| CPC G06Q 20/10 (2013.01) [G06F 3/14 (2013.01); H04L 67/12 (2013.01)] | 20 Claims |
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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 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 review refunds requested from the sender for the payments send to the payee;
a refunds module coupled to the dashboard module for allowing the sender to receive the refunds of the payment send 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; and
a remittance summary module for displaying a summary of the payments made by the sender to the payee.
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