Payment identification code and payment system using the same
First Claim
1. A secure electronic payment method for effecting electronic payment between an originator'"'"'s account and a beneficiary'"'"'s account, safeguarding banking and account information, while utilizing existing payment systems, said method comprising the steps of:
- generating a system routing number and a payment identification code (PIC) relating to the beneficiary'"'"'s account information;
distributing a list of payment identification codes to the existing payment system and financial institutions owning the account related to the payment identification codes on the list;
the originator receiving a system routing number and the beneficiary'"'"'s PIC number;
the originator communicating a payment instruction to a financial institution of the originator, wherein the payment instruction includes the system routing number beneficiary'"'"'s payment identification code;
the originator'"'"'s financial institution receiving the payment instruction from the originator, wherein if the received PIC matches the originator'"'"'s financial institution internal list of PICs, the originator'"'"'s financial institution performs an “
on us”
transaction;
transmitting payment instruction to an existing payment system in a case when the received PIC does not match originator'"'"'s financial institution internal list of PICs;
the existing payment system validating the received PIC against a PIC database, wherein if the PIC is invalid, the payment instruction is returned to originator'"'"'s financial institution;
converting the PIC and system routing number to a receiving payment instruction in a case when the PIC is a valid PIC, wherein the receiving payment instruction includes the beneficiary'"'"'s financial institution'"'"'s routing number and the beneficiary'"'"'s account number;
the existing payment system transmitting the receiving payment instruction to a financial institution of the beneficiary;
the beneficiary'"'"'s financial institution crediting the beneficiary'"'"'s account if no problem exists, and otherwise returning a receiving payment instruction to the existing payment system; and
upon receipt of the returned receiving payment instruction by the existing payment system, the existing payment system translating the receiving payment instruction into the payment instruction prior to transmitting the payment instruction back to originator'"'"'s financial institution, wherein the payment identification code is unique to each beneficiary'"'"'s account.
5 Assignments
0 Petitions
Accused Products
Abstract
A method for effecting electronic payment, safeguarding banking and account information, while utilizing existing payment systems. The method comprises generating a system routing number and a payment identification code (PIC) relating to the beneficiary'"'"'s account information, distributing payment identification codes to the existing payment system and financial institutions owning the account related to the payment identification codes, and the originator receiving a system routing number and the beneficiary'"'"'s PIC number. The method also includes the originator communicating a payment instruction to a financial institution of the originator, wherein the payment instruction includes the system routing number beneficiary'"'"'s payment identification code, the originator'"'"'s financial institution receiving the payment instruction from the originator, wherein if the received PIC matches the originator'"'"'s financial institution internal list of PICs, the originator'"'"'s financial institution performs an “on us” transaction, and transmitting a payment instruction to an existing payment system in a case where the received PIC does not match originator'"'"'s financial institution internal list of PICs. The method also includes the existing payment system validating the received PIC, wherein if the PIC is invalid, the payment instruction is returned to the originator'"'"'s financial institution, converting the PIC and system routing number to a receiving payment instruction in a case where the PIC is a valid PIC, wherein the receiving payment instruction includes the beneficiary'"'"'s financial institution'"'"'s routing number and the beneficiary'"'"'s account number. The existing payment system transmits the receiving payment instruction to a financial institution of the beneficiary, that financial institution credits the beneficiary'"'"'s account if no problem exists, and otherwise returns a receiving payment instruction to the existing payment system. Upon receipt of the returned receiving payment instruction, the existing payment system translates the receiving payment instruction into the payment instruction prior to transmitting the payment instruction back to originator'"'"'s financial institution.
222 Citations
15 Claims
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1. A secure electronic payment method for effecting electronic payment between an originator'"'"'s account and a beneficiary'"'"'s account, safeguarding banking and account information, while utilizing existing payment systems, said method comprising the steps of:
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generating a system routing number and a payment identification code (PIC) relating to the beneficiary'"'"'s account information;
distributing a list of payment identification codes to the existing payment system and financial institutions owning the account related to the payment identification codes on the list;
the originator receiving a system routing number and the beneficiary'"'"'s PIC number;
the originator communicating a payment instruction to a financial institution of the originator, wherein the payment instruction includes the system routing number beneficiary'"'"'s payment identification code;
the originator'"'"'s financial institution receiving the payment instruction from the originator, wherein if the received PIC matches the originator'"'"'s financial institution internal list of PICs, the originator'"'"'s financial institution performs an “
on us”
transaction;
transmitting payment instruction to an existing payment system in a case when the received PIC does not match originator'"'"'s financial institution internal list of PICs;
the existing payment system validating the received PIC against a PIC database, wherein if the PIC is invalid, the payment instruction is returned to originator'"'"'s financial institution;
converting the PIC and system routing number to a receiving payment instruction in a case when the PIC is a valid PIC, wherein the receiving payment instruction includes the beneficiary'"'"'s financial institution'"'"'s routing number and the beneficiary'"'"'s account number;
the existing payment system transmitting the receiving payment instruction to a financial institution of the beneficiary;
the beneficiary'"'"'s financial institution crediting the beneficiary'"'"'s account if no problem exists, and otherwise returning a receiving payment instruction to the existing payment system; and
upon receipt of the returned receiving payment instruction by the existing payment system, the existing payment system translating the receiving payment instruction into the payment instruction prior to transmitting the payment instruction back to originator'"'"'s financial institution, wherein the payment identification code is unique to each beneficiary'"'"'s account. - View Dependent Claims (2, 3, 4, 5)
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6. A web-based payment method for effecting electronic payment between an originator'"'"'s account and a beneficiary'"'"'s account utilizing existing payment systems, said method comprising the steps of:
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generating a payment identification code and system routing number uniquely identifying account information of the beneficiary;
distributing the payment identification code and the beneficiary'"'"'s account information relating to the payment identification code to the existing payment systems;
the beneficiary transmitting payment identification code to the originator;
in response to a payment order from beneficiary, the originator transmitting payment instruction to the financial institution of the originator, wherein payment instruction includes the payment identification code of the beneficiary, and amount to be paid;
the originator'"'"'s financial institution processing and transmitting payment instruction to existing payment system to effect electronic funds transfer of funds;
the existing payment system converting payment identification code included in payment instruction to beneficiary'"'"'s account information and forwarding converted payment instruction to beneficiary'"'"'s financial institution; and
the beneficiary'"'"'s financial institution effecting electronic funds transfer on the basis of converted payment instruction by crediting beneficiary'"'"'s account, wherein communication between the originator, the financial institution of the originator, existing payment system, beneficiary'"'"'s financial institution, and beneficiary is accomplished at least partly via the Internet. - View Dependent Claims (7, 8, 9, 10, 11, 12)
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13. A secure electronic payment method between a consumer and a biller facilitated through an existing payment system, comprising the steps of:
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generating a payment identification code unique to biller'"'"'s account information;
distributing the payment identification code to biller and the existing payment system;
the biller communicating the payment identification code to the consumer;
the consumer electronically transmitting a payment instruction via consumer'"'"'s financial institution to the existing payment system, said payment instruction comprising information indicating at least source of consumer'"'"'s account information, payment amount, and biller'"'"'s payment identification code;
the existing payment system validating the payment identification code of the biller;
upon validating the payment identification code of the biller, the existing payment system converting the payment identification code of the biller included in the payment instruction into biller'"'"'s account information which includes routing number of biller'"'"'s financial institution;
transmitting converted payment instruction to biller'"'"'s financial institution;
applying a credit to biller'"'"'s account in an amount corresponding to the payment amount included in the payment instruction; and
applying a debit to consumer'"'"'s account in an amount corresponding to the payment amount included in the payment instruction. - View Dependent Claims (14, 15)
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Specification