Online payment transfer and identity management system and method
First Claim
1. A payment transfer system, comprising:
- an application server, comprising;
at least one processor;
memory operatively coupled to the at least one processor; and
a computer-executable module stored in the memory which, when executed by the at least one processor, causes the application server to receive, over a network from a first financial institution system associated with a payer account, first payment data relating to a transfer of funds from a payer associated with the payer account to a payee, and to store in the memory the first payment data in association with a reference value, the first payment data comprising a payment amount, payee identification data, and authentication data for authenticating the payee,wherein prior to the application server receiving the first payment data, the payer is authenticated by the first financial institution system, and the first payment data and an identification of the payer account is received by the first financial institution system from the authenticated payer, and further wherein the first financial institution system debits an amount of funds associated with the transfer of funds from the payer account and credits a trust account associated with the first financial institution with the amount of funds; and
a notification server in communication with the application server, the notification server comprising;
at least one second processor;
second memory operatively coupled to the at least one second processor; and
a computer-executable module stored in the memory which, when executed by the at least one second processor, causes the notification server to transmit a notification of the transfer of funds to the payee identified using received payee identification data, wherein the notification comprises the reference value;
wherein the application server computer-executable module, when executed, further causes the application server to;
receive, over a network from a second financial institution system associated with the payee, second payment data comprising the reference value, wherein prior to the application server receiving the second payment data, the payee is authenticated by the second financial institution system and the second financial institution system receives an identification of a payee account associated with the payee and the second financial institution from the authenticated payee, and the second financial institution system receives the reference value;
receive, from the second financial institution system, authentication information, wherein the authentication information is received by the second financial institution system from the authenticated payee;
verify the received authentication information using the stored authentication data, and if the received authentication information is verified, provide verification of the transfer of funds to the second financial institution system such that the second financial institution system, after receipt of the verification of the transfer of funds, credits the payee account with the payment amount, and debits a trust account associated with the second financial institution with the amount of funds; and
maintain reconciliation information relating to the transfer of funds for provision to the first and the second financial institution systems for reconciling their associated trust accounts.
3 Assignments
0 Petitions
Accused Products
Abstract
A payment transfer method for transferring funds from a payer to payee is provided, including designating a payee and specifying a payment amount and an account; debiting the funds from the account and crediting a first trust account; and identifying the payee by verifying responses received in response to one or more challenge-response questions defined by the payer. If the one or more responses are verified, a second trust account may be debited and a payee account credited with the payment amount. The first and second trust accounts may then be reconciled. There is also provided a payment transfer facility for transferring funds., comprising an application server for storing payment data relating to a transfer of funds and a notification server for providing a notification of the transfer of funds.
100 Citations
20 Claims
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1. A payment transfer system, comprising:
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an application server, comprising; at least one processor; memory operatively coupled to the at least one processor; and a computer-executable module stored in the memory which, when executed by the at least one processor, causes the application server to receive, over a network from a first financial institution system associated with a payer account, first payment data relating to a transfer of funds from a payer associated with the payer account to a payee, and to store in the memory the first payment data in association with a reference value, the first payment data comprising a payment amount, payee identification data, and authentication data for authenticating the payee, wherein prior to the application server receiving the first payment data, the payer is authenticated by the first financial institution system, and the first payment data and an identification of the payer account is received by the first financial institution system from the authenticated payer, and further wherein the first financial institution system debits an amount of funds associated with the transfer of funds from the payer account and credits a trust account associated with the first financial institution with the amount of funds; and a notification server in communication with the application server, the notification server comprising; at least one second processor; second memory operatively coupled to the at least one second processor; and a computer-executable module stored in the memory which, when executed by the at least one second processor, causes the notification server to transmit a notification of the transfer of funds to the payee identified using received payee identification data, wherein the notification comprises the reference value; wherein the application server computer-executable module, when executed, further causes the application server to; receive, over a network from a second financial institution system associated with the payee, second payment data comprising the reference value, wherein prior to the application server receiving the second payment data, the payee is authenticated by the second financial institution system and the second financial institution system receives an identification of a payee account associated with the payee and the second financial institution from the authenticated payee, and the second financial institution system receives the reference value; receive, from the second financial institution system, authentication information, wherein the authentication information is received by the second financial institution system from the authenticated payee; verify the received authentication information using the stored authentication data, and if the received authentication information is verified, provide verification of the transfer of funds to the second financial institution system such that the second financial institution system, after receipt of the verification of the transfer of funds, credits the payee account with the payment amount, and debits a trust account associated with the second financial institution with the amount of funds; and maintain reconciliation information relating to the transfer of funds for provision to the first and the second financial institution systems for reconciling their associated trust accounts. - View Dependent Claims (2, 3, 4, 5, 6)
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7. An authentication method for use in association with a transfer of funds, comprising:
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receiving, at an application server from a first financial institution system, first payment data relating to a transfer of funds from a payer associated with the payer account to a payee, the first payment data comprising a payment amount, payee identification data, and authentication data for authenticating the payee, wherein the first payment data is received by the first financial institution system from the payer after authentication of the payer by the first financial institution system; storing the first payment data in memory at the application server in association with a reference value; transmitting a notification of the transfer of funds to the payee identified using the payee identification data, the notification comprising the reference value; receiving, at the application server from a second financial institution system associated with the payee, second payment data comprising the reference value, wherein the second payment data is received by the second financial institution system from the payee after authentication of the payee by the second financial institution system; determining, at the application server, whether the payee identification data is authenticated and stored in association with the payer and the second financial institution; if the payee identification data is not authenticated and stored in association with the payer and second financial institution; receiving, at the application server, authentication information from the second financial institution system, wherein the authentication information is received by the second financial institution system from the authenticated payee; and verifying, by the application server, the received authentication information using the stored authentication data, and if the received authentication information is verified, authenticating and storing the payee identification data in association with the payee and the second financial institution; and if the payee identification data is authenticated and stored in association with the payer and second financial institution, providing verification of the transfer of funds to the second financial institution system. - View Dependent Claims (8)
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9. A method for transferring funds from an account associated with a payer to an account associated with a payee, the method comprising:
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receiving, at a central server, from a first financial institution system associated with the payer account, first payment data relating to a transfer of funds, the first payment data comprising a payment amount, payee identification data, and authentication data for authenticating the payee, wherein the first payment data is received by the first financial institution system from the payer after authentication of the payer by the first financial institution system and the first financial institution system debits funds associated with the transfer of funds from the payer account; storing, in memory at the central server, the first payment data in association with a reference value; transmitting a notification of the transfer of funds to the payee identified using the payee identification data, the notification comprising the reference value; receiving, at the central server, from a second financial institution system associated with the payee, second payment data comprising the reference value, wherein the second payment data is received by the second financial institution system from the payee and the second financial institution system authenticates the payee; determining, by the central server, whether the payee identification data is authenticated and stored at the central system in association with the payer and the second financial institution; if the payee identification data is not authenticated and stored in association with the payer and second financial institution; receiving, at the central server, authentication information from the second financial institution system, wherein the authentication information is received by the second financial institution system from the authenticated payee; and verifying, by the central server, the received authentication information using the stored authentication data, and if the received authentication information is verified, authenticating and storing at the central server the payee identification data in association with the payee and the second financial institution; and if the payee identification data is authenticated and stored in association with the payer and second financial institution, transmitting, from the central server, verification of the transfer of funds from the central system to the second financial institution system, wherein the second financial institution system credits the payment amount to an account associated with the payee after receipt of verification of the transfer of funds. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20)
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Specification