System and use for correspondent banking
First Claim
1. A method for processing a financial transaction involving a first user, a first user'"'"'s financial institution, a second user, a second user'"'"'s financial institution, and a service provider over multiple networks, comprising:
- issuing to the first user i) software for directing steps of the financial transaction and ii) at least one certificate for identifying the first user to the service provider, wherein at least one of i) or ii) contains information about the first user'"'"'s financial institution;
receiving at the service provider from the second user via a first network at least the first user'"'"'s at least one certificate, the second user'"'"'s financial transaction information, and an encrypted first data message requesting performance of a financial transaction, wherein the financial transaction includes debiting an account of the first user held at the first user'"'"'s financial institution;
verifying an identity of the first user at the service provider via the first user'"'"'s at least one certificate;
decrypting at the service provider the first data message to facilitate performing the financial transaction;
formatting at the service provider at least a first portion of the first data message to resemble a financial transaction that is recognizable and readable by the first user'"'"'s financial institution;
encrypting by the service provider the formatted portion of the first data message;
forwarding from the service provider the encrypted formatted portion of the first data message to the first user'"'"'s financial institution via a second network requesting authorization to perform the financial transaction;
receiving at the service provider via the second network from the first user'"'"'s financial institution a response to the request for authorization to perform the financial transaction; and
transmitting from the service provider to the second user via the first network a response to the request for authorization to perform the financial transaction.
1 Assignment
0 Petitions
Accused Products
Abstract
The present invention comprises a system and method for a customer and merchant to perform an on-line, and in some cases, real-time financial transaction from a personal computer or similar processing terminal over a public access communications network utilizing a universally acceptable electronic financial transaction instruction that debits a customer'"'"'s selected account and notifies a merchant that a credit is due or forthcoming and a service provider. The financial transaction instruction is provided in a secured format for transactions sent over the public access communications network, which is external from any other conventional open or closed communication channels used for performing financial transactions.
124 Citations
41 Claims
-
1. A method for processing a financial transaction involving a first user, a first user'"'"'s financial institution, a second user, a second user'"'"'s financial institution, and a service provider over multiple networks, comprising:
-
issuing to the first user i) software for directing steps of the financial transaction and ii) at least one certificate for identifying the first user to the service provider, wherein at least one of i) or ii) contains information about the first user'"'"'s financial institution;
receiving at the service provider from the second user via a first network at least the first user'"'"'s at least one certificate, the second user'"'"'s financial transaction information, and an encrypted first data message requesting performance of a financial transaction, wherein the financial transaction includes debiting an account of the first user held at the first user'"'"'s financial institution;
verifying an identity of the first user at the service provider via the first user'"'"'s at least one certificate;
decrypting at the service provider the first data message to facilitate performing the financial transaction;
formatting at the service provider at least a first portion of the first data message to resemble a financial transaction that is recognizable and readable by the first user'"'"'s financial institution;
encrypting by the service provider the formatted portion of the first data message;
forwarding from the service provider the encrypted formatted portion of the first data message to the first user'"'"'s financial institution via a second network requesting authorization to perform the financial transaction;
receiving at the service provider via the second network from the first user'"'"'s financial institution a response to the request for authorization to perform the financial transaction; and
transmitting from the service provider to the second user via the first network a response to the request for authorization to perform the financial transaction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20)
-
-
21. A method for processing a financial transaction involving a first user, a first user'"'"'s financial institution, a second user, a second user'"'"'s financial institution, and a service provider over multiple networks, comprising:
-
issuing to the first user i) software for directing steps of the financial transaction and ii) at least one certificate for identifying the first user to the service provider, wherein at least one of i) or ii) contains information about the first user'"'"'s financial institution;
receiving at the service provider from the first user via a first network at least the first user'"'"'s at least one certificate, the second user'"'"'s financial transaction information, and an encrypted first data message requesting performance of a financial transaction, wherein the financial transaction includes crediting an account of the first user held at the first user'"'"'s financial institution;
verifying the identity of the first user at the service provider via the first user'"'"'s at least one certificate;
decrypting at the service provider the first data message to facilitate performing the financial transaction;
formatting at the service provider at least a first portion of the first data message to resemble a financial transaction that is recognizable and readable by the first user'"'"'s financial institution;
encrypting by the service provider the formatted portion of the first data message; and
forwarding from the service provider the encrypted formatted portion of the first data message to the first user'"'"'s financial institution via a second network. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41)
-
Specification