System for inexpensively executing online purchases
First Claim
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1. A system for making online purchases comprising;
- a customer interface device for connecting buyers to either a voice or data network, a network of banks, a collection of buyers each of which maintains a buyer account with at least one of the banks in the network of banks, a collection of payees each of which maintains a payee account with at least one of the banks in the network of banks, a network of holding accounts with at least one holding account residing in each of the banks in the network of banks, an agent that directs the transfer of funds from a buyer account into a holding account residing in the same bank as the buyer account within the network of banks, and also directs the transfer of funds into a payee account from a holding account residing in the same bank as the payee account within the network of banks
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Abstract
The present invention is a system for making online purchases using electronic funds transfers from the buyers'"'"' bank account to the vendor'"'"'s bank account, enabled by an intermediate funds transfer from the buyer'"'"'s account to a holding account maintained by the buyer'"'"'s bank or a third party. The system is further enabled by the buyer'"'"'s bank acting as a portal to the Internet that pre-authenticates buyers, enforces security, and speeds the execution of online transactions.
17 Citations
5 Claims
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1. A system for making online purchases comprising;
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a customer interface device for connecting buyers to either a voice or data network, a network of banks, a collection of buyers each of which maintains a buyer account with at least one of the banks in the network of banks, a collection of payees each of which maintains a payee account with at least one of the banks in the network of banks, a network of holding accounts with at least one holding account residing in each of the banks in the network of banks, an agent that directs the transfer of funds from a buyer account into a holding account residing in the same bank as the buyer account within the network of banks, and also directs the transfer of funds into a payee account from a holding account residing in the same bank as the payee account within the network of banks - View Dependent Claims (2, 3, 4, 5)
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Specification