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System and method for transferring funds

  • US 10,395,223 B2
  • Filed: 03/01/2013
  • Issued: 08/27/2019
  • Est. Priority Date: 03/07/2012
  • Status: Active Grant
First Claim
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1. A method comprising:

  • receiving a first funds transfer request from a first sender through a computer network, the first funds transfer request to facilitate a transfer of first funds to a recipient, the first funds being transferred using an automatic clearing house (ACH) network from an account of the first sender at a first financial institution to an account of the recipient at a second financial institution, the first funds transfer request including a token for the recipient but not including an account number of the account of the recipient at the second financial institution, the token for the recipient comprising at least one of an email address of the recipient or a phone number of the recipient, the first financial institution being a registered financial institution member of a computer-implemented funds transfer payment network, and the second financial institution not being a registered financial institution member of the computer-implemented funds transfer payment network;

    determining that the recipient is not a registered user of the computer-implemented funds transfer payment network;

    automatically transmitting an invitation to the recipient to join the computer-implemented funds transfer payment network, the invitation being directed to the recipient using the token for the recipient from the first funds transfer request by sending the invitation to at least one of the email address of the recipient or the phone number of the recipient, and the invitation being automatically generated;

    receiving a response to the invitation from the recipient, the response including an indication that the recipient would like to be a registered user of the computer-implemented funds transfer payment network;

    collecting, from the response, identifying information that identifies the recipient, the identifying information including the account number of the account of the recipient at the second financial institution;

    creating a record for the recipient in a database of registered users contained in the computer-implemented funds transfer payment network, the record including the token for the recipient, and at least some of the identifying information, and the record including the account number of the account of the recipient at the second financial institution;

    sending a message to the first financial institution indicating that the recipient is newly registered; and

    based upon receiving a request from the first financial institution in response to the message;

    encrypting the account number of the account of the recipient to generate an encrypted account number; and

    providing the encrypted account number of the account of the recipient to the first financial institution to enable the first financial institution to initiate the transfer of the first funds from the account of the first sender to the account of the recipient in a single ACH transfer from the first financial institution to the second financial institution using the ACH network, wherein the account number of the account of the recipient is not shared with the first sender, and the encrypted account number of the account of the recipient is not shared with the first sender,wherein;

    creating the record for the recipient is conditioned upon a pending payment from the first sender that was initiated by the first sender using the token for the recipient.

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