SYSTEMS AND METHODS FOR IMPLEMENTING PERSON-TO-PERSON MONEY EXCHANGE

• US 20100299256A1
• Filed: 08/04/2010
• Published: 11/25/2010
• Est. Priority Date: 08/15/2000
• Status: Active Grant

• Current Assignee: Visa International Service Association (Visa, Inc.)
• Original Assignee: Yahoo! Inc. (Apollo Global Management, Inc.)
• Inventors: Gallagher, Paul, Simon, Robert, Liu, Ivan, Baum, Michael, Roberts, Kaycie, Noa, Jorge, Meng, Peihuan, Schmandt, Mieko, Davis, Steve, Hampton, Martin
• Granted Patent: US 8,126,792 B2
• Time in Patent Office: Days
• US Class Current: 705/42
• CPC Class Codes: G06Q 20/0855 involving a third party
• 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 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/3676 Balancing accounts
• CPC Class Codes: G06Q 20/3678 e-cash details, e.g. blinded, divisible or detecting double spending
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• 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 20/401 Transaction verification
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A system conducts online financial transactions between individuals or between individuals and entities such as banks, merchants and other companies. Each user establishes an online account, which is used to transfer funds to and from other online accounts. Any user may initiate a send money transaction or a request payment transaction with any other entity provided that entity has an e-mail address. The online fund transfer may include a verification of a user'"'"'s information including verifying a mailing address.

Claims

1. A computer implemented method for establishing user online accounts in a computer network, the method comprising the steps of:

receiving registration information from a first user for establishing a first online account, the registration information including a physical mailing address;

receiving credit card account information from the first user;

setting a transaction limit on the first online account to a first value that comprises a temporary limit pending a verification;

providing, to the first user, a confirmation code to verify that the physical mailing address is a valid address;

receiving the confirmation code from the first user for verification with a processor that the physical mailing address is a valid address; and

automatically raising the transaction limit on the first online account to match a credit limit on the credit card account when the confirmation code is received and verified unless the first value is less than the credit limit, in which case the transaction limit is set at the first value after verification.

2. The method of claim 1, further comprising:

linking the first online account with the credit card account.

3. The method of claim 2, further comprising:

funding the first online account from the credit card account.

4. The method of claim 2, wherein the funding of the first online account comprises a transfer of an amount equal to the temporary limit.

5. The method of claim 1, further comprising

receiving a transfer request from the first user, the transfer request including an amount of funds for transfer from the first online account associated with the first user and identification information for a recipient of the funds, the identification information including an electronic message address for the recipient, wherein the amount of funds is less than or equal to the transaction limit;

automatically sending an electronic message to the recipient using an electronic message address, the electronic message indicating that funds are ready for transfer to the recipient;

receiving a response from the recipient accepting or rejecting the transfer of the funds; and

transferring the funds from the first account to a second online account associated with the recipient when the recipient'"'"'s response indicates acceptance.

6. The method of claim 5, wherein the electronic message address includes a user ID associated with the recipient, and wherein the step of automatically sending an electronic message includes initiating an instant message session with the recipient based on the user ID.

7. The method of claim 5, wherein the response includes a request by the recipient to open an account, and wherein the method further includes the step of opening the second account for the recipient.

8. The method of claim 5, wherein the transfer request further includes a request for identity confirmation, and wherein the response from the recipient includes identity information responsive to the request for identity confirmation, the method further including the steps of:

automatically sending the identity information to the first user; and

receiving from the first user an acceptance or a rejection of the identity information;

wherein funds are transferred only if an acceptance is received from the first user.

9. A computer implemented method for transferring funds between user online accounts in a computer network, the method comprising the steps of:

receiving registration information from a first user for establishing a first online account, the registration information including a physical mailing address;

receiving credit card account information from the first user for a credit card account associated with the first user;

providing, to the first user, a confirmation code to verify that the physical mailing address is a valid address;

receiving the confirmation code from the first user for verification with a processor that the physical mailing address is a valid address; and

automatically setting the transaction limit on the first online account to match a credit limit on the credit card account when the confirmation code is received and verified.

10. The method of claim 9, further comprising:

linking the first online account with the credit card account.

11. The method of claim 10, further comprising:

funding the first online account from the credit card account.

12. The method of claim 9, further comprising

receiving a transfer request from the first user, the transfer request including an amount of funds for transfer from the first online account associated with the first user and identification information for a recipient of the funds, the identification information including an electronic message address for the recipient, wherein the amount of funds is less than or equal to the transaction limit;

automatically sending an electronic message to the recipient using an electronic message address, the electronic message indicating that funds are ready for transfer to the recipient;

receiving a response from the recipient accepting or rejecting the transfer of the funds; and

transferring the funds from the first account to a second online account associated with the recipient when the recipient'"'"'s response indicates acceptance.

13. The method of claim 12, wherein the electronic message address includes a user ID associated with the recipient, and wherein the step of automatically sending an electronic message includes initiating an instant message session with the recipient based on the user ID.

14. The method of claim 12, wherein the response includes a request by the recipient to open an account, and wherein the method further includes the step of opening the second account for the recipient.

15. The method of claim 12, wherein the transfer request further includes a request for identity confirmation, and wherein the response from the recipient includes identity information responsive to the request for identity confirmation, the method further including the steps of

automatically sending the identity information to the first user;

and

receiving from the first user an acceptance or a rejection of the identity information;

wherein funds are transferred only if an acceptance is received from the first user.

16. A computer implemented method of transferring funds between user online accounts in a computer network, the method comprising the steps of:

receiving registration information from a first user for establishing a first online account, the registration information including an address and credit card account information;

setting a transaction limit on the first online account to a first value that comprises a temporary limit pending a verification;

providing, to the first user, a confirmation code to verify the address;

receiving the confirmation code from the first user for verification that the address is a valid address;

receiving a request, from the first user, to raise the transaction limit on the first online account to a second value that is at or below a credit limit from the credit card account information; and

increasing, upon receipt and the verification of the confirmation code, the transaction limit on the first online account to the second value.

17. The computer implemented method of claim 16 wherein the second value is set by the first user.

18. The computer implemented method of claim 16 wherein the registration information and confirmation code are received from the first user over the Internet.