System for communicating with a financial institution to manage disbursements over a communication network

Abstract

Disclosed are 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 a plurality of modules, a central server for monitoring and updating the plurality of modules, a processing unit that processes the plurality of modules. The plurality of modules includes a notification module, a payee module, a dashboard module, a refunds module, a payment process module, and a remittance summary module. The notification module allows the sender to send a payment summary to each payee. The payee module allows the payee to upload the payee's details, to select a mode of payment to receive the payment. 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. The remittance summary module displays a summary of the payments made by the sender to the payee.