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Payment identification code and payment system using the same

  • US 10,387,879 B2
  • Filed: 07/22/2015
  • Issued: 08/20/2019
  • Est. Priority Date: 04/23/2002
  • Status: Active Grant
First Claim
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1. An electronic payment method, comprising:

  • providing a network that processes electronic payment transactions on behalf of a plurality of payees and a plurality of financial institutions, the network including at least one server;

    receiving, via the network, a payment instruction that includes at least a first routing identifier and a payee-related identifier;

    determining whether the first routing identifier included in the payment instruction includes a pseudo-code of routing information for a financial institution;

    if the first routing identifier is determined to not include a pseudo-code of routing information for a financial institution, then transmitting a payment message based on the first routing identifier, the payment message including the payee-related identifier; and

    if the first routing identifier is determined to include a pseudo-code of routing information for a financial institution, then;

    performing rules todetermine whether the pseudo-code validates against a database including a table having a plurality of pseudo-codes and a plurality of payee-related sets of information,if the pseudo-code is determined to be invalid, reject the payment instruction,if the pseudo-code is determined to be valid, to select one of the plurality of payee-related sets corresponding to at least one of the pseudo-code and the payee-related identifier, each payee-related set of information including payee-related account identification information and a second routing identifier associated with a respective payee-related destination,retrieve the payee-related account identification information and the second routing identifier of the set selected, the second routing identifier of the set selected being associated with a particular payee-related destination,replace the payee-related identifier included in the payment instruction with the retrieved payee-related account identification information and replace the first routing identifier with the retrieved second routing identifier, andtransmit a payment message including the retrieved payee-related account identification information to the particular payee-related destination, based on the retrieved second routing identifier of the set selected, the payment message not including at least one of the payee-related identifier and the first routing identifier, and the payee-related account identification information not including the payee-related identifier,wherein the pseudo-code includes a payment identification code, the payee-related account identification information of each payee-related set of information includes a corresponding encrypted bank account number, and the second routing identifier of each payee-related set of information includes a corresponding encrypted bank routing number.

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