Peer-to-peer and group financial management systems and methods
First Claim
1. A method of transferring funds from a payer to a payee in an electronic payment system, the electronic payment system including a payment processor and an accounts database, wherein the payment processor is a hardware payment processor, comprising:
- receiving, by the payment processor, a payment request from the payer, the payment request including information to identify the payee and a payment amount;
accessing, by the payment processor, the accounts database to determine if the accounts database includes an existing account associated with the payee;
if the accounts database includes an existing account associated with the payee, then sending, by the payment processor, an electronic message from the payment processor to the payee that notifies the payee of the payment request;
if the accounts database does not include an existing account associated with the payee, then the payment processor enabling the payee to register for a new account;
accessing, by the payment processor, the accounts database to determine if the payee, having the existing account, is identified as having a trusted relationship with the payer;
if the payee, having the existing account, is not identified in the accounts database as having a trusted relationship with the payer, then the payment processor transferring the payment amount from an account associated with the payer to the existing account associated with the payee only after receiving authorization from the payee for the transfer; and
if the payee, having the existing account, is identified in the accounts database as having a trusted relationship with the payer, then the payment processor transferring the payment amount from the account associated with the payer to the existing account associated with the payee without first receiving authorization from the payee for the transfer.
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Accused Products
Abstract
Systems and methods for providing peer-to-peer and group financial management are provided herein. An example system includes a payment processor that executes software instructions for creating and managing electronic payment accounts and an accounts database to store account data from the payment processor. The payment processor may be configured to receive a payment request from a payer, the payment request including information to identify a payee and a payment amount. The payment processor may be further configured to determine if the accounts database includes an account associated with the payee, and based on a determination that the accounts database includes an account associated with the payee, send an electronic message to the payee that notifies the payee of the payment request. The payment processor may also be configured to access the accounts database to determine if the payee is identified as having a trusted relationship with the payer, and based on a determination that the payee is identified in the accounts database as having a trusted relationship with the payer, access the accounts database to transfer the payment amount from an account associated with the payer to the account associated with the payee without first receiving authorization for the transfer from the payee.
359 Citations
23 Claims
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1. A method of transferring funds from a payer to a payee in an electronic payment system, the electronic payment system including a payment processor and an accounts database, wherein the payment processor is a hardware payment processor, comprising:
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receiving, by the payment processor, a payment request from the payer, the payment request including information to identify the payee and a payment amount; accessing, by the payment processor, the accounts database to determine if the accounts database includes an existing account associated with the payee; if the accounts database includes an existing account associated with the payee, then sending, by the payment processor, an electronic message from the payment processor to the payee that notifies the payee of the payment request; if the accounts database does not include an existing account associated with the payee, then the payment processor enabling the payee to register for a new account; accessing, by the payment processor, the accounts database to determine if the payee, having the existing account, is identified as having a trusted relationship with the payer; if the payee, having the existing account, is not identified in the accounts database as having a trusted relationship with the payer, then the payment processor transferring the payment amount from an account associated with the payer to the existing account associated with the payee only after receiving authorization from the payee for the transfer; and if the payee, having the existing account, is identified in the accounts database as having a trusted relationship with the payer, then the payment processor transferring the payment amount from the account associated with the payer to the existing account associated with the payee without first receiving authorization from the payee for the transfer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. An electronic payment system, comprising:
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a payment processor to execute software instructions for creating and managing electronic payment accounts, wherein the payment processor is a hardware payment processor; and an accounts database to store account data from the payment processor; the payment processor being configured to receive, from a payer, a payment request requesting a transfer of funds to a payee and including information to identify the payee and a payment amount; the payment processor being configured to; determine if the accounts database includes an existing account associated with the payee, if the accounts database includes an existing account associated with the payee then send an electronic message to the payee that notifies the payee of the payment request, if the accounts database does not include an existing account associated with the payee then enable the payee to register for a new account, access the accounts database to determine if the payee having the existing account is identified as having a trusted relationship with the payer, if the payee is not identified as having the trusted relationship with the payer, then transfer the payment amount from an account associated with the payer to the existing account associated with the payee only after receiving authorization from the payee for the transfer, and if the payee is identified as having the trusted relationship with the payer, then transfer the payment amount from the account associated with the payer to the existing account associated with the payee without first receiving authorization from the payee for the transfer. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23)
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Specification