Money Movement Network Method
First Claim
1. A method for electronic payments, comprising:
- a payment service system receiving a request to make a payment, the request comprising an identification of a source account and an identification of a payee;
the payment service system performing a debit transaction from the source account for funding the payment;
the payment service system notifying the payee of the payment using the identification of the payee;
the payment service system receiving an acceptance of the payment from the payee; and
the payment service system performing a credit transaction depositing the payment funds to a destination account indicated by the payee.
4 Assignments
0 Petitions
Accused Products
Abstract
Embodiments of the invention include an electronic payment system that allows person-to-person (P2P) payments and requests for payment, consumer-to-consumer (C2C) payments and requests for payment, and use of a P2P service by a business which in turn offers the service to its customers for making payments and requests for payment. The system and service allow users to make payments from their existing financial accounts to anyone, anywhere without funding a special account and managing a third-party relationship separate from the relationship the user has with the financial institution. The service further allows users to receive payments without registering for a third-party service. In embodiments, the service is available as an integrated banking service alongside current financial institution electronic banking services already used by customers. A bank customer can use the payment service directly from within a bank or bank web site.
182 Citations
57 Claims
-
1. A method for electronic payments, comprising:
-
a payment service system receiving a request to make a payment, the request comprising an identification of a source account and an identification of a payee; the payment service system performing a debit transaction from the source account for funding the payment; the payment service system notifying the payee of the payment using the identification of the payee; the payment service system receiving an acceptance of the payment from the payee; and the payment service system performing a credit transaction depositing the payment funds to a destination account indicated by the payee. - View Dependent Claims (2, 3, 4, 5, 6)
-
-
7. A method for a payer to make an electronic payment to a payee, the method comprising:
-
receiving account information from a financial institution (FI), wherein the account information relates to a user who logs on to a web site of the FI; receiving information about an identification comprising of one of an email address and mobile phone number; receiving identification information for the payee comprising one of an email address and a mobile phone number; if the payee is registered at a web site of an FI that participated in a shared electronic payment system, determining whether automatic deposits are authorized by the payee; if automatic payments are authorized, completing the payment including performing a transfer of funds and sending notification of the transaction to the payee, else; sending a notification of the payment to the payee requesting that they register for the shared electronic payment system at an FI where the payee has an account; receiving a validated email or mobile phone number, and an account number from the FI, wherein the web site comprises a web site of a financial institution at which the payee has at least one account; and receiving an input from the payee accepting the payment. - View Dependent Claims (8, 9, 10, 11, 12)
-
-
13. A method for a payee to make request electronic payment from a payer, the method comprising:
-
receiving from the payee identification information regarding one of a validated email address and mobile phone number for a payee; receiving from the payee account information about the payee from the web site to which a payment system is connected; receiving one of the email address and mobile phone number for the payer; sending a notification of the request for payment to the payer; receiving account information from a financial institution (FI) regarding the payer after the payer logs onto a web site of their FI in response to the notification, wherein the web site comprises a web site of an FI at which the payer has at least one account; and receiving an input from the payer authorizing the payment. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21)
-
-
22. A computer-readable medium, having stored thereon instruction, that when executed by at least one processor perform an electronic payment method, the method comprising:
-
centrally storing user data for making electronic payments and requesting electronic payments to be made; receiving user requests to make payments and user requests for payment to be made, wherein receiving comprises receiving data input via a user interface of a central payment service system, and data input via a user interface of a financial institution; and executing payments according to the user requests, comprising performing debit transactions and credit transactions from and to financial accounts indicated in the data. - View Dependent Claims (23, 24)
-
-
25. A method for electronic payments among a plurality of financial institutions (FIs) each of which are liked to a common electronic payment system, the method comprising:
-
receiving identification information comprising at least one of an email address, mobile phone number, and account information of a first user for accessing the first user'"'"'s account at a first FI; receiving input from the first user to initiate a payment transaction, wherein the input comprises an identification of a second user who is designated to receive a payment from the first user; the payment system sending a notification to the second user regarding the payment transaction; receiving identification information comprising at least one of an email address, mobile phone number, and account information of the second user at a second FI, wherein the first FI and the second FI are each members of the electronic payment system; and receiving an authorization of the payment from the first user. - View Dependent Claims (26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39)
-
-
40. A method for electronic payments among a plurality of financial institutions (FIs), the method comprising:
-
receiving identification information of a first user for accessing the first user'"'"'s account at a first FI, the information comprising at least one of an email address and mobile phone number, all information directly obtained from an FI to which the electronic payment system is linked; and receiving input from the first user to register the first user with a payment service; receiving input from the first user to initiate a payment transaction, wherein the input comprises an identification of a second user who is designated to receive a payment from the first user; the payment system sending a notification to the second user regarding the payment transaction, wherein the notification includes instructions for logging onto a web site of a payment service system; receiving identification information of the second user at the web site; and requesting the second user to enter information regarding an account at a second FI at which the second user would like to receive payment funds; and transmitting a notification to the second user regarding the payment transaction. - View Dependent Claims (41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55)
-
-
56. A method for performing a payment against a request for payment, the method comprising:
-
a third-party payment system receiving input from a first user to initiate a request for payment, wherein the input is entered into a user interface of a first financial institution (FI) at which the first user has an account, and wherein the first FI is a member of the payment system; transmitting the request for payment to a second user, wherein the second user is identified by the first user as a payer; receiving input from the second user, wherein the input is entered into a user interface of a second FI at which the second user has an account, wherein the input comprises validation of an identity of the second user, and registration to use the payment system; receiving an authorization from the second user to make a payment against the request for payment from an account identified by the second user; and the payment system executing one or more transactions to complete the authorized payment. - View Dependent Claims (57)
-
Specification