Web-based payment system and method

• US 20030110129A1
• Filed: 10/08/2002
• Published: 06/12/2003
• Est. Priority Date: 12/10/2001
• Status: Active Grant

• Current Assignee: Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Frazier, Patricia A., Shapiro, David T.
• Granted Patent: US 7,818,251 B2
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06F 16/25 Integrating or interfacing systems involving database management systems
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A payment processing method comprises receiving at a host computer system payment information from a client computer, wherein the payment information relates to a payment from a consumer. The method further comprises verifying at least a portion of the payment information and storing at least a portion of the payment information in a database. The method further comprises transmitting a first electronic file comprising at least a portion of the payment information to a financial institution, thereby initiating processing of the payment and transmitting a second electronic file comprises at least a portion of the payment information to a client computing system. The method also comprises responding to a request for historical information by transmitting to a user computer system a third electronic file comprising at least a portion of the payment information.

Claims

1. A payment processing system, comprising:

a host computer system configured to receive payment information via a network from a client computer;

a data storage arrangement configured to store the payment information; and

a settlement engine configured to;

receive payment information from the host computer system;

initiate payment processing by transmitting a file comprising at least a portion of the payment information to a financial institution; and

transmit a message to a client computing system, the message comprising at least a portion of the payment information.

2. The payment processing system of claim 1, wherein the settlement engine is further configured to receive payment information from the data storage arrangement.

3. The payment processing system of claim 1, wherein the host computer system is further configured to respond to requests for historical payment information by transmitting an electronic file to a user computer, wherein the electronic file comprises payment information.

4. The payment processing system of claim 3, wherein the electronic file comprises payment information from a particular consumer covering a specified period of time.

5. The payment processing system of claim 3, wherein the electronic file comprises payment information to a particular client covering a specified period of time.

6. A payment processing method, comprising:

receiving at a host computer system payment information from a client computer, wherein the payment information relates to a payment from a consumer;

verifying at least a portion of the payment information;

storing at least a portion of the payment information in a database;

transmitting a first electronic file comprising at least a portion of the payment information to a financial institution, thereby initiating processing of the payment;

transmitting a second electronic file comprises at least a portion of the payment information to a client computing system; and

responding to a request for historical information by transmitting to a user computer system a third electronic file comprising at least a portion of the payment information.

7. The payment processing method of claim 6, further comprising initiating an electronic transfer of funds to a client'"'"'s financial institution representing the payment.

8. The payment processing method of claim 7, further comprising receiving an electronic transfer of funds from a consumer'"'"'s financial institution representing the payment.

9. The payment processing method of claim 8, wherein the electronic transfer of funds to a client'"'"'s financial institution is initiated prior to receipt of the electronic transfer of funds from a consumer'"'"'s financial institution.

10. The payment processing method of claim 7, further comprising receiving an electronic message comprising a rejection of the payment from a consumer'"'"'s financial institution.

11. The payment processing method of claim 10, further comprising initiating an electronic withdrawal of funds from the client'"'"'s financial institution.

12. The payment processing method of claim 11, further comprising transmitting to the client computing system a fourth electronic file comprising revised payment information.

13. The payment processing method of claim 6, wherein the third electronic file comprises payment information from a particular consumer covering a specified period of time.

14. The payment processing method of claim 6, wherein the third electronic file comprises payment information to a particular client covering a specified period of time.

15. The payment processing method of claim 6, wherein the first electronic file comprises additional payment information from a least one additional customer.

16. The payment processing method of claim 15, wherein the first electronic file further comprises information representing a rejection of an attempt to withdraw funds from a consumer'"'"'s financial institution.

17. The payment processing method of claim 6, wherein the payment information comprises a checking account of the consumer from which the payment is to be made.

18. The payment processing method of claim 6, wherein the payment information comprises a credit card account of the consumer from which the payment is to be made.

19. The payment processing method of claim 6, wherein the payment information comprises a debit card account of the consumer from which the payment is to be made.

20. The payment processing method of claim 6, wherein verifying at least a portion of the payment information comprises contacting the client'"'"'s computer system to obtain information relating to the payment information.

21. The payment processing method of claim 6, wherein verifying at least a portion of the payment information comprises consulting an electronic file provided by a client to obtain information relating to the payment information.

22. The payment processing method of claim 6, wherein verifying at least a portion of the payment information comprises using an algorithm specified by a client to evaluate at least a portion of the payment information.

23. The payment processing method of claim 22, wherein using an algorithm specified by a client to evaluate at least a portion of the payment information includes checking the arrangement of numbers in an account number of the payment information.

24. The payment processing method of claim 6, wherein verifying at least a portion of the payment information comprises consulting a third party service to verify an ABA routing number of the payment information.

25. The payment processing method of claim 24, wherein the third party service is provided by Thompson Financials.