Systems and methods for implementing person-to-person money exchange
First Claim
1. A computer implemented method of transferring funds from one online account to another, the method comprising the steps of:
- opening a first online account in response to a request from a first user to open the first online account, including;
a) receiving credit card account information from the first user;
b) establishing a connection with a server associated with the credit card account; and
c) transferring funds from the credit card account to the first online account;
receiving a transfer request from the first user, the transfer request including an amount of funds for transfer from the first online account associated with the first user and identification information for a recipient of the funds, the identification information including an electronic message address for the recipient;
automatically sending an electronic message to the recipient using the electronic message address, the electronic message indicating that funds are ready for transfer to the recipient;
receiving a response from the recipient accepting or rejecting the transfer of funds; and
transferring said amount of funds from the first account to a second online account associated with the recipient if the recipient'"'"'s response indicates acceptance.
2 Assignments
0 Petitions
Accused Products
Abstract
Systems and methods for effecting online financial transactions between individuals or between individuals and entities such as banks, merchants and other companies. Each user accesses a fund exchange server to establish an online account, which is used to transfer funds to and from other entities'"'"' online accounts. To fund an online account, funds can be transferred to the online account from a credit card account or from another online account. To withdraw funds, money can be transferred to a credit card account or other bank account. Any user may initiate a send money transaction or a request payment transaction with any other entity provided that entity has an e-mail address. For a send money transaction, the user sending money (payor) enters an amount of funds to be transferred and an e-mail address of the recipient of the funds (payee). The system sends an e-mail message to the payee at the address provided indicating that the amount of funds has been “received” on the payee'"'"'s behalf. The payee must then either open an online account or identify an existing online account to complete the transaction. For a request money transaction, a user enters an amount of funds owed and an e-mail address for the recipient of the payment request (payor), and the system sends a payment request to the payor via e-mail at the provided address. If the payor accepts the payment request, the payor identifies an online account from which to transfer funds to the payee (initiator of the payment request). If the payor does not have an online account established, the payor must sign up for an online account and provide a credit card number to fund the online account. Thereafter, the amount of funds are transferred to the payee and the system sends an e-mail notification to the payee indicating that the funds have been “received” on the payee'"'"'s behalf. In both cases, to complete a transaction, the payee must direct the received funds to an online account, for example, by providing an online account number and/or other identifying information such as a password. The payor may cancel the transaction at any time until the payee directs the received funds to an online account.
68 Citations
36 Claims
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1. A computer implemented method of transferring funds from one online account to another, the method comprising the steps of:
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opening a first online account in response to a request from a first user to open the first online account, including;
a) receiving credit card account information from the first user;
b) establishing a connection with a server associated with the credit card account; and
c) transferring funds from the credit card account to the first online account;
receiving a transfer request from the first user, the transfer request including an amount of funds for transfer from the first online account associated with the first user and identification information for a recipient of the funds, the identification information including an electronic message address for the recipient;
automatically sending an electronic message to the recipient using the electronic message address, the electronic message indicating that funds are ready for transfer to the recipient;
receiving a response from the recipient accepting or rejecting the transfer of funds; and
transferring said amount of funds from the first account to a second online account associated with the recipient if the recipient'"'"'s response indicates acceptance. - View Dependent Claims (2, 3, 4, 5, 6, 7, 10, 11)
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8. (canceled)
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9. (canceled)
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12. A computer implemented method of transferring funds from one online account to another, the method comprising the steps of:
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receiving a payment request from a first user, the payment request including an amount of funds for transfer to an online account associated with the first user and identification information for a recipient of the payment request (payor), the identification information including an electronic message address of the payor;
automatically sending an electronic message to the payor using the electronic message address, the electronic message including the amount of funds to be transferred to the first user;
receiving a payment response from the payor indicating acceptance or rejection of the payment request;
sending a second electronic message to the first user indicating whether the payment response from the recipient indicates acceptance or rejection of the payment request; and
if the payment response indicates acceptance;
receiving a transfer request from the first user indicating that the funds be transferred to an identified online account associated with the first user; and
transferring funds to the identified online account from a second online account associated with the payor in response to the transfer request;
wherein the payment response further includes a request to open an online account for the payor, the method further including;
opening the second online account and depositing funds into the second online account, wherein depositing includes;
receiving credit card account information from the payor;
establishing a connection with a server associated with the credit card account; and
transferring funds from the credit card account to the second online account. - View Dependent Claims (13, 14, 15, 16, 20, 21, 22)
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17. (canceled)
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18. (canceled)
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19. (canceled)
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23. In a computer network, a computer system communicably coupled to a database of online user accounts, the user accounts including values representing funds maintained by a financial institution on behalf of the users, the computer system executing code for updating the values in the user accounts, the code including instructions for:
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opening a first online account in response to a request received by the computer system from a first user to open the first online account, said instructions for opening including instructions for;
processing credit card account information received from the first user;
establishing a connection with a server associated with the credit card account; and
transferring funds from the credit card account to the first online account;
processing a transfer request received by the computer system from the first user over the network, the transfer request including an amount of funds for transfer from the first online account and identification information for a second user, the identification information including an electronic message address for the second user;
automatically sending an electronic message to the second user using the electronic message address, the electronic message indicating that funds are ready for transfer to the second user;
processing a response received from the second user to determine whether the second user has accepted or rejected the transfer of funds; and
updating the values of the first user account and a second user account associated with the second user to reflect that the amount of funds was transferred from the first user to the second user if the response indicates acceptance. - View Dependent Claims (24, 25, 26, 27, 28, 29)
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30. In a computer network, a computer system communicably coupled to a database of online user accounts, the user accounts including values representing funds maintained by a financial institution on behalf of the users, the computer system executing code for updating the values in the user accounts, the code including instructions for:
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processing a payment request received from a first user over the network, the payment request including an amount of funds for transfer to a first online user account associated with the first user and identification information for a second user, the identification information including an electronic message address for the second user;
automatically sending an electronic message to the second user using the electronic message address, the electronic message including the amount of funds to be transferred to the first user;
processing a payment response received from the second user to determine whether the second user has accepted or rejected the payment request;
sending a second electronic message to the first user indicating whether the payment response from the second user indicates acceptance or rejection of the payment request; and
if the payment response indicates acceptance;
processing a transfer request received from the first user to determine a user account identified by the first user; and
updating the values of the identified account and a second online user account associated with the second user to reflect that the amount of funds was transferred from the second online user account to the account identified by first user;
wherein the payment response further includes a request to open an online account for the second user, the code further including instructions for;
opening the second online user account; and
depositing funds into the second online user account, wherein instructions for depositing include instructions for;
processing credit card account information received from the second user;
establishing a connection with a server associated with the credit card account; and
causing funds to be transferred from the credit card account to the second online user account. - View Dependent Claims (31, 32, 33, 35)
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34. (canceled)
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36-47. -47. (canceled)
Specification