Abstract: The disclosed subject matter includes a method of distributing a payment of funds made payable to two or more payees. In some embodiments, the method includes the following: receiving a payment of funds made payable to two or more payees; inviting each of the two or more payees to electronically select a preferred method of funds delivery; authenticating each of the two or more payees' identity; electronically receiving the preferred method of funds delivery selected by each of the two or more payees; and delivering funds from the payment of funds to one or more of the two or more payees according to the preferred methods of funds delivery received.

Abstract: A system and method of facilitating a transfer of a refund amount from an educational institution to a student. A refund controller receives from an educational institution a request for authorization of an instant paper check of a payment amount equal to at least a portion of a total refund amount associated with the student of the educational institution student. The refund controller verifies the payment amount is equal to or less than an amount of funds available to the student and transfers funds equal to the payment amount to an instant issuance account. The refund controller authorizes the educational institution to issue an instant paper check for the payment amount to the student. The instant paper check draws from the instant issuance account.