Inventors:
Adam E. Vancini - Concord CA, US
Timothy J. Dailey - Sacramento CA, US
Candie L. Gann - Pittsburg CA, US
Timothy L. Coffing - Ross CA, US
Nancy T. Riter - Pleasanton CA, US
Ajay Vaishampayan - Fremont CA, US
Aric B. Clark - Mill Valley CA, US
Assignee:
Wells Fargo Bank N.A. - San Francisco CA
International Classification:
G06Q 40/00
US Classification:
705 42, 705 39, 705 40, 705 41, 705 43
Abstract:
A computer system implements a counterparty management module and a payment module for processing employee direct payroll deposits. The counterparty management module permits an employer to add employee bank accounts to a funds transfer system provided by a banking institution. The employee bank accounts are respectively associated with different employees of the employer. The employer has a bank account at the banking institution. The counterparty management module is accessible to the employer by way of an online banking area of a website of the banking institution. The counterparty management module also permits the employer to specify a payroll-related pay group that includes the employee bank accounts and to specify characteristics of the transferring of funds to the pay group as a whole. The payment module generates payment instructions for transferring funds from the employer bank account to the employee bank accounts.