SYSTEM AND METHOD FOR EXECUTING AN ELECTRONIC PAYMENT

• US 20100228672A1
• Filed: 02/22/2010
• Published: 09/09/2010
• Est. Priority Date: 03/03/2009
• Status: Active Grant

• Current Assignee: Quercus Ltd.
• Original Assignee: Quercus Ltd.
• Inventors: KARIM, Aly
• Granted Patent: US 8,732,082 B2
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• 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 30/0226 Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A computer-implemented system and method for processing an electronic payment. The system and method provides for storage of at least one customizable business rule, which is set by a user, a merchant, a business and/or a third party entity. Upon receipt of electronic digital information relating to a financial transaction between a first entity and a second entity, the system and method initiate execution of an electronic payment from the second entity to a third entity that is controlled by the at least one customizable business rule.

Claims

1. A computer system for processing an electronic payment comprising:

a computer configured to receive electronic digital information relating to a financial transaction between a first entity and a second entity;

memory coupled to the computer and configured to store at least one customizable business rule associated with the electronic digital information; and

a transaction processor coupled to the computer and configured to identify, based on the electronic digital information, the at least one business rule and further configured to initiate execution of an electronic payment from the second entity to a third entity,

wherein processing of the electronic payment is controlled by the at least one business rule.

2. The computer system of claim 1, wherein the electronic payment is processed independently of the financial transaction.

3. The computer system of claim 1, further comprising a server configured to generate, via a website portal, at least one user interface to enable a user to set the at least one business rule.

4. The computer system of claim 3, wherein the user is at least one of a merchant and a business.

5. The computer system of claim 3, wherein the user is the third entity, which is the recipient of the electronic payment.

6. The computer system of claim 3, wherein the at least one business rule defines at least one of the timing of the electronic payment, the amount of the electronic payment, and the destination account for the electronic payment.

7. The computer system of claim 3, wherein the computer is further configured to receive, from the user via the at least one user interface, a government-issued tax identification number of the second entity, and configured to link the government-issued tax identification number to the at least one business rule associated with the electronic payments of the second entity.

8. The computer system of claim 7, wherein the electronic digital information relating to the financial transaction includes the government-issued tax identification number of the second entity involved in the financial transaction.

9. The computer system of claim 8, wherein the computer is further configured to identify the at least one business rule using the government-issued tax identification number, and configured to process execution of the electronic payment using the at least one business rule.

10. The computer system of claim 9, wherein the financial transaction is a business-related purchase by the second entity and wherein the electronic payment is a government-issued tax rebate for the business-related purchase.

11. A computer-implemented method for processing an electronic payment, the method comprising:

storing at least one customizable business rule in an electronic storage medium;

receiving, by a computer system, electronic digital information, which relates to a financial transaction between a first entity and a second entity;

identifying the at least one business rule, by the computer system, based on the electronic digital information; and

initiating, by a transaction processor, execution of an electronic payment from the second entity to a third entity,

wherein processing of the electronic payment is controlled by the at least one business rule.

12. The computer-implemented method of claim 11, further comprising providing at least one user interface, via a website portal, to enable a user to set the at least one business rule.

13. The computer-implemented method of claim 12, wherein the user is at least one of a merchant and a business.

14. The computer-implemented method of claim 12, wherein the user is the third entity, which is the recipient of the electronic payment.

15. The computer-implemented method of claim 11, wherein the at least one business rule defines at least one of the timing of the electronic payment, the amount of the electronic payment, and the destination account for the electronic payment.

16. The computer-implemented method of claim 12, further comprising:

receiving, by the computer system, a government-issued tax identification number of a merchant via the at least one user interface;

storing the government-issued tax identification number in the electronic storage medium; and

linking the government-issued tax identification number to the at least one business rule associated with the electronic payments of the merchant.

17. The computer system of claim 16, wherein the electronic digital information relating to the financial transaction includes the government-issued tax identification number of the merchant involved in the financial transaction.

18. The computer-implemented method of claim 17, further comprising:

upon receiving, by the computer system, the government-issued tax identification number, identifying the at least one business rule that is linked to the government-issued tax identification number; and

initiating, by a transaction processor, the execution of a electronic payment for the merchant involved in the financial transaction.

19. The computer-implemented method of claim 18, wherein the initiating step further comprises transmitting an authorization request to an electronic funds transfer network to execute the electronic payment.

20. A computer system for processing an electronic payment comprising:

electronic storage means for storing at least one customizable business rule, which is set by a user via a user interface;

means for receiving electronic digital information, which relates to a financial transaction between a first entity and a second entity;

analyzing means for identifying the at least one business rule based on the electronic digital information; and

transaction processing means for executing an electronic payment from the second entity to a third entity,

wherein processing of the electronic payment is controlled by the at least one customizable business rule.

21. The computer system of claim 20, further comprising:

means for receiving a government-issued tax identification number of the second entity; and

association means for linking the government-issued tax identification number to the at least one business rule associated with the electronic payments of the second entity.

22. The computer system of claim 21, further comprising:

means for identifying the at least one business rule that is linked to the government-issued tax identification number upon receipt of electronic digital information relating to a financial transaction of the second entity;

means for initiating the execution of a electronic payment for the merchant involved in the financial transaction; and

means for transmitting an authorization request to an electronic funds transfer network to execute the electronic payment.