Systems and methods for implementing person-to-person money exchange

• US 7,792,720 B2
• Filed: 10/08/2004
• Issued: 09/07/2010
• Est. Priority Date: 08/15/2000
• Status: Active Grant

• Current Assignee: Visa International Service Association (Visa, Inc.)
• Original Assignee: Yahoo! Inc. (Apollo Global Management, Inc.)
• Inventors: Gallagher, Paul, Simon, Robert, Liu, Ivan, Baum, Michael, Roberts, Kaycie, Noa, Jorge, Meng, Peihuan, Schmandt, Mieko, Davis, Steve, Hampton, Martin
• Primary Examiner(s): Colbert; Ella
• Assistant Examiner(s): Tran; Hai
• Application Number:
  US10/961,505
• Publication Number:
  US 20050131813A1
• Time in Patent Office: 2,160 Days
• Field of Search: 705 35- 45
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/0855 involving a third party
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/3676 Balancing accounts
• CPC Class Codes: G06Q 20/3678 e-cash details, e.g. blinded, divisible or detecting double spending
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 20/401 Transaction verification
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A system conducts online financial transactions between individuals or between individuals and entities such as banks, merchants and other companies. Each user establishes an online account, which is used to transfer funds to and from other online accounts. Any user may initiate a send money transaction or a request payment transaction with any other entity provided that entity has an e-mail address. The online fund transfer may include a verification of a user'"'"'s information including verifying a mailing address.

Claims

1. A computer implemented method of transferring funds between user online accounts in a computer network, the method comprising the steps of:

receiving registration information from a first user for establishing a first online account, the registration information including a physical mailing address;

setting a transaction limit on the first online account to a first value that comprises a temporary limit pending a verification;

providing, to the first user, a confirmation code to verify that the physical mailing address is a valid address;

receiving the confirmation code from the first user for verification that the physical mailing address is a valid address;

receiving a request, from the first user, to raise the transaction limit on the first online account to a second value, wherein the second value is set by the first user and is below a specified maximum; and

increasing, upon receipt and the verification of the confirmation code, the transaction limit on the first online account to the second value.

2. The method of claim 1, further comprising the step of:

providing the confirmation code to the first user at the physical mailing address before receiving the confirmation code from the first user to confirm the physical mailing address.

3. The method of claim 2, wherein the confirmation code is mailed to the physical mailing address and the first user provides the received confirmation code to verify the physical mailing address.

4. The method of claim 1, wherein the physical mailing address is associated with a billing address for one of a credit card account and an ATM check card account.

5. The method of claim 1, wherein the registration information and confirmation code are received from the first user over the Internet.

6. The method of claim 1, wherein the receipt of the registration information includes receiving a credit card account, wherein the specified maximum that sets the transaction limit comprises a credit limit from the credit card account.