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Method and system for processing internet payments using the electronic funds transfer network

  • US 6,609,113 B1
  • Filed: 02/03/2000
  • Issued: 08/19/2003
  • Est. Priority Date: 05/03/1999
  • Status: Expired due to Term
First Claim
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1. A method for effectuating an electronic credit to a destination account at a destination institution, the method comprising the steps of:

  • identifying the destination account, the destination institution and an amount of the credit, wherein the destination account is identified by a receive only address of the destination account; and

    transmitting an Electronic Funds Transfer (EFT) credit message to the destination institution through an Electronic Funds Transfer network, the EFT credit message representing the credit.

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