Person-to-person, person-to business and business-to-business financial transaction system

• US 20090012897A1
• Filed: 08/20/2008
• Published: 01/08/2009
• Est. Priority Date: 04/13/1999
• Status: Active Grant

• Current Assignee: Orbis Patents Limited (Orbis Technology)
• Original Assignee: Orbis Patents Limited (Orbis Technology)
• Inventors: O'Donnell, Graham, Flitcroft, Daniel I.
• Granted Patent: US 7,895,122 B2
• Time in Patent Office: Days
• US Class Current: 705/43
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• 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 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

The delivery of a secure method and system of generating person to person, business to business, business to person and person to business transactions involving transfer of funds from one party (the purchaser) to a second party (the vendor). The functionality of existing credit/debit cards and the associated infrastructure is extended to provide a secure global mechanism for individuals/businesses to receive funds without revealing confidential information or having to become credit/debit accepting merchants.

Claims

1. A memory for storing data for facilitating a financial transaction originating from a payer in a computer network, comprising:

a data structure for access by a payer to initiate a financial transaction originating from the payer, said data structure including a personal payment number format comprising;

routing information to direct financial transaction information to a particular institution among a plurality of institutions using the computer network; and

a unique identification of a payee associated with said particular institution, wherein said personal payment number identifying an account into which funds can be transferred but from which funds cannot be transferred.

2. The memory according to claim 1, said personal payment number format further comprising an identifier identifying said personal payment number as an account into which funds can be transferred but not from which funds can be received.

3. The memory according to claim 1, wherein said routing information identifies an address associated with accounts limited to receiving funds and not capable of transferring out funds.

4. The memory according to claim 1, wherein said routing information includes a bank identification number (BIN).

5. The memory according to claim 1, wherein said personal payment number is formatted in accordance with standard credit/debit card formats.

6. The memory according to claim 1, wherein said personal payment number is formatted to be distinct from standard credit/debit card formats.

7. The memory according to claim 1, wherein said personal payment number is formatted to be unique among standard credit/debit card formats.

8. The memory according to claim 1, said format further comprising a verification code.

9. The memory according to claim 8, wherein said verification code is selected from a group consisting of a checksum number and a cvv2.

10. A personal payment number processing system comprising:

means for allocating personal payment numbers to payees, each personal payment number including routing information and information identifying a payee, wherein said personal payment number identifying an account associated with a payee into which funds can be transferred but from which funds cannot be transferred;

means for initiating a personal payment number transaction originating from a payer utilizing an allocated personal payment number;

means for routing a said personal payment transaction to a destination based on the routing information included in the allocated personal payment number; and

means for processing said personal payment number transaction to transfer funds into the account identified in the allocated personal payment number.

11. The personal payment number processing system according to claim 10, further comprising:

means for handling request for a personal payment number; and

means for distributing personal payment numbers.

12. The personal payment number processing system according to claim 10, further comprising interfacing with a secure personal payment number database to allow queries about transactions.

13. The personal payment number processing system according to claim 10, further comprising means for storing personal payment numbers and associated credit/debit accounts as linked accounts.

14. The personal payment number processing system according to claim 10, wherein said allocation means includes means for ensuring that there is no reversible numerical relationship between the personal payment number and an associated credit/debit account.

15. The personal payment number processing system according to claim 10, wherein said means for processing said personal payment number transaction further includes:

means for validating that a received personal payment number is a valid and issued number, and means for identifying the appropriate associated payee account details.

16. The personal payment number processing system according to claim 10, wherein said means for processing said personal payment number transaction further includes:

means for determining how funds are due to be forwarded for a payee and for obtaining required account numbers,

means for creating appropriate transaction messages incorporating the determined and obtained account details to be forwarded and an adjusted amount for a fund transfer to be completed by existing bank systems, and

means for forwarding the transaction messages onto an existing bank system for completion.

17. The personal payment number processing system according to claim 10, wherein said means for processing includes means for determining an account number based on said identifying information.

18. A personal payment number processing method comprising:

allocating personal payment numbers to payees, each personal payment number including routing information and information identifying a payee, wherein said personal payment number identifying an account associated with a payee into which funds can be transferred but from which funds cannot be transferred;

initiating a personal payment number transaction originating from a payer utilizing an allocated personal payment number;

routing said personal payment transaction to a destination based on the routing information included in the allocated personal payment number; and

processing said personal payment number transaction to transfer funds into the account identified in the allocated personal payment number.

19. The personal payment number processing method according to claim 18, further comprising:

handling request for a personal payment number; and

distributing personal payment numbers.

20. The personal payment number processing method according to claim 18, further comprising storing personal payment numbers and associated credit/debit accounts as linked accounts.

21. The personal payment number processing method according to claim 18, wherein said step of processing said personal payment number transaction further includes:

validating that a received personal payment number is a valid and issued number, and

identifying the appropriate associated payee account details.

22. The personal payment number processing method according to claim 18, wherein said processing includes determining an account number based on said identifying information.

23. A database having stored therein a data structure for facilitating financial transactions in a computer network, comprising

a plurality of personal payment numbers, each of which comprises:

routing information to direct financial transaction information to a particular institution among a plurality of institutions using a computer network; and

a unique identifier of a payee; and

account numbers, each account number respectively associated with a payee and logically linked with a respective unique identifier;

wherein

each said personal payment number permitting credit transactions but not permitting debit transactions involving the account in a personal payment number transaction, and

said database permitting a payer originating a personal payment number transaction to access the stored information of personal payment numbers but not permitting access to an account number of a linked account.

24. A method of implementing a personal payment number transaction comprising:

communicating a personal payment number to a payer, said personal payment number having a format comprising;

routing information to direct financial transaction information to a particular institution among a plurality of institutions using a computer network, and

a unique identification of a payee associated with said particular institution, wherein said personal payment number identifying an account into which funds can be transferred but from which funds cannot be transferred; and

receiving funds in the account via a personal payment number transaction initiated by the payer.

25. The method of claim 24, wherein the personal payment number is communicated by way of an invoice requesting payment of goods or services provided.

26. The method of claim 24, wherein the personal payment number is communicated by way of displaying the number within a webpage.

27. The method of claim 24, wherein the personal payment number is communicated by way of email.

28. The method of claim 24, wherein the personal payment number is communicated to the payer by way of the payer accessing a database including a directory of personal payment numbers.

29. The method of claim 24, wherein the personal payment number is communicated by way of documentation or program code of a software package.

30. The method of claim 24, wherein the personal payment number is communicated by way of an ATM.

31. The method of claim 24, wherein the personal payment number is communicated to the payer by way of bearing indicia of the personal payment number on a financial transaction card.

32. The method of claim 24, wherein the personal payment number is communicated to the payer by way of printing the personal payment number onto an existing financial transaction card of the payer.