The present invention provides an a electronic
payment system for
bank, financial institutions, portals and companies to receive
payment from their customers for one or more payees. The electronic
payment system allows payer (
consumer or business) to use any funding method (
bank account, credit / debit cards or any other business or
personal account or method associated with one or more banks) accepted by the payee to initiate a payment and the
payment transaction is routed to the appropriate
payment processor based on payee's preferences. The electronic
payment system also provides a instant payment delivery notification to the payer directly from the payee. The
system also creates a unique payment tracking number which can be used by all parties associated with the transaction to track a payment's status and other attributes associated with the payment. The electronic
payment system also provides a rule based payment
management system for the payees to use for managing the
processing and posting of the payments. The system also allows for payees to manage their payments received and post to various receivable systems based on rules defined. Additionally, the system allows payees to create rules for other aspects of payment
processing. The system also allows for much simplified electronic bill
delivery system which uses biller's existing infrastructure to create bill data for distribution to 3rd party consolidators.