Systems and Methods for Implementing Person-To-Person Money Exchange
First Claim
Patent Images
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.
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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.
7 Citations
2 Claims
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1. A computer implemented method for establishing user online accounts in a computer network, the method comprising the steps of:
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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.
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2-18. -18. (canceled)
Specification