Method and system for processing internet payments using the electronic funds transfer network
First Claim
1. A payment processing system for processing internet payments requested by a user implementing a user browser stored on a user computing device for accessing the payment processing system over the internet, the payments transferred between a transferor institution and a transferee institution, the payment processing system comprising:
- a user account including user account information stored in a computer memory, the user account held at the transferor institution, the user account for supplying funds for the internet payments; and
a payment portal processor programmed to perform operations requested by the user over the internet, the operations including,accessing the user account information in the computer memory;
providing the user with selectable options related to the user account including payment options;
generating a payment authorization for transmission to the transferor institution if the user selects one of the provided payment options;
generating a payment confirmation for a recipient of the payment upon approval of the payment authorization, the recipient having an account at the transferee institution; and
transmitting a credit message representing a payment amount from the user account at the transferor institution to a recipient account at the transferee institution over the EFT network.
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Accused Products
Abstract
Embodiments of the invention include a method and system for effectuating an electronic payment between a payor and a payee using an Electronic Funds Transfer (EFT) network. The method is implemented by a system having multiple processors. The payor may hold a payor account at a payor institution and the payee may have a payee account at a payee institution. The method includes generating a payment authorization identifying the payee institution, the payee account, and an amount of the payment and transmitting the payment authorization to the payor institution. The method further includes debiting the payor account by the amount of the payment; transmitting from the payor institution to the payee institution through the EFT network an EFT credit message representing a credit in the amount of the payment; and crediting the payee account in the amount of the payment in response to the receipt of the EFT credit message.
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Citations
26 Claims
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1. A payment processing system for processing internet payments requested by a user implementing a user browser stored on a user computing device for accessing the payment processing system over the internet, the payments transferred between a transferor institution and a transferee institution, the payment processing system comprising:
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a user account including user account information stored in a computer memory, the user account held at the transferor institution, the user account for supplying funds for the internet payments; and a payment portal processor programmed to perform operations requested by the user over the internet, the operations including, accessing the user account information in the computer memory; providing the user with selectable options related to the user account including payment options; generating a payment authorization for transmission to the transferor institution if the user selects one of the provided payment options; generating a payment confirmation for a recipient of the payment upon approval of the payment authorization, the recipient having an account at the transferee institution; and transmitting a credit message representing a payment amount from the user account at the transferor institution to a recipient account at the transferee institution over the EFT network. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A method for operating a payment processing system for processing internet payments requested by a user implementing a user browser stored on a user computing device for accessing the payment processing system over the internet, the payments transferred between a transferor institution and a transferee institution, the method comprising:
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receiving a user access request to access a user account including user account information stored in a computer memory, the user account held at the transferor institution for supplying funds for the internet payments; and implementing a payment portal processor for performing operations requested by the user over the internet, the operations including, accessing the user account information from the computer memory; providing the user with selectable options related to the user account including payment options; generating a payment authorization for transmission to the transferor institution if the user selects one of the provided payment options; generating a payment confirmation for a recipient of the payment upon approval of the payment authorization, the recipient having an account at the transferee institution; and transmitting a credit message representing a payment amount from the user account to a recipient account at the transferee institution over the EFT network. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26)
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Specification