Systems and methods for implementing person-to-person money exchange

• US 20050131813A1
• Filed: 10/08/2004
• Published: 06/16/2005
• Est. Priority Date: 08/15/2000
• Status: Active Grant

• Current Assignee: Visa International Service Association (Visa, Inc.)
• Original Assignee: Yahoo! Inc. (Apollo Global Management, Inc.)
• Inventors: Gallagher, Paul, Simon, Robert, Liu, Ivan, Baum, Michael, Roberts, Kaycie, Noa, Jorge, Meng, Peihuan, Schmandt, Mieko, Davis, Steve, Hampton, Martin
• Granted Patent: US 7,792,720 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/0855 involving a third party
• 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 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/3676 Balancing accounts
• CPC Class Codes: G06Q 20/3678 e-cash details, e.g. blinded, divisible or detecting double spending
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• 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 20/401 Transaction verification
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

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.

Claims

1-42. -42. (canceled)

43. A computer implemented method of transferring funds between user online accounts in a computer network, the method comprising the steps of:

receiving registration information from a first user for establishing a first online account, the registration information including a physical mailing address;

setting a transaction limit on the first account to a first value;

thereafter

receiving a confirmation code from the first user, wherein the confirmation code confirms that the physical mailing address is a valid address; and

thereafter

increasing the transaction limit on the first online account to a second value.

44. The method of claim 43, further comprising the step of:

causing the confirmation code to be sent to the physical mailing address.

45. The method of claim 43, wherein the second value is selected by the first user.

46. The method of claim 43, wherein the physical mailing address is associated with a billing address for one of a credit card account and an ATM check card account.

47. The method of claim 43, wherein the registration information and confirmation code are received from the first user over the Internet.