Buyer initiated payment
First Claim
1. A method for an originator to transfer funds to a beneficiary comprising:
- holding a pre-settlement conversation between said originator and a beneficiary bank regarding said transfer of funds;
sending a payment message by said originator to an originator bank, said payment message requesting said originator bank to push said funds to said beneficiary bank;
indicating a beneficiary indicator in said payment message, said beneficiary indicator indicating a beneficiary account that will be credited with said funds, said beneficiary account being maintained by said beneficiary bank; and
pushing said funds from said originator bank to said beneficiary bank wherein said beneficiary account is credited with said funds.
1 Assignment
0 Petitions
Accused Products
Abstract
Transferring funds from a payment originator (or payor) to a payment beneficiary (or payee) pushes the funds directly to a beneficiary'"'"'s bank. The beneficiary'"'"'s bank is not required to actively pull funds into the beneficiary'"'"'s account. An originator can use a publicly known beneficiary indicator to direct payment to the beneficiary. The publicly known beneficiary indicator can be publicly used without exposing a beneficiary account to unauthorized debits or fraud since it can only be used to make credits to the beneficiary account, e.g. a deposit-only account. A pre-settlement conversation is used between the two banks to verify and evaluate information about an upcoming transfer of funds to determine whether to accept the funds transfer. The messages in the pre-settlement conversation contain information about the transaction.
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Citations
33 Claims
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1. A method for an originator to transfer funds to a beneficiary comprising:
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holding a pre-settlement conversation between said originator and a beneficiary bank regarding said transfer of funds;
sending a payment message by said originator to an originator bank, said payment message requesting said originator bank to push said funds to said beneficiary bank;
indicating a beneficiary indicator in said payment message, said beneficiary indicator indicating a beneficiary account that will be credited with said funds, said beneficiary account being maintained by said beneficiary bank; and
pushing said funds from said originator bank to said beneficiary bank wherein said beneficiary account is credited with said funds. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A method for an originator to transfer funds to a beneficiary comprising:
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sending a funds verification message from an originator bank to a beneficiary bank, said funds verification message informing said beneficiary bank of said funds to be transferred to said beneficiary bank;
sending a funds verification response message from said beneficiary bank to said originator bank, said funds verification response message serving to authorize or decline said transfer of said funds to said beneficiary bank; and
pushing said funds from an originator account maintained by said originator bank into a beneficiary account maintained by said beneficiary bank if said funds verification response message authorizes said transfer of said funds. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22, 23)
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24. A payment system comprising:
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an originator and a beneficiary wherein said originator intends to transfer funds to said beneficiary;
an originator bank that maintains an originator account;
a beneficiary bank that maintains a beneficiary account;
a funds verification message that is sent from said originator bank to said beneficiary bank, said funds verification message informing said beneficiary bank of said funds to be transferred to said beneficiary bank; and
a funds verification response message that is sent to said originator bank, said funds verification response message serving to authorize or decline said transfer of funds to said beneficiary bank, wherein said funds verification message and said funds verification response message are sent before settlement of the transfer of funds. - View Dependent Claims (25, 26, 27, 28, 29, 30, 31, 32)
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33. A system as recited in claim 39 further comprising:
a beneficiary indicator that identifies an account of said beneficiary, wherein said originator uses said beneficiary indicator to transfer said funds to said beneficiary.
Specification