Online payment system and method

• US 8,725,635 B2
• Filed: 09/23/2011
• Issued: 05/13/2014
• Est. Priority Date: 11/04/2010
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Klein, Charmaine, Bajaj, Hitesh, Gagliardo, Christopher G., Nies, Peter, Hamilton, Abla L.
• Primary Examiner(s): Patel, Jagdish
• Application Number:
  US13/200,471
• Publication Number:
  US 20120116973A1
• Time in Patent Office: 963 Days
• Field of Search: 705/35, 705/39, 705/44
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/3223 Realising banking transactions through M-devices
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists

Abstract

System, method, and computer program product are provided for a user to send and receive P2P payments using the Internet. Through the use of a network, a user may access accounts the user has at a financial institution and direct payments to other individuals or entities using the other individuals or entities alias. In this way, the user may ensure a secure payment to a third-party through the network associated with a financial institution. The payments may be directed to individuals the user may input into the system by providing the user'"'"'s alias. A user'"'"'s alias may be a unique identifier of the user and tied to a financial account of that user. In this way, the sender of the P2P payments may input the recipient'"'"'s alias and transfer funds via the P2P payment system without having to input the recipient'"'"'s account information.

Claims

1. A method for online payment, the method comprising:

receiving, by a computer device processor, payment instructions for the online payment from a financial institution customer via an online financial institution application, wherein the payment instructions includes an alias inputted by the financial institution customer associated with a payment recipient for the online payment, a payment amount, and an account associated with the financial institution customer for the online payment, wherein the payment recipient is one or more individuals or entities the financial institution customer is providing online payment, wherein the alias comprises at least one of a mobile phone number, an email address, or social network identification information of the payment recipient;

determining, by the computing device processor, that the payment recipient is a registered payment recipient based at least in part on the alias associated with the payment recipient, wherein determining that the payment recipient is a registered payment recipient further comprises rejecting the online payment between the financial institution customer and the payment recipient if the payment recipient is not a registered payment recipient;

determining, by the computing device processor, an alias account associated with the alias and registered payment recipient, wherein the alias account is a financial account associated with the registered payment recipient and that is identified to accept payment from the financial institution customer for the online payment, wherein the alias account is determined by matching the alias and registered payment recipient to a payment account that has been identified as being associated with the alias and the registered payment recipient;

authorizing, by the computing device processor, a transfer for the online payment from the financial institution customer to the payment recipient based on the received payment instructions and that the payment recipient is a registered payment recipient based on the alias, wherein the transfer of the online payment from the financial institution customer to the payment recipient is authorized only if it is under a maximum amount pre-determined by the financial institution customer;

communicating, by the computing device processor, a payment notification of the online payment to the payment recipient based on contact information associated with the payment recipient alias; and

transferring, by the computer device processor, a payment amount from an account associated with the financial institution customer to the alias account associated with the alias of the payment recipient.

2. The method of claim 1, further comprising transmitting an invitation to the customer, the invitation inviting the customer to participate in a payment transfer program.

3. The method of claim 1, further comprising initiating presentation of an option to add a new payment recipient.

4. The method of claim 3, further comprising prompting the customer to input an alias associated with the new payment recipient.

5. The method of claim 4, further comprising prompting the customer to input a name associated with the new payment recipient.

6. The method of claim 5, further comprising prompting the customer to execute an authentication step.

7. The method of claim 6, further comprising in response to determining the authentication step is successfully executed, storing the alias and the name associated with the new payment recipient in a list of payment recipients registered by the customer.

8. The method of claim 1, further comprising determining whether the payment amount is greater than a predetermined maximum amount.

9. The method of claim 8, further comprising in response to determining the amount is greater than the predetermined maximum amount, initiating presentation of an error message.

10. The method of claim 1, further comprising prompting the customer to confirm or cancel a payment transfer based on the payment instructions.

11. The method of claim 1, further comprising in response to determining the payment recipient is associated with a recipient account, using identification information associated with the recipient account to initiate a payment transfer based on the payment instructions.

12. The method of claim 1, further comprising determining whether the alias is associated with the alias account.

13. The method of claim 12, further comprising in response to determining the alias is associated with the alias account, determining whether the name of the payment recipient matches a name stored in the database.

14. The method of claim 13, further comprising in response to determining the name of the payment recipient does not match a name stored in the database, initiating presentation of an error message.

15. The method of claim 13, further comprising in response to determining the name of the payment recipient matches a name stored in the database, initiating a payment transfer based on the payment instructions to the alias account.

16. The method of claim 12, further comprising in response to determining the alias is not associated with an alias account, determining whether the payment recipient has an eligible account.

17. The method of claim 16, further comprising in response to determining the payment recipient has an eligible account, sending, using the alias, the payment notification and an offer to register the payment recipient'"'"'s alias.

18. The method of claim 16, further comprising in response to determining the payment recipient does not have an eligible account, sending, using the alias, the payment notification and an offer to open a new account.

19. The method of claim 18, further comprising in response to determining the payment recipient does not want to open a new account, cancelling a payment transfer based on the payment instructions.

20. The method of claim 18, further comprising in response to determining the payment recipient opens a new account, initiating a payment transfer to the new account based on the payment instructions.

21. The method of claim 18, further comprising in response to determining the payment recipient opens the new account and registers the alias, sending the alias and information associated with the new account to a database, and storing the alias and the information associated with the new account in the database.

22. The method of claim 1, further comprising providing notification to the customer that a payment transfer based on the payment instructions is initiated.

23. The method of claim 1, wherein an account associated with the customer and the alias account are either managed by the same financial institution or managed by different financial institutions.

24. A computer program product for online payment, the computer program product comprising at least one non-transitory computer-readable medium having computer-executable instructions for a computer device processor to perform the following:

Receiving payment instructions for the online payment from a financial institution customer via an online financial institution application, wherein the payment instructions includes an alias inputted by the financial institution customer associated with a payment recipient for the online payment, a payment amount, and an account associated with the financial institution customer for the online payment, wherein the payment recipient is one or more individuals or entities the financial institution customer is providing online payment, wherein the alias comprises at least one of a mobile phone number, an email address, or social network identification information of the payment recipient;

determining—

that the payment recipient is a registered payment recipient based at least in part on the alias associated with the payment recipient, wherein determining that the payment recipient is a registered payment recipient further comprises rejecting the online payment between the financial institution customer and the payment recipient if the payment recipient is not a registered payment recipient;

determining an alias account associated with the alias and registered payment recipient, wherein the alias account is a financial account associated with the registered payment recipient and that is identified to accept payment from the financial institution customer for the online payment, wherein the alias account is determined by matching the alias and registered payment recipient to a payment account that has been identified as being associated with the alias and the registered payment recipient;

authorizing a transfer for the online payment from the financial institution customer to the payment recipient based on the received payment instructions and that the payment recipient is a registered payment recipient based on the alias, wherein the transfer of the online payment from the financial institution customer to the payment recipient is authorized only if it is under a maximum amount pre-determined by the financial institution customer;

communicating a payment notification of the online payment to the payment recipient based on contact information associated with the payment recipient alias; and

transferring a payment amount from an account associated with the financial institution customer to the alias account associated with the alias of the payment recipient.

25. A system for online payment, the system comprising:

a computer apparatus including a processor and a memory; and

an online payment module stored in the memory, executable by the processor and configured to;

receive payment instructions for the online payment from a financial institution customer via an online financial institution application, wherein the payment instructions includes an alias inputted by the financial institution customer associated with a payment recipient for the online payment, a payment amount, and an account associated with the financial institution customer for the online payment, wherein the payment recipient is one or more individuals or entities the financial institution customer is providing online payment, wherein the alias comprises at least one of a mobile phone number, an email address, or social network identification information of the payment recipient;

determine via a computing device processor that the payment recipient is a registered payment recipient based at least in part on the alias associated with the payment recipient, wherein determining that the payment recipient is a registered payment recipient further comprises rejecting the online payment between the financial institution customer and the payment recipient if the payment recipient is not a registered payment recipient;

determine an alias account associated with the alias and registered payment recipient, wherein the alias account is a financial account associated with the registered payment recipient and that is identified to accept payment from the financial institution customer for the online payment, wherein the alias account is determined by matching the alias and registered payment recipient to a payment account that has been identified as being associated with the alias and the registered payment recipient;

authorize a transfer for the online payment from the financial institution customer to the payment recipient based on the received payment instructions and that the payment recipient is a registered payment recipient based on the alias, wherein the transfer of the online payment from the financial institution customer to the payment recipient is authorized only if it is under a maximum amount pre-determined by the financial institution customer;

communicate a payment notification of the online payment to the payment recipient based on contact information associated with the payment recipient alias; and

transfer a payment amount from an account associated with the financial institution customer to the alias account associated with the alias of the payment recipient.