Online payment transfer and identity management system and method

• US 20040148252A1
• Filed: 03/24/2004
• Published: 07/29/2004
• Est. Priority Date: 01/26/2001
• Status: Active Grant

• Current Assignee: Interac Corp.
• Original Assignee: Certapay, Inc. (Interac Corp.)
• Inventors: Fleishman, Jack
• Granted Patent: US 7,844,546 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06F 21/31 User authentication
• CPC Class Codes: G06F 2221/2115 Third party
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• 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 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 20/4014 Identity check for transactions

Abstract

A person-to-person (P2P) payment platform and identity management system which facilitates online banking by allowing consumers to send and receive money in real-time, with no special registration outside of the users'"'"' existing banking relationship, and under the security, brand and control of their own respective banks. A central clearing facility (CCF) coordinates and manages payments for users through partner financial institutions. Customers initiate payments within their online banking accounts or other bank delivery channels, without setting up separate accounts profiles and passwords. The CCF is invisible, and allows the customer to access the bank'"'"'s delivery channel; select a recipient from a list of past payees or enter a new recipient; specify a payment amount, an expiry date and the account from which to draw the funds, and optionally write a personalized message; receive immediate confirmation of the transaction, following which an email message is sent to the recipient advising of payment with links to various methods of collection, and receive an email message confirmation when the recipient accepts the payment. The recipient establishes his identity by providing responses to one or more customer-defined challenge-response questions, the accuracy of which must be verified before any financial transaction will be effected.

Claims

1. A payment transfer system comprising:

means for accessing an online banking service;

means for designating a recipient;

means for specifying a payment amount and an account from which to draw funds; and

means for confirming the transfer of funds.

2. A payment transfer method comprising the steps of:

accessing an online banking service;

designating a recipient;

specifying a payment amount and an account from which to draw funds; and

confirming the transfer of funds.

3. An identity management system comprising:

means for initiating a request to respond to one or more challenge-response questions defined by a payer, and

means for processing responses to the challenge-response questions, verifying the accuracy of the responses and effecting a financial transaction only where the responses are verified to be accurate.

4. An identity management method comprising the steps of:

initiating a request to respond to one or more challenge-response questions defined by a payer,

processing responses to the challenge-response questions,

verifying the accuracy of the responses, and

effecting a financial transaction only where the responses are verified to be accurate.

5. A payment transfer system for transferring funds from a payer to a payee, comprising:

a first online banking service accessible by the payer,

the first online banking service comprising

means for designating a payee,

means for specifying a payment amount for a transfer of funds and a payer account from which to draw funds, and

means for debiting said finds from said payer account and crediting a first trust account;

a second online banking service accessible by the payee,

the second online banking service comprising

means for identifying the payee,

means for specifying a payee account to receive the funds, and

means for debiting a second trust account and crediting the payee account; and

means for reconciling the trust accounts of the first and second online banking services.

6. The payment transfer method of claim 5, wherein said means for identifying the payee further comprise means for initiating a request to respond to one or more challenge-response questions defined by the payer, and means for processing responses to the challenge-response questions, verifying the accuracy of the responses and effecting a financial transaction only where the responses are verified to be accurate.

7. A payment transfer method for transferring funds from a payer to a payee, comprising the steps of:

accessing a first online banking service affiliated with the payer;

designating a payee;

specifying a payment amount for a transfer of funds and a payer account from which to draw funds;

debiting said funds from said payer account and crediting a first trust account;

accessing a first online banking service affiliated with the payee;

identifying the payee;

specifying a payee account to receive the funds;

debiting a second trust account and crediting the payee account; and

means for reconciling the first and second trust accounts.

8. The payment transfer method of claim 7, wherein the step of identifying the payee further comprises the steps of initiating a request to respond to one or more challenge-response questions defined by the payer, processing responses to the challenge-response questions, verifying the accuracy of the responses and effecting a financial transaction only where the responses are verified to be accurate.

9. A system for generating a payment request for a recipient, comprising:

means for accessing a first online banking service;

means for providing payment request data to the first online banking service, including a payment amount and an account for receiving a payment described by the payment request data;

means for notifying the recipient of the payment request;

means for accessing a second online banking service;

means for approving the payment request on the second online banking service;

means for specifying an account affiliated with the recipient for paying the payment amount of the payment request; and

means for effecting a transfer of funds in the amount of the payment amount of the payment request from the account affiliated with the recipient to the account for receiving the payment.

10. A payment transfer system for transferring funds from a payer to a payee, where the payer transfers the funds in a first currency and the payee receives the funds in a second currency, comprising:

a first online banking service accessible by the payer,

the first online banking service comprising

means for designating a payee,

means for specifying a payment amount in the first currency for a transfer of funds and a payer account from which to draw funds in the first currency, and

means for debiting said funds in the first currency from said payer account and crediting said funds in the first currency to a first trust account;

means for converting the payment amount in the first currency to a payment amount in the second currency;

a second online banking service accessible by the payee,

the second online banking service comprising means for identifying the payee,

means for specifying a payee account to receive the funds of the payment amount of the second currency, and

means for debiting the funds in the second currency from a second trust account and crediting the funds in the second currency to the payee account; and

means for reconciling the trust accounts of the first and second online banking services.

11. The payment transfer system of claim 10, wherein said means for identifying the payee further comprise means for initiating a request to respond to one or more challenge-response questions defined by the payer, and means for processing responses to the challenge-response questions, verifying the accuracy of the responses and effecting a financial transaction only where the responses are verified to be accurate.

12. A payment transfer method for transferring funds from a payer to a payee, where the payer transfers the funds in a first currency and the payee receives the funds in a second currency, comprising the steps of:

accessing a first online banking service affiliated with the payer;

designating a payee;

specifying a payment amount in the first currency for a transfer of funds and a payer account from which to draw funds in the first currency;

debiting said funds in the first currency from said payer account and crediting said funds in the first currency to a first trust account;

converting the payment amount in the first currency to a payment amount in the second currency;

accessing a second online banking service affiliated with the payee;

identifying the payee;

specifying a payee account to receive the funds of the payment amount of the second currency;

debiting the funds in the second currency from a second trust account and crediting the finds in the second currency to the payee account; and

reconciling the trust accounts of the first and second online banking services.

13. The payment transfer method of claim 12, wherein said step of identifying the payee further comprises the steps of initiating a request to respond to one or more challenge-response questions defined by the payer, processing responses to the challenge-response questions, verifying the accuracy of the responses and effecting a financial transaction only where the responses are verified to be accurate.