Network-Based Viral Payment System

• US 20090287601A1
• Filed: 03/16/2009
• Published: 11/19/2009
• Est. Priority Date: 03/14/2008
• Status: Abandoned Application

• Current Assignee: Obopay Mobile Technology India Pvt Limited (OBP Investments, Inc.)
• Original Assignee: Obopay Incorporated (OBP Investments, Inc.)
• Inventors: Schwartz, David, Tumminaro, John Michael, Paddock, Christopher A., Henderson, Irvin, Tumminaro, John
• Application Number:
  US12/405,203
• Publication Number:
  US 20090287601A1
• 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 30/00 Commerce
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A system and method for transferring funds among registered and unregistered users of a value exchange system comprises a server system for receiving value exchange instructions from a sender, where the value exchange instructions include a recipient who may not be registered with the system. The value exchange instructions initiate a computer-generated sequence for authenticating the identity of the recipient, permitting the recipient to designate a payment method, and transferring funds to properly authenticated recipients.

Claims

1. A system for performing value exchanges between a sender and a recipient comprising

an input queue adapted to receive value exchange requests, wherein the value exchange identifies a recipient and a value,

a system core connected to the input queue for validating value exchange requests and identifying whether the recipient is known, and

a message generator for sending a message to a recipient who is not known and requesting a response, whereby, depending upon the response, the system core authenticates the recipient without requiring registration, and securely transfers funds to the recipient.

2. A method for performing value exchanges between a sender and a recipient comprising the steps of

receiving from a sender via a network connection instructions to perform a value exchange with a recipient,

checking a database and determining whether the recipient is known,

if the recipient is not known, generating in a computer a message to the recipient requesting authentication of identity and sending the message to the recipient via a network connection,

depending upon the type of authentication provided, causing a computer system to transfer funds to the recipient in a manner designated by the recipient.