Instant availabililty of electronically transferred funds
First Claim
1. A machine-readable storage medium storing instructions that, when executed by a processor of a machine, cause the machine to perform operations comprising:
- receiving a request from a first entity to conduct a transaction involving a first value;
causing funds of the transaction in an amount of the first value to be released to a receiver of the funds prior to the transaction clearing a financial institution; and
based on the transaction being rejected by the financial institution, charging at least a portion of the amount of the first value that was released prior to the transaction clearing against a credit source of the receiver of the funds to recover at least the portion of the amount of the first value that was released to the receiver prior to the transaction clearing.
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Accused Products
Abstract
A system and method for making proceeds of a transaction available to a user before the transaction is completed is provided. The system may be part of an on-line system or traditional merchant configured to facilitate payments or fund transfers from users. In example embodiments, a request from a first entity to conduct a transaction involving a first value is received. Funds of the transaction are caused to be released prior to the transaction clearing a financial institution. Based on the transaction being rejected by the financial institution, at least a portion of the first value is charged against a credit source.
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Citations
20 Claims
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1. A machine-readable storage medium storing instructions that, when executed by a processor of a machine, cause the machine to perform operations comprising:
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receiving a request from a first entity to conduct a transaction involving a first value; causing funds of the transaction in an amount of the first value to be released to a receiver of the funds prior to the transaction clearing a financial institution; and based on the transaction being rejected by the financial institution, charging at least a portion of the amount of the first value that was released prior to the transaction clearing against a credit source of the receiver of the funds to recover at least the portion of the amount of the first value that was released to the receiver prior to the transaction clearing. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A method comprising:
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receiving a request from a first entity to conduct a transaction involving a first value; causing, using a processor of a machine, funds of the transaction in an amount of the first value to be released to a receiver of the funds prior to the transaction clearing a financial institution; and based on the transaction being rejected by the financial institution, charging at least a portion of the amount of the first value that was released prior to the transaction clearing against a credit source of the receiver of the funds to recover at least the portion of the amount of the first value that was released to the receiver prior to the transaction clearing. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19)
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20. A system comprising:
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a processor of a machine; a request module to receive a request from a first entity to conduct a transaction involving a first value; a transfer module to cause, using the processor of the machine, funds of the transaction in an amount of the first value to be released to a receiver of the funds prior to the transaction clearing a financial institution; and a credit module to, based on the transaction being rejected by the financial institution, charge at least a portion of the amount of the first value that was released prior to the transaction clearing against a credit source of the receiver of the funds to recover at least the portion of the amount of the first value that was released to the receiver prior to the transaction clearing.
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Specification