On-line payment system
First Claim
1. A method performed in a programmed computer system for administering an on-line payment system, the computer system maintaining a database containing account information for a plurality of user accounts, the method comprisinga) receiving deferred remittance information indicating an amount to be deposited by deferred remittance to a bank account associated with the computer system, for application to a first one of the user accounts;
- b) adding the amount to be deposited to a balance in the first one of the user accounts and marking the added amount as being uncleared in the database;
c) receiving a deposit notification indicating an amount of a remittance which has been deposited in the bank account for application to the first one of the user accounts; and
,d) reconciling the deposit notification with the deferred remittance information by;
i) if the amount of the remittance is equal to the amount to be deposited, marking the added uncleared amount as being cleared in the database;
ii) if the amount of the remittance is less than the amount to be deposited, marking funds in the added uncleared amount totalling the amount of the remittance as being cleared in the database; and
,iii) if the amount of the remittance is greater than the amount to be deposited, marking the added uncleared amount as being cleared in the database and adding to the balance in the one user account an amount equal to the excess of the amount of the remittance over the added uncleared amount.
4 Assignments
0 Petitions
Accused Products
Abstract
An on-line payment system comprises a computer system which can maintain accounts in a database for a plurality of users. The system is enrolled as a payee in a bill payment system so that users can transfer funds from their bank accounts to electronic cash accounts in the system by making a bill payment to the system. The bill payment is deposited in a bank account maintained by the operator of the system. The system includes a double-entry, net zero accounting system which ensures that electronic cash in the accounts on the system is supported by actual cash on deposit in the bank account of the system. Users can spend electronic cash before the system actually receives funds via the bill payment system. Electronic cash spent during this period is marked uncleared by the system. The system includes reconciliation software which matches payments received to uncleared electronic cash and marks the electronic cash as being cleared. After the electronic cash has been cleared it can be converted into regular cash. The electronic cash of the system is recyclable, anonymous, and secure.
77 Citations
21 Claims
-
1. A method performed in a programmed computer system for administering an on-line payment system, the computer system maintaining a database containing account information for a plurality of user accounts, the method comprising
a) receiving deferred remittance information indicating an amount to be deposited by deferred remittance to a bank account associated with the computer system, for application to a first one of the user accounts; -
b) adding the amount to be deposited to a balance in the first one of the user accounts and marking the added amount as being uncleared in the database; c) receiving a deposit notification indicating an amount of a remittance which has been deposited in the bank account for application to the first one of the user accounts; and
,d) reconciling the deposit notification with the deferred remittance information by; i) if the amount of the remittance is equal to the amount to be deposited, marking the added uncleared amount as being cleared in the database; ii) if the amount of the remittance is less than the amount to be deposited, marking funds in the added uncleared amount totalling the amount of the remittance as being cleared in the database; and
,iii) if the amount of the remittance is greater than the amount to be deposited, marking the added uncleared amount as being cleared in the database and adding to the balance in the one user account an amount equal to the excess of the amount of the remittance over the added uncleared amount. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 21)
-
-
19. A computer system for facilitating on-line payments, the computer system comprising:
-
a) a database containing account information for a plurality of user accounts; b) an interface for receiving deposit information regarding amounts of deferred remittances to be made to a bank account associated with the computer system for application to the user accounts; and
,c) a banking interface for receiving notifications of remittances deposited in the bank account;
wherein the computer system is configured to;i) add the amount of a deferred remittance to a balance in a corresponding one of the user accounts upon receiving the deposit information; ii) mark the added amount in the database as being uncleared; and
,iii) upon receiving a notification of one or more remittances deposited in the bank account, reconciling the remittances with uncleared amounts in the database and marking reconciled uncleared amounts as being cleared. - View Dependent Claims (20)
-
Specification