System and method for transferring funds

• US 9,691,056 B2
• Filed: 01/07/2013
• Issued: 06/27/2017
• Est. Priority Date: 03/07/2012
• Status: Active Grant

• Current Assignee: Early Warning Services, LLC
• Original Assignee: ClearXchange LLC (Early Warning Services, LLC)
• Inventors: Bouey, Kevin, Muthu, Sri Saravana, Pearce, Brian M., Vancini, Adam
• Primary Examiner(s): Poinvil, Frantzy
• Application Number:
  US13/735,164
• Publication Number:
  US 20130238490A1
• Time in Patent Office: 1,632 Days
• Field of Search: 705 3- 44
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules

Abstract

A computer-implemented payment processing method includes receiving, by a first computer system, a funds transfer request from a sender having a first account at a first financial institution, the first financial institution being a member of a first computer-implemented payment network, the funds transfer request including an identifier for a recipient, the recipient having a second account at a second financial institution, the second financial institution being a member of a second computer-implemented payment network; based upon the identifier for the recipient, determining by the first computer system whether the recipient is registered with the second computer-implemented payment network; and upon determining that the recipient is registered with the second computer-implemented payment network, transmitting by the first computer system a funds transfer message via the first and second computer-implemented payment networks to cause funds to be transferred from the sender to the recipient.

Claims

1. A computer-implemented payment processing method comprising:

receiving, by a first computer system, a funds transfer request from a sender having a first account at a first financial institution to a recipient having a second account at a second financial institution, the first financial institution being a member of a first computer-implemented payment network including a first information directory, the funds transfer request including a public identifier for the recipient, the second financial institution being a member of a second, different computer-implemented payment network including a second information directory, the second, different computer-implemented payment network being affiliated with the first computer-implemented payment network, the funds transfer request not including an account number of the second account of the recipient at the second financial institution;

determining, by the first computer system, whether the recipient is registered with the first computer-implemented payment network using the public identifier from the funds transfer request- and the first information directory, the determining including;

searching the first information directory for the public identifier;

causing the first computer system to identify the recipient is registered with the first computer implemented payment network if, based on the searching, the first information directory includes the public identifier, and if the public identifier is useable to contact the recipient; and

causing the first computer system to identify the recipient is not registered with the first computer implemented payment network if, based on the searching, the first information directory does not include the public identifier;

if the recipient is registered with the first computer-implemented payment network, providing, by the first computer system, a private profile identifier associated with the recipient to the second financial institution to facilitate a first transfer of funds from the first account at the first financial institution to the second financial institution using an automatic clearing house (ACH) network, the private profile identifier not being shared with the sender, the private profile identifier being provided to the second financial institution to enable the second financial institution to associate the first transfer of funds with the private profile identifier to allow the second financial institution to identify the second account of the recipient using the private profile identifier to receive the first transfer of funds via the ACH network; and

if the recipient is not registered with the first computer-implemented payment network, and the recipient is registered with the second, different computer-implemented payment network based on a comparison of the public identifier from the funds transfer request and the second information directory of the second, different computer-implemented payment network affiliated with the first computer-implemented payment network, facilitating routing of funds by the first financial institution to the second financial institution through the second, different computer-implemented payment network rather than the ACH network.

2. The method of claim 1, wherein the first computer-implemented payment network comprises a first plurality of member financial institutions, wherein the first financial institution is one of the first plurality of member financial institutions and the second financial institution is not one of the first plurality of member financial institutions.

3. The method of claim 2, wherein the second, different computer-implemented payment network comprises a second plurality of member financial institutions, wherein the second financial institution is one of the second plurality of member financial institutions and the first financial institution is not one of the second plurality of member financial institutions.

4. The method of claim 1, wherein the public identifier does not reflect account number information of the recipient.

5. The method of claim 4, wherein the public identifier comprises at least one of a telephone number of the recipient and an e-mail address of the recipient.

6. The method of claim 1, wherein the method further comprises processing the funds transfer request to determine a private identifier based on the public identifier.

7. The method of claim 6, wherein processing the funds transfer request further comprises accessing, by the first computer system, an account information directory system based on the public identifier to obtain the private identifier for the recipient, the account information directory system comprising a first account information directory implemented by a computer system of the first financial institution and a second account information directory implemented by a computer system of the second financial institution.

8. The method of claim 1, wherein:

the first computer system is associated with the first financial institution;

a second computer system is associated with the second financial institution; and

the funds transfer message is transmitted from the first computer system to the second computer system.

9. The method of claim 1, wherein:

the first computer system is associated with a payment service; and

the funds transfer request is received from the sender via a third computer system, the third computer system being associated with the first financial institution.

10. The method of claim 1, wherein:

the first computer system is associated with the first financial institution; and

the method further comprises;

managing, by the first computer system, accounts respectively associated with the sender and a plurality of other users, the accounts comprising checking and credit card accounts held by the sender at the first financial institution, and wherein the funds transfer request is received from the sender via an online banking area of a website of the first financial institution.

11. The method of claim 1, further comprising determining, by the first computer system, if the recipient is registered with the second, different computer-implemented payment network using the public identifier from the funds transfer request and the second information directory.

12. A computer-implemented payment processing method comprising:

receiving, by a first computer system, a funds transfer request from a sender having an account at a first financial institution to a recipient having a second account at a second financial institution, the funds transfer request including a public identifier for a recipient, the first financial institution being a member of a first computer-implemented payment network including a first information directory, wherein the first computer-implemented payment network comprises a first plurality of member financial institutions, wherein the first financial institution is one of the first plurality of member financial institutions and the second financial institution is not one of the first plurality of member financial institutions;

determining, by the first computer system, whether the recipient is not registered with the first computer-implemented payment network, the determining including;

searching the first information directory for the public identifier;

causing the first computer system to identify the recipient is registered with the first computer-implemented payment network if, based on the searching, the first information directory includes the public identifier, and if the public identifier is useable to contact the recipient; and

causing the first computer system to identify the recipient is not registered with the first computer-implemented payment network if, based on the searching, the first information directory does not include the public identifier;

if the recipient is registered with the first computer-implemented payment network, providing, by the first computer system, a private profile identifier associated with the recipient to the second financial institution to facilitate a first transfer of funds from the account at the first financial institution to the second financial institution using an automatic clearing house (ACH) network, the private profile identifier not being shared with the sender, the private profile identifier being provided to the second financial institution to enable the second financial institution to associate the first transfer of funds with the private profile identifier to allow the second financial institution to identify the second account of the recipient using the private profile identifier to receive the first transfer of funds via the ACH network;

if the recipient is not registered with the first computer-implemented payment network, determining, by the first computer system, that the recipient is not registered with a second, different computer-implemented payment network associated with the first computer-implemented payment network, the second, different computer-implemented payment network including a second information directory, the first computer system determining that the recipient is not registered with the second, different computer-implemented payment network based on a comparison of the public identifier with at least one of the first information directory or the second information directory; and

transmitting based on the determination that the recipient is not registered with the first computer-implemented payment network or the second, different computer-implemented payment network, an invitation to the recipient to join the first computer-implemented payment network.

13. The method of claim 12, wherein the public identifier comprises at least one of a telephone number of the recipient or an e-mail address of the recipient.

14. The method of claim 12, further comprising determining account number information based on the private profile identifier.

15. The method of claim 14, wherein determining the account number information further comprises accessing, by the first computer system, an account information directory system based on the private profile identifier to obtain the account number information of the recipient, the account information directory system comprising a first account information directory implemented by a computer system of the first financial institution and a second account information directory implemented by a computer system of the second financial institution.

16. The method of claim 14, wherein the funds transfer request is received from the sender via a third computer system, the third computer system being associated with a payment service.

17. The method of claim 12, wherein:

the first computer system is associated with the first financial institution; and

the method further comprises;

managing, by the first computer system, accounts respectively associated with the sender and a plurality of other users, the accounts comprising checking and credit card accounts held by the sender at the first financial institution; and

displaying information about the first transfer of funds in an online banking area of a website of the first financial institution.

18. A system comprising:

a processor;

network interface logic configured to control the processor to perform;

receiving a funds transfer request from a sender having a first account at a first financial institution to a recipient having a second account at a second financial institution, the first financial institution being a member of a first computer-implemented payment network including a first information directory, the funds transfer request including a public identifier for the recipient, the second financial institution being a member of a second, different computer-implemented payment network including a second information directory, the second, different computer-implemented payment network being affiliated with the first computer-implemented payment network, the funds transfer request not including an account number of the second account of the recipient at the second financial institution;

determining if the recipient is registered with the first computer-implemented payment network using the public identifier from the funds transfer request and the first information directory, the determining including;

searching the first information directory for the public identifier;

identifying the recipient is registered with the first computer-implemented payment network if, based on the searching, the first information directory includes the public identifier, and if the public identifier is useable to contact the recipient; and

identifying the recipient is not registered with the first computer-implemented payment network if, based on the searching, the first information directory does not include the public identifier;

if the recipient is registered with the first computer-implemented payment network, providing a private profile identifier associated with the recipient to the second financial institution to facilitate a first transfer of funds from the first account at the first financial institution to the second financial institution using an automatic clearing house (ACH) network, the private profile identifier not being shared with the sender, the private profile identifier being provided to the second financial institution to enable the second financial institution to associate the first transfer of funds with the private profile identifier to allow the second financial institution to identify the second account of the recipient using the private profile identifier to receive the first transfer of funds via the ACH network; and

if the recipient is not registered with the first computer-implemented payment network, and the recipient is registered with the second, different computer-implemented payment network based on a comparison of the public identifier from the funds transfer request and the second information directory of the second, different computer-implemented payment network affiliated with the first computer-implemented payment network, facilitating routing of funds by the first financial institution to the second financial institution through the second, different computer-implemented payment network rather than the ACH network.