Systems and Methods for Facilitating Transactions with Different Account Issuers

• US 20090048968A1
• Filed: 09/30/2008
• Published: 02/19/2009
• Est. Priority Date: 11/05/1999
• Status: Active Grant

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Bishop, Fred, Thomas, Tracey R., Sharma, Bansi L.
• Granted Patent: US 7,925,585 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• 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

Abstract

A financial account issuer facilitating transactions between accounts is disclosed. The invention provides sellers with an irrevocable method of receiving funds from a purchaser and for improving purchaser willingness to transact with an unknown party. The invention also includes the options of interest payments, the use of different account issuers, different financial accounts, budget transfers, spend compartmentalization, cost-splitting, adjusting credit limits, loans, gifting, intermediary facilitating the transaction, transaction tracking, rapid funds availability, confidential transfer of funds, immediate initiation of shipment by a seller, releasing funds to a seller only after approval of the goods, services, or other value, demonstrating proof of payment, and recourse against a remote seller.

Claims

1. A method for a first financial account issuer to facilitate a transaction, the method comprising:

receiving, at the first financial account issuer, a request to debit a first amount from a first financial account having a first identifier associated with the first financial account, wherein the first financial account issuer issued the first financial account, and wherein the first financial account issuer comprises a server;

determining, by the first financial account issuer, if the request to debit the first financial account is fraudulent;

debiting, by the first financial account issuer, the first amount from the first financial account, if the request to debit the first financial account is not fraudulent; and

,

transmitting, from the first financial account issuer to a second financial account issuer, a request to credit at least a portion of the first amount to a second financial account having a second identifier associated with the second financial account, wherein the second financial account is issued by the second financial account issuer, and wherein the second financial account issuer determines if the request to credit the second financial account is fraudulent, and wherein the second financial account issuer credits at least a portion of the first amount to the second financial account, if the request to credit the second financial account is not fraudulent.

2. The method of claim 1, wherein the first amount comprises at least one of a monetary amount, a non-monetary amount, loyalty points, or monetary equivalent value.

3. The method of claim 1, further comprising depositing at least a portion of the first amount in an escrow account, prior to crediting at least a portion of the first amount to the second financial account.

4. The method of claim 1, further comprising receiving the request to debit from at least one of a seller, buyer or intermediary.

5. The method of claim 1, further comprising receiving the request to credit from at least one of a seller, buyer or intermediary.

6. The method of claim 1, further comprising receiving registration information from an intermediary.

7. The method of claim 1, further comprising receiving a selection of the type of at least one of the first financial account or the second financial account, to facilitate the transaction.

8. The method of claim 1, further comprising paying interest to the second financial account on the at least a portion of the first amount credited to the second financial account.

9. The method of claim 1, further comprising retaining, by the first financial account issuer, a portion of the first amount as a transaction fee.

10. The method of claim 1, further comprising debiting, by the first financial account issuer, a transaction fee from at least one of the first financial account or the second financial account.

11. The method of claim 1, further comprising analyzing, at the first financial account issuer, previous transactions associated with at least one of the first identifier or the second identifier.

12. The method of claim 1, wherein the first financial account and the second financial account belong to the same customer.

13. The method of claim 1, further comprising removing, by the second financial account issuer, at least a portion of the first amount from the second financial account.

14. The method of claim 1, wherein the debiting is irrevocable.

15. The method of claim 1, further comprising tracking the debiting and crediting.

16. The method of claim 1, further comprising notifying at least one of a first party associated with the first financial account or a second party associated with the second financial account, in response to at least one of the debiting or the crediting.

17. The method of claim 1, further comprising providing proof of the transaction to at least one of a first party associated with the first financial account or a second party associated with the second financial account, in response to at least one of the debiting or the crediting.

18. The method of claim 1, further comprising facilitating dispute resolution between a first party associated with the first financial account and a second party associated with the second financial account.

19. The method of claim 1, wherein at least one of the first identifier or the second identifier is at least one of a proxy number, a limited-use number and a single use number.

20. A computer-readable medium having stored thereon a plurality of instructions for a first financial account issuer to facilitate a transaction, the plurality of instructions comprising:

instructions to receive, at the first financial account issuer, a request to debit a first amount from a first financial account having a first identifier associated with the first financial account, wherein the first financial account issuer issued the first financial account, and wherein the first financial account issuer comprises a server;

instructions to determine, by the first financial account issuer, if the request to debit the first financial account is fraudulent;

instructions to debit, by the first financial account issuer, the first amount from the first financial account, if the request to debit the first financial account is not fraudulent; and

,

instructions to transmit, from the first financial account issuer to a second financial account issuer, a request to credit at least a portion of the first amount to a second financial account having a second identifier associated with the second financial account, wherein the second financial account is issued by the second financial account issuer, and wherein the second financial account issuer determines if the request to credit the second financial account is fraudulent, and wherein the second financial account issuer credits at least a portion of the first amount to the second financial account, if the request to credit the second financial account is not fraudulent.