Method and system for processing internet payments
First Claim
1. A system for effectuating electronic payments, the system comprising:
- at least one account system operated by a first institution, the at least one account system maintaining a plurality of electronic payment accounts for a plurality of customers of a first bank, at least one of the plurality of customers having a demand deposit account at the first bank;
a bank interface coupled to the at least one account system and coupled to the first bank, the bank interface transmitting and receiving financial information related to the demand deposit account of the at least one customer and related to the electronic payment account of the at least one customer; and
a customer interface coupled to the at least one account system, the customer interface providing an interface for the plurality of customers to the at least one account system, the customer interface accepting a command from a first customer to transfer funds from the first customer'"'"'s electronic payment account to an electronic payment account of another customer, the customer interface transferring the command to the at least one account system which effectuates the commanded transfer of funds.
3 Assignments
0 Petitions
Accused Products
Abstract
A system and method for effectuating Electronic Funds Transfer credit messages. The main structural components of the system include a Payment Portal Processor (Web Broker), an Internet Pay Anyone (IPA) Account, a Virtual Private Lockbox (VPL) and an associated Account Reporter, the existing EFT networks, and a cash card for accessing a VPL or IP account. The Web Broker is a software application that provides a secure portal for accessing (linking to) either the user'"'"'s Demand Deposit Account (DDA) or an IPA account and can be combined with the functionality of a traditional digital Wallet. Consumers use a Web Broker enhanced Wallet to fund their account, shop on the web, pay bills, pay anyone, store electronic receipts and transaction history, and check their recent Web Broker enhanced Wallet activity. The IPA account is a special purpose account with limited functionality for making electronic payments in the form of EFT credit messages. The VPL is a limited function receive only account for receiving electronic payments through the EFT. The Account Reporter is a portal to view transaction history and balance of IPA and VPL accounts, provide online, real-time transaction reports, and to reconciles accounts receivable/purchase records against incoming EFT payment records. A physical card can be associated with either an IPA or VPL account in order to provide PIN debit capability.
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Citations
87 Claims
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1. A system for effectuating electronic payments, the system comprising:
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at least one account system operated by a first institution, the at least one account system maintaining a plurality of electronic payment accounts for a plurality of customers of a first bank, at least one of the plurality of customers having a demand deposit account at the first bank;
a bank interface coupled to the at least one account system and coupled to the first bank, the bank interface transmitting and receiving financial information related to the demand deposit account of the at least one customer and related to the electronic payment account of the at least one customer; and
a customer interface coupled to the at least one account system, the customer interface providing an interface for the plurality of customers to the at least one account system, the customer interface accepting a command from a first customer to transfer funds from the first customer'"'"'s electronic payment account to an electronic payment account of another customer, the customer interface transferring the command to the at least one account system which effectuates the commanded transfer of funds. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42)
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43. A system for effectuating electronic payments, the system comprising:
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an electronic payment account system operated for the benefit of a bank, the account system maintaining a plurality of electronic payment accounts for a plurality of customers of the bank;
a bank interface coupled to the electronic payment account system and coupled to a demand deposit account system of the bank, at least one of the plurality of customers having a demand deposit account maintained in the demand deposit account system, the bank interface transmitting and receiving financial information related to the demand deposit account of the at least one customer and related to the electronic payment account of the at least one customer; and
a customer interface coupled to the account system, the customer interface providing an interface for the plurality of customers to the account system, the customer interface accepting a command from a first customer to transfer funds from the first customer'"'"'s electronic payment account to an electronic payment account of another customer, the customer interface transferring the command to the at least one account system which effectuates the commanded transfer of funds. - View Dependent Claims (44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60)
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61. A system for effectuating an electronic payment between a payor and a payee using an Electronic Funds Transfer (EFT) network, the payor having a payor account at a payor institution and the payee having a payee account at a payee institution, the system comprising:
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payee directory, the payee directory containing at least one identification of the payee and a correspondence between the at least one identification and the payee account at the payee institution;
a first software component coupled to the payee directory, the first software component accepting the at least one identification and an amount of the payment from the payor, the first software component generating a payment instruction identifying the payee institution, the payee account and an amount of the payment, the first software component further communicating the payment authorization to the payor institution; and
a second software component at the payor institution coupled to the first software component and coupled to the EFT network, the second software component receiving the payment instruction and transmitting from the payor institution to the payee institution through the EFT network an EFT credit message representing a credit in the amount of the payment. - View Dependent Claims (62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74)
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75. A system for effectuating an electronic payment between a payor and a payee using an Electronic Funds Transfer (EFT) network, the payor having a payor electronic payment account at a payor institution and the payee having a payee electronic payment account at a payee institution, the payee further having a demand deposit account at the payee institution, the system comprising:
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a first processor generating a payment identification identifying the payee institution, the payee electronic payment account and an amount of the payment, the first processor further communicating the payment identification to the payor institution;
a second processor at the payor institution coupled to the first processor and coupled to the EFT network, the second processor receiving the payment identification and communicating from the payor institution to the payee institution through the EFT network an EFT credit message representing a credit in the amount of the payment. - View Dependent Claims (76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87)
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Specification