Systems and methods for implementing person-to-person money exchange
First Claim
1. A computer implemented method of initiating a transfer of funds from a first online account to a second online account in a computer network, comprising:
- receiving a request from a first user to establish a first online account;
establishing the first online account;
receiving account access information for a bank account from the first user, wherein once the bank account is verified, the first user is able to transfer funds between the first online account and the bank account;
verifying with the account access information whether the first user has access to the bank account;
establishing one or more sub-accounts linked to the first online account, wherein for transactions involving each sub-account, actual funds are transferred between the bank account and at least one of said sub-accounts;
receiving a transfer request including an amount of funds for transfer from at least one of said sub-accounts linked to the first online account and identification information for a recipient of the funds, the identification information including an electronic message address for the recipient, wherein the transfer request may originate from one of the first user or the recipient;
automatically sending a verification electronic message to the first user if the transfer request did not originate from the first user, wherein the first user can verify the transfer of funds;
automatically sending an electronic message to the recipient using the electronic message address, the electronic message indicating to the recipient that funds are ready for transfer from the first online account;
receiving a response from the recipient, wherein the response includes a request to establish a second online account for the recipient;
establishing a second online account associated with the recipient, wherein the second online account is associated with a second bank account of the recipient; and
transferring said amount of funds from the bank account associated with the first online account to the second bank account.
3 Assignments
0 Petitions
Accused Products
Abstract
Systems and methods for effecting online financial transactions between individuals or between individuals and entities such as banks, merchants and other companies. Each user accesses a fund exchange server to establish an online account, which is used to transfer funds to and from other entities'"'"' online accounts. To fund an online account, funds can be transferred to the online account from a funding account, e.g., credit card account, checking or savings account, or other account, or from another online account. To withdraw funds, money can be transferred to a funding account. A verification procedure requires that a user enter information sufficient to effect financial transfers to and from a funding account. The system deposits one or more small amounts into the funding account, and queries the user to enter the amount of each deposit. If the amount(s) match, the account is considered verified.
220 Citations
17 Claims
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1. A computer implemented method of initiating a transfer of funds from a first online account to a second online account in a computer network, comprising:
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receiving a request from a first user to establish a first online account; establishing the first online account; receiving account access information for a bank account from the first user, wherein once the bank account is verified, the first user is able to transfer funds between the first online account and the bank account; verifying with the account access information whether the first user has access to the bank account; establishing one or more sub-accounts linked to the first online account, wherein for transactions involving each sub-account, actual funds are transferred between the bank account and at least one of said sub-accounts; receiving a transfer request including an amount of funds for transfer from at least one of said sub-accounts linked to the first online account and identification information for a recipient of the funds, the identification information including an electronic message address for the recipient, wherein the transfer request may originate from one of the first user or the recipient; automatically sending a verification electronic message to the first user if the transfer request did not originate from the first user, wherein the first user can verify the transfer of funds; automatically sending an electronic message to the recipient using the electronic message address, the electronic message indicating to the recipient that funds are ready for transfer from the first online account; receiving a response from the recipient, wherein the response includes a request to establish a second online account for the recipient; establishing a second online account associated with the recipient, wherein the second online account is associated with a second bank account of the recipient; and transferring said amount of funds from the bank account associated with the first online account to the second bank account. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer implemented method of initiating a transfer of funds from one online account to another in a computer network, comprising:
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receiving from a first user a request to establish a first online account; establishing the first online account; receiving account access information for a bank account from the first user; verifying with the account information whether the first user has access to the bank account, wherein once the bank account is verified, the first user is able to transfer funds between the first online account and the bank account; establishing one or more sub-accounts linked to the first online account, wherein the first user determines an amount of funds available for each sub-account, wherein for transactions involving each sub-account, actual funds are transferred between the bank account and the first online account; receiving a transfer request from a second user, the transfer request including an amount of funds for transfer from one of said sub-accounts linked to the first online account and identification information for a recipient of the funds, the identification information including an electronic message address to the recipient; automatically sending a verification electronic message to the first user to verify the transfer request and receive a confirmation for transfer of funds; receiving a response from the first user, and transferring said amount of funds from the bank account associated with the first online account to a bank account associated with the recipient if the response includes an indication from the first user accepting the transfer of funds. - View Dependent Claims (17)
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Specification