System for communicating with a financial institution to manage disbursements over a communication network
Disclosed is a system and a method for communicating with a financial institution over a communication network to manage payments of payee initiated by a sender. The system includes a database for storing plurality of modules, a central server for monitoring and updating the plurality of modules, a processing unit processes the plurality of modules. The plurality of modules includes a notification module, a payee module and a payment process module. The notification module allows the sender to send a payment summary to each payee. The payee module allows the payee to upload payee's details in the central server, to select a mode of payment to receive the payment, to input banking details of the financial institution. The payment process module processes the payment as per the mode selected by the payee in the payee module, further processes the payment via cheque mode if the payee fails to update the mode of payment in a pre-defined duration.
1. A system for communicating with a financial institution over a communication network to manage payments of payee initiated by a sender, the system comprising:
a database for storing a plurality of modules;
a central server for monitoring and updating the plurality of modules;
a processing unit coupled to the database and the financial institution through the central server for processing the plurality of modules, wherein the plurality of modules comprising:
a notification module allows the sender to send a payment summary to each payee over the communication network;
a payee module displays the payment summary to the payee and further allows the payee to upload the payee's details in the central server, further the payee module allows the payee to select a mode of payment to receive the payment, further the payee module allows the payee to input banking details of the financial institution;
a dashboard module coupled to the payee module for allowing the sender to receive refunds request from the sender for the payments send to the payee;
a refunds module coupled to the dashboard module for allowing the sender to receive refunds of the payment sent to the payee; and
a payment process module processes the payment as per the mode selected by the payee in the payee module, further the payment process module processes the payment via cheque mode if the payee fails to update the mode of the payment in a pre-defined duration.
2. The system according to claim 1 wherein the plurality of modules further comprising a customizable payment summary template module for allowing the sender to customize format of the payment summary.
3. The system according to claim 1 wherein the plurality of modules further comprising a verification payee account module for verifying identification of the payee's details added through the payee module.
4. The system according to claim 1 wherein the plurality of modules further comprising a logo module for allowing the sender to add a logo on the payment summary.
5. The system according to claim 1 wherein the notification module allows the sender to send the payment summary of each payee to the financial institution to initiate the payments.
6. The system according to claim 5 wherein the plurality of modules further comprising a financial institution module allows the financial institution to process the payments as per the mode selected by the payee in the payee module.
7. The system according to claim 1 wherein the plurality of modules further comprising a reminder module coupled to the notification module to send follow up notification to the payee to select the mode of the payment.
8. The system according to claim 1 wherein the plurality of modules further comprising an encryption module for encrypting the banking details provided by the payee in the payee module.
9. The system according to claim 1 wherein the plurality of modules further comprising an account verification module coupled with the payee module for confirming the payee banking details with details of the payee held by the financial institution.
10. The system according to claim 1 wherein the plurality of modules further comprising a payment status module coupled to the payment process module for sending updates on the status of the payments to the payee via the communication network.
11. The system according to claim 1 wherein the plurality of modules further comprising a registration module for registering at least one of: at least one sender; and at least one payee, on the central server.
12. The system according to claim 1 wherein the plurality of modules further comprising a preferred payment module for analyzing social media accounts to detect a preferred mode of payment of the payee.
13. The system according to claim 1 wherein the dashboard module allows the sender to check claim type, top claims, and summary of claims.
14. The system according to claim 1 wherein the dashboard module further allows to display payment method activities, allows the sender to search for the payments, and allows the sender to track outgoing payments.
15. A method for communicating with a financial institution over a communication network to manage payments of payee initiated by a sender, the method comprising a steps of:
storing a plurality of modules using a database;
monitoring and updating the plurality of modules using a central server;
processing the plurality of modules through a processing unit, wherein the processing unit coupled to the database and the financial institution through the central server;
sending a payment summary by the sender to each payee over the communication network using a notification module;
uploading payee's details by the payee using a payee module in the central server;
selecting a mode of payment using the payee module to receive the payment by the payee using the payee module;
inputting banking details of the financial institution using the payee module;
receiving refunds request from the sender for the payments send to the payee using a dashboard module coupled to the payee module;
receiving refunds of the payment sent to the payee using a refunds module coupled to the dashboard module;
processing the payment as per the mode selected by the payee in the payee module using a payment process module; and
processing the payment via cheque mode if the payee fails to update the mode of the payment in a pre-defined duration.
16. The method according to claim 15 further comprising the steps of:
customizing a format of the payment summary using a customizable payment summary template module; and
adding a logo on the payment summary using a logo module.
17. The method according to claim 15 further comprising the steps of:
verifying identification of the payee's details added through the payee module using a verification payee account module;
sending follow up notification to the payee to select the mode of the payment using a reminder module;
confirming the payee banking details with the details of the payee held by the financial institution using an account verification module; and
sending updates on a status of the payments to the payee via the communication network.
18. The method according to claim 15 further comprising the steps of:
sending the payment summary of each payee added through the payee module for the payments to the financial institution using the notification module; and
processing the payments as per the mode selected by the payee in the payee module using a financial institution module.
19. The method according to claim 15 further comprising a step of analyzing social media accounts to detect a preferred mode of payment of the payee using a preferred payment module.
20. The method according to claim 15 further comprising a step of displaying payment method activities, allows the sender to search for the payments, and allows the sender to track outgoing payments using the dashboard module.