Many-to-many correspondence: methods and systems for replacing interbank funds transfers

• US 8,156,044 B2
• Filed: 08/31/2009
• Issued: 04/10/2012
• Est. Priority Date: 04/26/2000
• Status: Expired due to Term

• Current Assignee: Oracle International Corporation (Oracle Corporation)
• Original Assignee: Oracle International Corporation (Oracle Corporation)
• Inventors: Johnson, Richard C.
• Primary Examiner(s): Patel, Jagdish
• Application Number:
  US12/550,899
• Publication Number:
  US 20090327146A1
• Time in Patent Office: 953 Days
• Field of Search: 705/35, 705/39
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/04 Payment circuits
• 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 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/38215 Use of certificates or encrypted proofs of transaction rights
• 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

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.

Claims

1. A computer-implemented method of electronically transferring a payment through at least one Financial Service Provider (FSP) to a seller having an account at a first FSP from a buyer having an account at a second FSP, the at least one FSP maintaining an account for the first FSP and an account for the second FSP, the method comprising:

receiving, at one or more computer systems associated with the second FSP, an encrypted electronic request associated with the buyer to transfer an amount corresponding to the payment from the buyer'"'"'s account at the first FSP to the seller;

debiting, with one or more processors associated with the one or more computer systems associated with the second FSP, the amount corresponding to the payment from the buyer'"'"'s account at the second FSP;

sending, with the one or more processors associated with the one or more computer systems associated with the second FSP, a first secure encrypted electronic message to the at least one FSP, the first secure encrypted electronic message instructing the at least one FSP to debit the amount corresponding to the payment from the account for the second FSP at the at least one FSP and correspondingly credit the amount correspond to the payment to the account for the first FSP at the at least one FSP;

debiting, with one or more processors associated with one or more computer systems associated with the at least one FSP, the amount corresponding to the payment from the account for the second FSP at the at least one FSP and correspondingly crediting the amount corresponding to the payment to the account for the first FSP at the at least one FSP;

receiving, at one or more computer systems associated with the first FSP, a second secure encrypted electronic message from the at least one FSP advising the first FSP to credit the amount correspond to the payment to the account for the seller;

crediting, with one or more processors associated with the one or more computer systems associated with the first FSP, the amount corresponding to the payment to the seller'"'"'s account at the first FSP;

sending, with the one or more processors associated with the one or more computer systems associated with the first FSP, a third secure encrypted electronic message advising the at least one FSP that the amount corresponding to the payment has been transferred to the seller; and

receiving, at the one or more computer systems associated with the second FSP, a fourth secure encrypted electronic message from the at least one FSP advising the second FSP that amount corresponding to the payment has been transferred to the seller.

2. The method of claim 1, further comprising notifying, with the one or more processors associated with the one or more computer systems associated with the at least one FSP, the first FSP of the crediting of the amount corresponding to the payment to the account for the first FSP.

3. The method of claim 1, wherein the at least one FSP includes one of a Central National Bank and the Federal Reserve Bank.

4. The method of claim 1, wherein the at least one FSP includes an issuer of at least one of a credit, debit, bank and payment card.

5. The method of claim 1, further comprising:

assessing, with the one or more processors associated with the one or more computer systems associated with the at least one FSP, a fee from at least one of the buyer, the seller, the first FSP and the second FSP.

6. The method of claim 1, wherein the buyer'"'"'s account includes one of a credit, debit, bank and payment card.

7. The method of claim 1, wherein the seller'"'"'s account includes one of a credit, debit, bank and payment card.

8. A method performed by one or more computer systems associated with an organization that allows the organization to intermediate between a buyer transferring a payment from a buyer account at a first Financial Service Provider (FSP) to a seller account at a second FSP, the organization maintaining an account for the first FSP and an account for the second FSP, the method comprising:

receiving, at the one or more computer systems associated with the organization, a first secure encrypted electronic message from the first FSP, the first secure encrypted electronic message instructing the organization to debit an amount corresponding to the payment from the account for the first FSP at the organization and correspondingly credit the amount corresponding to the payment to the account for the second FSP at the organization;

debiting, with one or more processors associated with the one or more computer systems, the amount corresponding to the payment from the account for the first FSP at the organization and correspondingly crediting the amount corresponding to the payment to the account for the FSP at the organization; and

sending, with the one or more processors associated with the one or more computer systems, a second secure encrypted electronic message to the second FSP, the second secure encrypted electronic message advising the second FSP of the crediting of the payment to the account for the second FSP at the organization and instructing the second FSP to correspondingly credit the payment to the seller'"'"'s account.

9. The method of claim 8, wherein the organization includes one of a Central National Bank and the Federal Reserve Bank.

10. The method of claim 8, wherein the organization includes an issuer of at least one of a credit, debit, bank and payment card.

11. The method of claim 8, further comprising assessing a fee with the one or more computer systems associated with the organization from at least one of the buyer, the seller, the first FSP and the second FSP.

12. The method of claim 8, wherein the buyer'"'"'s account includes one of a credit, debit, bank and payment card.

13. The method of claim 8, wherein the seller'"'"'s account includes one of a credit, debit, bank and payment card.

14. A non-transitory computer-readable medium storing computer-executable code for intermediating between a buyer transferring a payment from a buyer account at a first Financial Service Provider (FSP) to a seller account at a second FSP, the non-transitory computer-readable medium comprising:

code for receiving a first secure encrypted electronic message from the first FSP in response to the first FSP debiting an amount corresponding to the payment from the buyer account, the first secure encrypted electronic message providing instructions to debit an amount corresponding to the payment from an account for the first FSP held at an organization and correspondingly credit the amount corresponding to the payment to an account for the second FSP held at the organization;

code for debiting the amount corresponding to the payment from the account for the first FSP held at the organization and correspondingly crediting the amount corresponding to the payment to the account for the FSP held at the organization; and

code for sending a second secure encrypted electronic message to the second FSP, the second secure encrypted electronic message advising the second FSP of the crediting of the payment to the account for the second FSP held at the organization and instructing the second FSP to correspondingly credit the payment to the seller account.

15. The non-transitory computer-readable medium of claim 14, wherein the organization includes one of a Central National Bank and the Federal Reserve Bank.

16. The non-transitory computer-readable medium of claim 14, wherein the organization includes an issuer of at least one of a credit, debit, bank and payment card.

17. The non-transitory computer-readable medium of claim 14, further comprising code for assessing a fee from at least one of the buyer, the seller, the first FSP and the second FSP.

18. The non-transitory computer-readable medium of claim 14, wherein the buyer'"'"'s account includes one of a credit, debit, bank and payment card.

19. The non-transitory computer-readable medium of claim 14, wherein the seller'"'"'s account includes one of a credit, debit, bank and payment card.