Payment system clearing for transactions

• US 20040139008A1
• Filed: 01/10/2003
• Published: 07/15/2004
• Est. Priority Date: 01/10/2003
• Status: Active Grant

• Current Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Mascavage, John Joseph III
• Granted Patent: US 7,827,101 B2
• Time in Patent Office: Days
• US Class Current: 705/40
• 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 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

According to the invention, a method for a payor paying a merchant using a payment system is disclosed. In one step, account information is received that can be used for receiving funds using a money handler. The account information identifies an account of the payor. A token is generated that correlates to the account information. The token is sent to the merchant that uniquely identifies the payor and the merchant. The token, which corresponds to a payment, is received. It is authenticated that the token was presented by the merchant. The payment is transferred from the payor to the merchant with the payment system.

Claims

1. A method for a payor paying a merchant using a payment system, the method comprising:

receiving account information for receiving funds using a money handler, wherein the account information identifies an account of the payor;

generating a token that correlates to the account information;

sending the token to the merchant, wherein the token uniquely identifies the payor and the merchant;

receiving the token corresponding to a payment;

authenticating the token was presented by the merchant; and

transferring the payment from the payor to the merchant with the payment system.

2. The method for the payor paying the merchant using the payment system as recited in claim 1, further comprising a step of determining if the token has violated rules associated with the token.

3. The method for the payor paying the merchant using the payment system as recited in claim 1, wherein the token comprises one or more rules that regulate use of the token.

4. The method for the payor paying the merchant using the payment system as recited in claim 1, wherein the token comprises the account information.

5. The method for the payor paying the merchant using the payment system as recited in claim 1, wherein the token comprises a code that can be analyzed to determine if information in the token has been modified.

6. The method for the payor paying the merchant using the payment system as recited in claim 1, wherein:

the token comprises a code indicative of the account with the payment enabler, and

the account is usable by a plurality of merchants.

7. The method for the payor paying the merchant using the payment system as recited in claim 1, wherein the merchant avoids retention of the account information.

8. The method for the payor paying the merchant using the payment system as recited in claim 1, wherein the payor can revoke the token.

9. The method for the payor paying the merchant using the payment system as recited in claim 1, wherein the token is retained by the merchant for use in future transactions with the merchant.

10. The method for the payor paying the merchant using the payment system as recited in claim 1, wherein the token can only be used by the merchant to the exclusion of other merchants.

11. A computer-readable medium having computer-executable instructions for performing the computer-implementable method for the payor paying the merchant using the payment system of claim 1.

12. A computer system adapted to perform the computer-implementable method for the payor paying the merchant using the payment system of claim 1.

13. A method for detecting transfer requests that could be fraudulent, the method comprising:

receiving account information for receiving funds using a money handler, wherein the account information identifies an account of the payor;

generating a token for a merchant of a plurality of merchants, wherein the token correlates to the account information;

sending the token to the merchant, wherein the token uniquely identifies the payor and the merchant;

receiving the token corresponding to a payment;

determining the token was presented by a party other than the merchant; and

preventing transfer of the payment to the party.

14. The method for the detecting transfer requests that could be fraudulent as recited in claim 13, wherein the token comprises one or more rules that regulate use of the token.

15. The method for the detecting transfer requests that could be fraudulent as recited in claim 13, wherein the token comprises the account information.

16. The method for the detecting transfer requests that could be fraudulent as recited in claim 13, wherein the token comprises a code that can be analyzed to determine if information in the token has been modified.

17. The method for the detecting transfer requests that could be fraudulent as recited in claim 13, wherein the merchant avoids retention of the account information.

18. The method for the detecting transfer requests that could be fraudulent as recited in claim 13, wherein the payor can revoke the token.

19. The method for the detecting transfer requests that could be fraudulent as recited in claim 13, wherein the token is retained by the merchant for use in future transactions with the merchant.

20. A system for a payor paying a merchant, the system comprising:

a payment enabler that receives account information for receiving funds using a money handler, wherein the account information identifies an account of the payor;

a money handler interface;

an interface for receiving account information;

a token that uniquely identifies the payor and the merchant, wherein;

the token is sent to the merchant,

the token correlates to the account information;

the token is returned to the payment enabler to clear a payment,

the returned token is checked, and

transferring the payment from the payor to the merchant with the payment system based upon the check of the returned token.

21. The system for the payor paying the merchant as recited in claim 20, wherein the token comprises one or more rules that regulate use of the token.

22. The system for the payor paying the merchant as recited in claim 20, wherein the token comprises the account information.

23. The system for the payor paying the merchant as recited in claim 20, wherein the token comprises a code that can be analyzed to determine if information in the token has been modified.

24. The system for the payor paying the merchant as recited in claim 20, wherein the payor can revoke the token.