Electronic payment initiation and assurance system
First Claim
1. A method of electronically initiating payments, the method comprising:
- sending an instruction message to a payments initiation intermediary, the message including a payment instruction and/or commercial data;
processing and storing the initiation message at the payments initiation intermediary; and
sending the initiation message to the buyer'"'"'s financial institution where the message includes a payment instruction to be actioned.
1 Assignment
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Accused Products
Abstract
The invention allows electronic initiation of payments and provision of payment assurance through an initiation intermediary logically located between the buyer and seller and the buyer'"'"'s and seller'"'"'s banks. Electronic messages between parties using the system embodying the invention are governed by a set of rules, known as a Rulebook, that defines the roles, obligations and liabilities of all the players, and which provides the legal framework for the creation of the payment initiation mechanism to facilitate B2B Internet based commerce. Transaction terms, including payment terms, are first negotiated between the buyer and seller. An initiation message comprising a payment instruction, optionally a payment assurance request, and/or commercial transaction data is sent from the buyer, for example through the seller'"'"'s web site, to the payment initiation intermediary. Commercial transaction data is held at the intermediary and a payment instruction sent to the buyer'"'"'s bank. If the buyer'"'"'s bank agrees to the payment initiation a confirmation message is returned to the intermediary and sent to the seller'"'"'s bank. Any commercial transaction data is attached to the confirmation message and sent to the seller. The seller provides a signed receipt to which is added the confirmation and sent to the buyer via the payments initiation intermediary.
60 Citations
37 Claims
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1. A method of electronically initiating payments, the method comprising:
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sending an instruction message to a payments initiation intermediary, the message including a payment instruction and/or commercial data;
processing and storing the initiation message at the payments initiation intermediary; and
sending the initiation message to the buyer'"'"'s financial institution where the message includes a payment instruction to be actioned. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21)
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22. A method of electronically requesting a payment assurance, the method comprising:
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sending a payment assurance request to a payments initiation intermediary;
processing and storing the payment assurance request at the payments initiation intermediary; and
sending the payment assurance request to a financial institution from which assurance is requested to be actioned.
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- 23. An electronic payments initiation system, comprising a payments initiation intermediary logically located between a buyer and a buyer'"'"'s financial institution, the payments initiation intermediary comprising a processor and a store for processing and storing initiation messages sent from the buyer, the initiation messages including a payment instruction and/or commercial data, the payments initiation intermediary further comprising a message sending device for sending the initiation message to the buyer'"'"'s bank where the message includes a payment instruction to be actioned.
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37. A system for electronically requesting payment assurances, comprising:
A payments initiation intermediary logically located between a buyer and a buyer'"'"'s financial institution, the payments institution intermediary comprising a processor and a store for processing and storing electronic payment assurance requests sent by a party to a transaction, the payments initiation intermediary further comprising a message sending device for sending the payment assurance request to the financial institution from which assurance is requested to be actioned.
Specification