;   electronically determining whether the endorsement request to the second financial entity is in accordance with a predetermined policy; and   responsive to the endorsement request being approved, transmitting EDI data representative of the endorsement to the first financial entity.   
     
     
         12 . The one or more non-transitory computer readable media of  claim 11 , wherein the step responsive to the endorsement request being approved, further comprises transmitting EDI data representative of an endorsement approval code. 
     
     
         13 . The one or more non-transitory computer readable media of  claim 11 , wherein the multiple endorsements includes the endorsement of the customer and the endorsement of the second financial entity. 
     
     
         14 . The one or more non-transitory computer readable media of  claim 11 , wherein responsive to the endorsement request being approved, enabling distribution of the amount of monetary funds to the customer. 
     
     
         15 . The one or more non-transitory computer readable media of  claim 11 , wherein the step of responsive to the endorsement request being approved, includes transmitting EDI data representative of a first portion of the monetary fund amount to the first financial entity, the first portion being less than the monetary fund amount. 
     
     
         16 . The one or more non-transitory computer readable media  claim 15 , further including transmitting EDI data representative of a second portion of the monetary fund amount to the first financial entity, the second portion being defined the balance of the monetary fund amount minus the first portion. 
     
     
         17 . The one or more non-transitory computer readable media  claim 16 , wherein the step of responsive to the endorsement request being approved, includes transmitting EDI data representative of the second portion to a fee due account. 
     
     
         18 . A system comprising:
 at least one database configured to maintain a plurality of accounts for customers associated with a first financial entity and a second financial entity; and   at least one computing device, operatively connected to the at least one database, configured to:   receive EDI data representative of a monetary fund amount, and an endorsement request associated with at least one account requiring multiple endorsements;   determine whether the endorsement request to the second financial entity is in accordance with a predetermined policy; and   responsive to the endorsement request being approved, transmitting EDI data representative of the endorsement to the first financial entity.   
     
     
         19 . The system of  claim 18 , wherein the step responsive to the endorsement request being approved, further comprises transmitting EDI data representative of an endorsement approval code. 
     
     
         20 . The system of  claim 18 , wherein the step of responsive to the endorsement request being approved, includes transmitting EDI data representative of a first portion of the monetary fund amount to the first financial entity, the first portion being less than the monetary fund amount.