METHOD AND APPARATUS FOR INITIATING A FUNDS TRANSFER USING A MOBILE DEVICE

• US 20100174647A1
• Filed: 04/30/2008
• Published: 07/08/2010
• Est. Priority Date: 04/30/2008
• Status: Active Grant

• Current Assignee: Intuit, Inc.
• Original Assignee: Intuit, Inc.
• Inventors: Kowalchyk, Eric F., Detterman, William A.
• Granted Patent: US 8,180,705 B2
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/3223 Realising banking transactions through M-devices
• CPC Class Codes: G06Q 20/3224 Transactions dependent on location of M-devices
• CPC Class Codes: G06Q 20/325 using wireless networks
• CPC Class Codes: G06Q 20/3255 using mobile network messaging services for payment, e.g. SMS
• 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

Abstract

The invention is directed to a method and apparatus for initiating an electronic funds transfer. The system includes a first mobile device, a payment engine, and a payment repository. The first mobile device includes functionality to display a notification of a sales transaction, obtain an authorization from the consumer to the electronic funds transfer based on the notification, instantiate a transfer entry form to obtain a transfer entry package, where the transfer entry package comprises the notification, a verification of the authorization, and consumer financial account information. The payment engine is operatively connected to the first mobile device and includes functionality to transmit the notification to the consumer of a sales transaction, generate the transfer entry form based on the authorization, and transmit the transfer entry package to a depository financial institution. The payment repository is operatively connected to the payment engine and includes functionality to store a record of the transfer entry package and the authorization.

Claims

1. A system for initiating an electronic funds transfer, comprising:

a first mobile device comprising functionality to;

display a notification of a sales transaction using an automated clearing house (ACH) transaction,

obtain an authorization from a consumer to initiate the ACH transaction based on the notification,

instantiate a transfer entry form to obtain a transfer entry package, wherein the transfer entry package comprises the notification, a verification of the authorization, and consumer financial account information for a pre-existing financial account controlled by the consumer;

a payment engine operatively connected to the first mobile device and comprising functionality to;

transmit the notification to the consumer of a sales transaction,

generate the transfer entry form based on the authorization, and

transmit the transfer entry package to a depository financial institution; and

a payment repository operatively connected to the payment engine and comprising functionality to store a record of the transfer entry package and the authorization.

2. The system of claim 1, wherein the notification comprises one from the group consisting of a short message service (SMS) message, an electronic mail, an instant message, a video message, an audio message, a webpage text, a multimedia messaging service (MMS) message, an oral statement, a short-range wireless transmission, and a wireless network communication.

3. The system of claim 1, wherein the authorization is provided orally by the consumer using the first mobile device.

4. The system of claim 3, wherein the first mobile device comprises further functionality to obtain a record of the oral authorization.

5. The system of claim 1, wherein the authorization is provided electronically by the consumer using the first mobile device.

6. The system of claim 5, wherein the notification further comprises:

an electronic link to a secure online payment website communicatively connected to the first mobile device and comprising functionality to;

obtain the authorization by the consumer, and

generate the transfer entry package.

7. The system of claim 1, wherein the authorization is written.

8. The system of claim 7, wherein the first mobile device comprises further functionality to:

generate a digital image of a check executed by the consumer based on the notification, wherein information to generate the transfer entry package is obtained from the check.

9. The system of claim 1, further comprising:

a second mobile device, wherein the consumer provides the authorization using the second mobile device.

10. The system of claim 9, wherein the payment engine comprises further functionality to obtain data from the second mobile device to instantiate the transfer entry form.

11. The system of claim 9, wherein the authorization comprises a text message.

12. A method for initiating an electronic funds transfer, comprising:

transmitting a notification of terms for a sales transaction using an automated clearing house (ACH) transaction to a consumer;

obtaining an authorization from the consumer to initiate the ACH transaction based on the notification;

generating a transfer entry form based on the authorization;

displaying the transfer entry form on a first mobile device;

instantiating the transfer entry form using the first mobile device to obtain a transfer entry package, wherein the transfer entry package comprises the notification, a verification of the authorization, and consumer financial account information for a pre-existing financial account controlled by the consumer;

transmitting the transfer entry package to a depository financial institution to initiate the electronic funds transfer; and

storing a record of the authorization and the transfer entry package.

13. The method of claim 12, wherein the notification comprises one from the group consisting of a short message service (SMS) message, an electronic mail, an instant message, a video message, an audio message, a webpage text, a multimedia messaging service (MMS) message, a short-range wireless transmission, and a wireless network transmission.

14. The method of claim 12 wherein the authorization is provided orally by the consumer.

15. The system of claim 14, wherein the authorization is recorded using the first mobile device.

16. The method of claim 14, wherein the authorization is provided electronically by the consumer using the first mobile device.

17. The method of claim 12, wherein the transfer entry form further comprises an electronic link to a secure online payment website,

wherein the secure online website is displayed on the first mobile device, and

wherein the secure online website is used to obtain the authorization and generate the transfer entry package.

18. The method of claim 12, wherein the authorization is written.

19. The method of claim 18, further comprising:

using the first mobile device to generate a digital image of a check executed by the consumer based on the sales transaction; and

obtaining, from the check, the authorization and bank account information associated with the customer.

20. The method of claim 12, wherein the consumer provides the authorization using a second mobile device.

21. The method of claim 20, further comprising:

obtaining data from the second mobile device to instantiate the transfer entry form.

22. The method of claim 20, wherein the authorization comprises a text message.

23. A computer readable medium storing instructions for initiating an electronic funds transfer using a mobile device, the instructions comprising functionality for:

transmitting a notification of terms for a sales transaction using an automated clearing house (ACH) transaction to a consumer;

obtaining an authorization from the consumer to initiate the ACH transaction;

generating a transfer entry form based on the authorization;

displaying the transfer entry form on a first mobile device;

instantiating the transfer entry form using the first mobile device to obtain a transfer entry package, wherein the transfer entry package comprises the notification, a verification of the authorization, and consumer financial account information for a pre-existing financial account controlled by the consumer;

transmitting the transfer entry package to a depository financial institution to initiate the electronic funds transfer; and

storing a record of the authorization and the transfer entry package.

24. The computer readable medium of claim 23, wherein the consumer provides the authorization using a second mobile device.

25. The computer readable medium of claim 24, instructions further comprising functionality for obtaining data from the second mobile device to instantiate the transfer entry form.