Online funds transfer method
First Claim
1. A method for transferring funds in an online transaction between a first party and a second party, the method comprising steps of:
- receiving payment information from the first party, the payment information including a payee identification;
determining a first account associated with the first party;
determining a second account associated with the second party, wherein at least one of the first account and the second account is a bank account;
providing a third account, the third account not associated with either the first party or the second party, wherein the third account is a stored value account, the third account receiving credits from the first account and debits from the second account, wherein the store value account holds stored value funds;
initiating a first transfer from the first account to the third account;
receiving payee information from the second party, the payee information including the payee identification;
checking the payee identification received from the second party with the payment information;
if the payee identification received from the second party is the same as the payment information, initiating a second transfer from the third account to the second account, wherein initiating the second transfer occurs before the first transfer has cleared; and
if the payee identification received from the second party is not the same as the payment information, denying the second transfer from the third account to the second account.
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Accused Products
Abstract
According to the invention, a process for transferring funds in an online transaction between a first party and a second party is disclosed. In one step, a first account associated with the first party and a second account associated with the second party are determined. At least one of the first account and the second account is a bank account. A first transfer is initiated between the first account and a third account. The third account is not associated with either the first party or the second party. Notification is received that the first transfer has cleared. A second transfer between the third account and the second account is initiated before notification that the first transfer has cleared is received.
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Citations
13 Claims
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1. A method for transferring funds in an online transaction between a first party and a second party, the method comprising steps of:
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receiving payment information from the first party, the payment information including a payee identification; determining a first account associated with the first party; determining a second account associated with the second party, wherein at least one of the first account and the second account is a bank account; providing a third account, the third account not associated with either the first party or the second party, wherein the third account is a stored value account, the third account receiving credits from the first account and debits from the second account, wherein the store value account holds stored value funds; initiating a first transfer from the first account to the third account; receiving payee information from the second party, the payee information including the payee identification; checking the payee identification received from the second party with the payment information; if the payee identification received from the second party is the same as the payment information, initiating a second transfer from the third account to the second account, wherein initiating the second transfer occurs before the first transfer has cleared; and if the payee identification received from the second party is not the same as the payment information, denying the second transfer from the third account to the second account. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A method for transferring funds in an online transaction between a first party and a second party, the method comprising steps of:
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storing information on a plurality of accounts associated with the first party; receiving payment information from the first party, the payment information including a payee identification; receiving selection of a first account from the plurality of accounts; determining a second account associated with the second party; providing a third account, the third account not associated with either the first party or the second party, wherein the third account is a stored value account, the third account receiving credits from the first account and debits from the second account, wherein the store value account holds stored value funds; initiating a first transfer from the first account to the third account, wherein initiating the first transfer comprises sending transfer information to the automated clearinghouse (ACH) network; receiving notification, from the third account, that the first transfer has cleared; and receiving payee information from the second party, the payee information including the payee identification; checking the payee identification received from the second party with the payment information; and if the payee identification received from the second party is the same as the payment information, initiating a second transfer from the third account to the second account, wherein initiating the second transfer occurs before the first transfer has cleared, wherein initiating the first transfer comprises sending transfer information to the automated clearinghouse (ACH) network; if the payee identification received from the second party is not the same as the payment information, denying the second transfer from the third account to the second account; wherein, a first amount of the first transfer is larger than a second amount of the second transfer; and wherein, the information on the plurality of accounts is not accessible to the second party. - View Dependent Claims (12, 13)
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Specification