Method And System For Processing Internet Payments Using The Electronic Funds Transfer Network
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Accused Products
Abstract
A system and method for effectuating Electronic Funds Transfer credit messages. The main structural components of the system include a Payment Portal Processor (PPP), an Internet Pay Anyone (IPA) Account, a Virtual Private Lockbox (VPL) and an associated Account. Reporter, the existing EFT networks, and a cash card for accessing a VPL or IP account. The PPP is a software application that provides a secure portal for accessing (linking to) either the user'"'"'s Demand Deposit Account (DDA) or an IPA account and can be combined with the functionality of a traditional digital Wallet. Consumers use a PPP enhanced Wallet to fund their account, shop on the web, pay bills, pay anyone, store electronic receipts and transaction history, and check their recent PPP enhanced Wallet activity. The IPA account is a special purpose account with limited functionality for making electronic payments in the form of EFT credit messages. The VPL is a limited function receive only account for receiving electronic payments through the EFT. The Account Reporter is a portal to view transaction history and balance of IPA and VPL accounts, provide online, real-time transaction reports, and to reconciles accounts receivable/purchase records against incoming EFT payment records. A physical card can be associated with either an IPA or VPL account in order to provide PIN debit capability.
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Citations
178 Claims
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1-154. -154. (canceled)
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155. A computer-implemented method for effectuating an electronic payment between a transferor and a transferee using an electronic funds transfer (EFT) network, the transferor having an account at a transferor institution and the transferee having an account at a transferee institution, the method comprising the steps of:
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receiving an incoming payment request from the transferor at a payment administration processor hosted by a host institution, the payment request containing payment information including an identification of the transferor institution, the transferee institution, and quantity of funds to be transferred; generating a payment order using a payment application program processed using the payment administration processor, the processing conducted based on the incoming payment request; storing loyalty program information for the transferor and updating the stored loyalty program information based on the payment information; and sending the payment order from the payment administration processor in order to facilitate payment to the transferee institution to enable the transferor institution to credit the transferee account with the quantity of funds, whereby funds are electronically transferred from the transferor institution to the transferee institution. - View Dependent Claims (156, 157, 158, 159, 160, 161, 162, 163, 164, 165, 166, 167, 174, 175, 176)
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168. A computer-implemented system for effectuating an electronic payment between a transferor and a transferee using an electronic funds transfer (EFT) network, the transferor having an account at a transferor institution and the transferee having an account at a transferee institution, the system comprising:
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a host server comprising a payment processor, a memory and an input interface; and a payment application program stored by the memory of the host server, the payment application program receiving data through the input interface and processing the input data upon execution by the payment processor, the executed payment application program performing the steps of; receiving an incoming payment request from the transferor, the payment request containing payment information including an identification of the transferor institution, the transferee institution, and quantity of funds to be transferred; generating a payment order based on the payment request; storing loyalty program information for the transferor and updating the stored loyalty program information based on the payment information; and sending the payment order from the payment processor in order to facilitate payment to the transferee institution to enable the transferor institution to credit the transferee account with the quantity of funds, whereby funds are electronically transferred from the transferor institution to the transferee institution. - View Dependent Claims (169, 170, 171, 172, 173, 177, 178)
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Specification