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Electronic transfer system

  • US 20050246293A1
  • Filed: 02/28/2003
  • Published: 11/03/2005
  • Est. Priority Date: 03/04/2002
  • Status: Abandoned Application
First Claim
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1. A method of conducting an on-line transaction including the steps of:

  • providing a transaction manager;

    generating a single use transaction request identification;

    the transaction manager relating the transaction request identification to banking information of a registered user;

    providing the registered user with the transaction request identification;

    the registered user requesting to purchase a product or service having a value from a merchant, the purchase request including providing the transaction request identification to the merchant;

    the merchant sending a payment request to the transaction manager for a fund transfer of the value from the user to the merchant, the payment request including the transaction request identification and the value;

    the transaction manager checking the validity of the transaction request identification and disabling re-use of the transaction request identification; and

    if the transaction request identification is valid, sending an EFT request to a financial institution to transfer the value in funds from the user to the merchant, the EFT request including the banking information;

    checking whether sufficient funds are present in the user'"'"'s bank account and if sufficient funds are present, the financial institution performing the transfer according to the banking information; and

    the transaction manager receiving confirmation of the transfer from the financial institution and sending the confirmation to the merchant.

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