Method for Processing Internet Point of Sale Payment Using Automated Teller Machine Switch Settlement

• US 20110238571A1
• Filed: 05/06/2011
• Published: 09/29/2011
• Est. Priority Date: 05/03/1999
• Status: Active Grant

• Current Assignee: Adam Hoffman, Denis O'Leary, Jessica Burney, Re S. Richard, Vincent D'Agostino
• Original Assignee: Adam Hoffman, Denis O'Leary, Jessica Burney, Re S. Richard, Vincent D'Agostino
• Inventors: Re, S. Richard, O'Leary, Denis, Burney, Jessica, Hoffman, Adam, D'Agostino, Vincent
• Granted Patent: US 8,175,967 B2
• Time in Patent Office: Days
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• 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 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• 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 20/22 Payment schemes or models
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• 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 30/0222 During e-commerce, i.e. online transactions
• CPC Class Codes: G06Q 30/0226 Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0613 Third-party assisted
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/12 Accounting
• CPC Class Codes: G07F 17/42 for ticket printing or like apparatus , e.g. apparatus for dispensing of printed paper tickets or payment cards
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 7/025 by means, e.g. cards, providing billing information at the time of purchase, e.g. identification of seller or purchaser, quantity of goods delivered or to be delivered

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.

Claims

1-154. -154. (canceled)

155. A computer-implemented method for effectuating electronic payments for purchases made by a mobile computing device user from a merchant, the method comprising the steps of:

providing a mobile wallet for storage on a mobile computing device, the mobile wallet serving as a portal to a bank account for use in purchasing, the mobile wallet further including at least one of a credit card number and a debit card number;

providing an application implemented by computer processing components on the mobile computing device for activating the mobile wallet;

performing steps through the mobile wallet including,

receiving at the mobile computing device a secure user log-in to the mobile wallet in order to authenticate the mobile wallet user;

upon authentication, providing the mobile wallet user with an option to perform internet shopping;

approving an internet purchase from an internet merchant at the mobile wallet;

verifying payee information of the internet merchant including a merchant account at a merchant bank;

pushing credit from the mobile device user to the internet merchant account at the merchant bank; and

generating a purchase confirmation for transmission to the internet merchant.

156. The method of claim 155, wherein providing a mobile wallet comprises providing downloading tools on a host server for downloading the mobile wallet to the mobile computing device.

157. The method of claim 155, wherein the mobile wallet stores loyalty program information, coupons, and rebates.

158. The method of claim 155, further comprising providing a sortable view through the mobile wallet of transactions histories.

159. The method of claim 158 further comprising allowing sorting based at least on date, amount, and merchant.

160. The method of claim 155, wherein the bank account is an internet pay anyone account for use in electronic commerce.

161. The method of claim 155, further comprising funding the internet pay anyone account with at least one of a checking account, savings account, credit account, and debit account.

162. The method of claim 161, wherein the internet pay anyone account is funded by accounts at two different financial institutions.

163. The method of claim 155, further comprising directing the user to a website list of approved merchants.

164. The method of claim 163, further comprising automatically completing all purchase fields required by a merchant upon selection of the merchant.

165. The method of claim 155, further comprising implementing the mobile wallet for:

forming a payment authorization identifying the purchase amount and the merchant information; and

transmitting the payment authorization to an account holding institution at which the mobile device user maintains the bank account.

166. The method of claim 165, further comprising:

debiting the bank account by the purchase amount;

generating an Electronic Funds Transfer (EFT) credit instruction for crediting the merchant'"'"'s account by the purchase amount; and

transmitting the Electronic Funds Transfer credit instruction to the merchant'"'"'s account holding institution through an Electronic Funds Transfer network.

167. The method of claim 155, further comprising encrypting the log-in information for payment authorization.

168. The method as recited in claim 155, wherein the internet merchant'"'"'s account is a receive only account.

169. A computer-implemented system for effectuating electronic payments for purchases using a mobile computing device, the system comprising:

a memory on the mobile computing device, the memory storing a mobile wallet, the mobile wallet serving as a portal to a bank account for use in purchasing, the mobile wallet further including at least one of a credit card number and a debit card number; and

a computer processor on the mobile computing device executing processing instructions for;

running an application on the mobile computing device for activating the mobile wallet;

receiving at the mobile computing device a secure user log-in to the mobile wallet in order to authenticate a mobile wallet user;

upon authentication, providing the mobile wallet user with an option to perform internet shopping;

approving an internet purchase from an internet merchant at the mobile wallet;

verifying payee information of the internet merchant including a merchant account at a merchant bank;

pushing credit from the mobile device user to the internet merchant account at the merchant bank; and

generating a purchase confirmation for transmission to the internet merchant.

170. The system of claim 169, further comprising downloading tools on a host server for downloading the mobile wallet to the mobile computing device.

171. The system of claim 169, wherein the mobile wallet stores loyalty program information, coupons, and rebates.

172. The system of claim 169, wherein the mobile wallet includes sorting functionality providing a sortable view of transaction histories through the mobile wallet.

173. The system of claim 172, wherein the sorting functionality allows sorting based at least on date, amount, and merchant.

174. The system of claim 169, wherein the bank account is an internet pay anyone account for use in electronic commerce.

175. The system of claim 174, further comprising a funding link between the internet pay anyone account with at least one of a checking account, savings account, credit account, and debit account.

176. The system of claim 175, wherein the internet pay anyone account is funded by accounts at two different financial institutions.

177. The system of claim 169, further comprising a website list of approved merchants provided to the mobile device users.

178. The system of claim 177, further comprising auto-fill functionality for automatically completing all purchase fields required by a merchant upon selection of the merchant.

179. The system of claim 169, wherein the processing instructions further include instructions implementing the mobile wallet for:

forming a payment authorization identifying the purchase amount and the merchant information; and

transmitting the payment authorization to an account holding institution at which the mobile device user maintains the bank account.

180. The system of claim 179, wherein the processing instructions further include instructions implementing the mobile wallet for:

debiting the bank account by the purchase amount;

generating an Electronic Funds Transfer (EFT) credit instruction for crediting the merchant'"'"'s account by the purchase amount; and

transmitting the Electronic Funds Transfer credit instruction to the merchant'"'"'s account holding institution through an Electronic Funds Transfer network.

181. The system of claim 169, further comprising encryption for the log-in information for payment authorization.

182. The system as recited in claim 169, wherein the internet merchant'"'"'s account is a receive only account.