System and method for sending money via E-mail over the internet

• US 8,571,975 B1
• Filed: 11/24/1999
• Issued: 10/29/2013
• Est. Priority Date: 11/24/1999
• Status: Expired due to Term

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Lehman, Dean K., McCullough, Joseph R., Orth, Nancy A.
• Primary Examiner(s): Laneau, Ronald
• Application Number:
  US09/448,738
• Time in Patent Office: 5,088 Days
• Field of Search: 705/30, 705/34, 705 35- 40, 705/13, 705/42, 705/44
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A method and system for transferring money from a sender to a receiver utilizing a computer network such as the Internet. The sender visits a web site and identifies, to-the server over the Internet, the receiver, an e-mail address of the receiver, an amount of money to be transferred and a withdraw account from which money is to be transferred. The withdraw account can be a checking account, a checking account secured by a credit card account, or a credit card account. Money is transferred from the withdraw account and preferably deposited into a holding account. The server automatically sends an e-mail to the receiver, over the Internet, to inform the receiver that the sender has transferred money and to request the receiver to visit the web site of the server to receive money. The receiver visits the web site of the server in response to the e-mail and identifies a deposit account to which money is to transferred.

Claims

1. A method of transferring money from a sender to a receiver utilizing a computer network including a server, the method comprising the steps of:

(a) the server receiving a sender identifier and a deposit account identifier from the receiver, the sender identifier associated with a sender from whom money is to be transferred to the receiver and the deposit account identifier associated with a deposit account to which money is to be transferred;

(b) the server sending an electronic message to the sender over the network to inform the sender that the sender should transfer money to the receiver and to request the sender to contact the server to transfer money, the sender not being in contact with the server at the time of the server sending the electronic message to the sender;

(c) the server receiving a response to the electronic message and identifying a withdraw account from which money is to be transferred;

(d) transferring money from the withdraw account; and

(e) transferring money to the deposit account.

2. The method according to claim 1, further comprising the step of the server receiving from the receiver an amount of money to be transferred from the sender to the receiver.

3. The method according to claim 2, wherein said step of identifying the withdraw account includes identifying a credit card account.

4. The method according to claim 3, further comprising the step of the server transmitting information regarding the credit card transaction to a credit card authorization network for approval.

5. The method according to claim 1, further comprising the step of the server receiving from the receiver a network address of the receiver for receiving electronic messages.

6. The method according to claim 5, further comprising the step of sending an electronic message over the network to the receiver confirming that the server has sent an electronic message to the sender informing the sender that the sender should transfer money after the step of the server sending an electronic message to the sender over the network to inform the sender that the sender should transfer money.

7. The method according to claim 5, further comprising the step of sending an electronic message over the network to the receiver confirming that the sender has contacted the server in response to the electronic message after the step of the sender contacting the server in response to the electronic message.

8. The method according to claim 5, further comprising the step of sending an electronic message over the network to the receiver confirming that the amount of money has been transferred to the deposit account after the step of transferring money to the deposit account.

9. The method according to claim 1, wherein said step of sending an electronic message to the sender includes identifying to the sender the amount of money to be transferred.

10. The method according to claim 1, wherein said step (c) includes identifying a checking account.

11. The method according to claim 10, further comprising the step of the server transmitting the check transaction to a check authorization network for approval.

12. The method according to claim 10, wherein said step of transferring money to the deposit account includes transferring money to the deposit account within about twenty four hours.

13. The method according to claim 10, wherein said step of transferring money to the deposit account includes transferring money to the deposit account in about four business days.

14. The method according to claim 10, further comprising the step of the sender identifying, to the server, a credit card account to secure transactions from the checking account.

15. The method according to claim 14, further comprising the step of the server transmitting information regarding the credit card transaction to a credit card authorization network for approval.

16. The method according to claim 14, wherein said step of transferring money to the deposit account includes transferring money to the deposit account within about twenty four hours.

17. The method according to claim 1, further comprising the step of the server receiving from the receiver a network address of the sender for receiving electronic messages.

18. The method according to claim 17, further comprising the step of sending an electronic message over the network to the sender confirming that money has been transferred from the withdraw account after the step of transferring money from the withdraw account.

19. The method according to claim 17, further comprising the step of sending an electronic message over the network to the sender confirming that money has been transferred to the deposit account after the step of transferring money to the deposit account.

20. The method according to claim 1, wherein the step of transferring money from the withdraw account includes depositing money into a holding account.

21. The method according to claim 20, wherein the step of transferring money to the deposit account includes withdrawing money from the holding account.

22. The method according to claim 1, further comprising the step of approving or denying the sender as a customer in good standing including transmitting sender-identification information including a name of the sender to an applicant verification network.

23. The method according to claim 1, wherein said step of the server sending an electronic message to the sender over the network includes embedding a URL for contacting the server in the electronic message.

24. The method according to claim 1, wherein said step of transferring money to the deposit account includes deducting a fee from the amount of money and transferring the amount of money less the fee to the deposit account.

25. The method of claim 1, further including:

the server inputting a challenge question from sender;

the server outputting the challenge question to the receiver; and

the server inputting a response to the challenge question, from the receiver, so as to provide a level of security that the receiver is the intended receiver.

26. A method for transferring money from a sender to a receiver utilizing a computer network including a server, the server in the form of a tangibly embodied computer processor, the method comprising the steps of:

receiving over the computer network from a tangibly embodied receiver computer processor of the receiver;

a sender identifier identifying the owner of a withdraw account; and

a deposit account identifier identifying a deposit account to which money is to be transferred;

sending, by the server, an electronic message to the sender over the computer network using the sender identifier, the electronic message containing information that constitutes a request for the sender to contact the server to transfer money to the receiver, the sender not being in contact with the server at the time of the server sending the electronic message to the sender;

receiving, by the server, over the computer network a withdraw account identifier from the sender, the withdraw account identifier identifying the withdraw account from which money is to be transferred;

initiating a transfer of money, by the server, from the withdraw account to the deposit account using the deposit account identifier, the initiating the transfer being in response to the server receiving the withdraw account identifier from the sender; and

the server performing a settlement process in which the server performs a search for the initiated transfer of money against a listing of funded and rejected transactions of daily transaction reports; and

performing the transfer of money to the deposit account of the receiver, upon the server matching the transfer of money against a listed funded transaction of the daily transaction reports.

27. The method of claim 26, wherein the sending the electronic message to the sender over the computer network using the sender identifier is performed using an e-mail, such that the sender is not a participant in, and takes no action in conjunction with, the sending the electronic message.

28. A method of transferring money from a sender to a receiver utilizing a computer network including a server, the method comprising the steps of:

(a) providing a web site that is associated with the server;

(b) the server receiving a sender identifier and a deposit account identifier from the receiver, the sender identifier associated with a sender from whom money is to be transferred to the receiver and the deposit account identifier associated with a deposit account to which money is to be transferred;

(c) the server sending an electronic message to the sender over the network to authenticate the sender, the electronic message being in the form of an e-mail from the server to the sender, and the sender also communicating with the server via the web site at the time that the e-mail is sent from the server to the sender;

(d) the server receiving a response to the electronic message;

(e) the server identifying a withdraw account from which money is to be transferred;

(f) transferring money from the withdraw account;

(g) transferring money to the deposit account

(h) the server inputting a challenge question from sender;

(i) the server outputting the challenge question to the receiver; and

(j) the server inputting a response to the challenge question from the receiver, so as to provide a level of security that the receiver is the intended receiver.

29. A method of transferring money from a sender to a receiver utilizing a computer network including a server, the method comprising the steps of:

(a) the server receiving a sender identifier and a deposit account identifier from the receiver, the sender identifier associated with a sender from whom money is to be transferred to the receiver and the deposit account identifier associated with a deposit account to which money is to be transferred;

(b) the server sending an electronic message to the sender over the network to inform the sender that the sender should transfer money to the receiver and to request the sender to contact the server to transfer money, the sender not being in contact with the server at the time of the server sending the electronic message to the sender;

(c) the server receiving a response to the electronic message and identifying a withdraw account from which money is to be transferred;

(d) transferring money from the withdraw account;

(e) transferring money to the deposit account;

(f) the receiver sending an e-mail to the sender, such e-mail constituting an invoice e-mail from the receiver to the sender that specifies the amount of money due from the sender to the receiver

(g) the server inputting a challenge question from sender;

(h) the server outputting the challenge question to the receiver;

(i) the server inputting a response to the challenge question from the receiver; and

(j) the server assessing the validity of the challenge question, so as to provide a level of security that the receiver is the intended receiver.