Payment identification code and payment system using the same
First Claim
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.
5 Assignments
0 Petitions
Accused Products
Abstract
A method for effecting electronic payment, safeguarding banking and account information, while utilizing existing payment systems. The method comprises generating a system routing number and a payment identification code (PIC) relating to the beneficiary'"'"'s account information, distributing payment identification codes to the existing payment system and financial institutions owning the account related to the payment identification codes, and the originator receiving a system routing number and the beneficiary'"'"'s PIC number. The method also includes the originator communicating a payment instruction to a financial institution of the originator, wherein the payment instruction includes the system routing number beneficiary'"'"'s payment identification code, the originator'"'"'s financial institution receiving the payment instruction from the originator, wherein if the received PIC matches the originator'"'"'s financial institution internal list of PICs, the originator'"'"'s financial institution performs an “on us” transaction, and transmitting a payment instruction to an existing payment system in a case where the received PIC does not match originator'"'"'s financial institution internal list of PICs. The method also includes the existing payment system validating the received PIC, wherein if the PIC is invalid, the payment instruction is returned to the originator'"'"'s financial institution, converting the PIC and system routing number to a receiving payment instruction in a case where the PIC is a valid PIC, wherein the receiving payment instruction includes the beneficiary'"'"'s financial institution'"'"'s routing number and the beneficiary'"'"'s account number. The existing payment system transmits the receiving payment instruction to a financial institution of the beneficiary, that financial institution credits the beneficiary'"'"'s account if no problem exists, and otherwise returns a receiving payment instruction to the existing payment system. Upon receipt of the returned receiving payment instruction, the existing payment system translates the receiving payment instruction into the payment instruction prior to transmitting the payment instruction back to originator'"'"'s financial institution.
615 Citations
37 Claims
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1. An electronic payment method, comprising:
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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 to determine 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, and transmit 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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 37)
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20. An electronic payment system comprising:
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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; a receiving unit that receives, via the network, a payment instruction that includes at least a first routing identifier and a payee-related identifier; a determining unit that determines whether the first routing identifier included in the payment instruction includes a pseudo-code of routing information for a financial institution; and a transmitting unit configured to if the first routing identifier is determined to not include a pseudo-code of routing information for a financial institution, transmit 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 to determine 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, and transmit 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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21. A non-transitory computer readable medium having stored thereon sequences of instructions, the sequences of instructions including instructions which, when executed by a server, cause the server to perform a method comprising:
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receiving, via a 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 to determine 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, 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 of the set selected, and transmit a payment message including the payee-related account identification information of the set selected 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 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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22. An apparatus comprising:
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at least one memory storing a computer program; and at least one server coupled to the at least one memory, and operating under control of the computer program stored in the at least one memory, to; receive, via a network, a payment instruction that includes at least a first routing identifier and a payee-related identifier; determine 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 transmit 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 to determine 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, 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, and transmit 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 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. - View Dependent Claims (23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36)
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Specification