Many-to-many correspondence: methods and systems for replacing interbank funds transfers
First Claim
1. A computer-implemented method of electronically transferring a payment to a seller having an account at a first Financial Service Provider (FSP) from a buyer having an account at a second FSP, the first FSP owning a first account at the first FSP and the second FSP owning a second account at the second FSP, the method comprising:
- establishing a second correspondence account at the second FSP, the second correspondence account being owned by the first FSP;
receiving, at one or more computer systems associated with the second FSP, an encrypted electronic request from the buyer to transfer the payment from the buyer'"'"'s account to the seller'"'"'s account;
debiting the payment from the buyer'"'"'s account and correspondingly crediting the payment to the second account with the one or more computer systems associated with the second FSP;
debiting the payment from the second account and correspondingly crediting the payment to the second correspondence account with the one or more computer systems associated with the second FSP;
generating a secure encrypted electronic message within the one or more computer systems associated with the second FSP to the first FSP advising the first FSP that the payment has been transferred to the second correspondence account and requesting that funds corresponding to the transferred payment be credited to the seller'"'"'s account; and
sending the secure encrypted electronic messages from the one or more computer systems associated with the second FSP to one or more computer systems associated with the first FSP.
3 Assignments
0 Petitions
Accused Products
Abstract
By establishing a correspondence account in each Financial Service Provider (FSP) of a group of FSPs and a secure inter-FSP messaging mechanism, transfers of funds entirely within member FSPs (FSP 1, FSP 2, FSP 3, FSP 4) may be combined with secure messaging to effectively transfer funds between buyers in one FSP (FSP 2) and sellers in another FSP (FSP 1) without actual transfer of funds between FSP'"'"'s.
26 Citations
32 Claims
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1. A computer-implemented method of electronically transferring a payment to a seller having an account at a first Financial Service Provider (FSP) from a buyer having an account at a second FSP, the first FSP owning a first account at the first FSP and the second FSP owning a second account at the second FSP, the method comprising:
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establishing a second correspondence account at the second FSP, the second correspondence account being owned by the first FSP; receiving, at one or more computer systems associated with the second FSP, an encrypted electronic request from the buyer to transfer the payment from the buyer'"'"'s account to the seller'"'"'s account; debiting the payment from the buyer'"'"'s account and correspondingly crediting the payment to the second account with the one or more computer systems associated with the second FSP; debiting the payment from the second account and correspondingly crediting the payment to the second correspondence account with the one or more computer systems associated with the second FSP; generating a secure encrypted electronic message within the one or more computer systems associated with the second FSP to the first FSP advising the first FSP that the payment has been transferred to the second correspondence account and requesting that funds corresponding to the transferred payment be credited to the seller'"'"'s account; and sending the secure encrypted electronic messages from the one or more computer systems associated with the second FSP to one or more computer systems associated with the first FSP. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A computer-implemented method of transferring a payment to a seller having an account at a first Financial Service Provider (FSP) from a buyer having an account at a second FSP, the first FSP owning a first account at the first FSP and the second FSP owning a second account at the second FSP, the method comprising:
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establishing a first correspondence account at the first FSP, the first correspondence account being owned by the second FSP; receiving, at one or more computer systems associated with the second FSP, an encrypted electronic request from the buyer to transfer the payment from the buyer'"'"'s account to the seller'"'"'s account; debiting the payment from the buyer'"'"'s account and correspondingly crediting the payment to the second account with the one or more computer systems associated with the second FSP; generating a secure encrypted electronic message within the one or more computer systems associated with the second FSP to the first FSP advising the first FSP to debit the payment from the first correspondence account and correspondingly credit the first account at the first FSP and to credit the payment to the seller'"'"'s account; and sending the secure encrypted electronic message from the one or more computer systems associated with the second FSP to one or more computer systems associated with the first FSP. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
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17. A computer-readable storage medium configured to store computer-executable code for electronically transferring a payment to a seller having an account at a first Financial Service Provider (FSP) from a buyer having an account at a second FSP, the first FSP owning a first account at the first FSP and the second FSP owning a second account at the second FSP, the computer-readable storage medium comprising:
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code for establishing a second correspondence account at the second FSP, the second correspondence account being owned by the first FSP; code for receiving, at the second FSP, an encrypted electronic request from the buyer to transfer the payment from the buyer'"'"'s account to the seller'"'"'s account; code for debiting the payment from the buyer'"'"'s account and correspondingly crediting the payment to the second account; code for debiting the payment from the second account and correspondingly crediting the payment to the second correspondence account; code for generating a secure encrypted electronic message to the first FSP advising the first FSP that the payment has been transferred to the second correspondence account and requesting that funds corresponding to the transferred payment be credited to the seller'"'"'s account; and code for sending the secure encrypted electronic message to the first FSP. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24)
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25. A computer-readable storage medium configured to store computer-executable code for transferring a payment to a seller having an account at a first Financial Service Provider (FSP) from a buyer having an account at a second FSP, the first FSP owning a first account at the first FSP and the second FSP owning a second account at the second FSP, the computer-readable storage medium comprising:
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code for establishing a first correspondence account at the first FSP, the first correspondence account being owned by the second FSP; code for receiving, at the second FSP, an encrypted electronic request from the buyer to transfer the payment from the buyer'"'"'s account to the seller'"'"'s account; code for debiting the payment from the buyer'"'"'s account and correspondingly crediting the payment to the second account; and code for generating a secure encrypted electronic message to the first FSP advising the first FSP to debit the payment from the first correspondence account and correspondingly credit the first account at the first FSP and to credit the payment to the seller'"'"'s account; and code for sending the secure encrypted electronic message to the first FSP. - View Dependent Claims (26, 27, 28, 29, 30, 31, 32)
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Specification