Electronic purchasing and funds transfer systems and methods

• US 10,489,753 B2
• Filed: 03/20/2012
• Issued: 11/26/2019
• Est. Priority Date: 02/29/2000
• Status: Expired due to Term

• Current Assignee: Western Union
• Original Assignee: Western Union
• Inventors: Allen-Rouman, Terry, Arrington, Jack Michael, Desai, Keval, Dravenstott, Robert Edwin, Larson, Wendy D., Levokove, Scott J., Mascavage, III, John Joseph, Philipp, Peter Eric, Weichert, Margaret Morgan
• Primary Examiner(s): Liu, I Jung
• Application Number:
  US13/425,051
• Publication Number:
  US 20120179610A1
• Time in Patent Office: 2,807 Days
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• 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 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• 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
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0637 Approvals
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

An electronic transaction method, funds transfer apparatus and method for facilitating a funds transfer. The methods comprise sending information from a purchaser or payor to a funds transfer system separate from a vendor system or payee, validating and confirming personal financial information at the funds transfer system, and transferring funds from a purchaser or payor account to the vendor or a payee account without exposing either party'"'"'s financial and account information to the other. Additionally, a funds transfer apparatus is disclosed comprising connections to a payor and payee system and mechanisms for receiving and validating party and transaction information and a mechanism for transferring funds from one party to the other.

Claims

1. A method for performing an electronic funds transfer transaction, the method comprising:

receiving by a processor, from a user, a selection of an icon that indicates a payment option from a plurality of payment options via a store-based input console associated with a vendor, wherein

the store-based input console presents the icon associated with the payment option;

in response to the selection of the icon, the processor presents, via the store-based input console, a graphical interface comprising multiple input fields to be completed by the user;

receiving by the processor, from the user, validation information input to the store-based input console via the multiple input fields of the graphical interface, wherein;

the validation information comprising a password; and

account information of the user is not exposed to a vendor system associated with the vendor;

validating, by a server of the funds transfer system over a network, the validation information that comprises the password with the account information of the user stored by the funds transfer system by checking validation information, including the password, against a database of the funds transfer system to determine the validation information is correct; and

in response to validating the validation information that comprises the password with the account information specific to the user stored by the funds transfer system, transmitting over the network, by the server of the funds transfer system, a digital I OWE YOU to the vendor;

after a period of time, receiving over the network, by the server of the funds transfer system, the digital I OWE YOU;

confirming, by the server of the funds transfer system, authenticity of the digital I OWE YOU; and

after confirmation of the authenticity of the digital I OWE YOU, conducting a funds transfer to the vendor over the network.

2. The method for performing the electronic funds transfer transaction of claim 1 wherein the funds transfer is conducted using an automated clearinghouse network.

3. The method for performing the electronic funds transfer transaction of claim 1 wherein the funds transfer system is separate from the vendor system.

4. The method for performing the electronic funds transfer transaction of claim 1, wherein the validation information comprises sufficient information for the funds transfer system to identify an account the user.

5. The method for performing the electronic funds transfer transaction of claim 1, wherein account information of the user is maintained logically and physically separate from the vendor system.

16. The method for performing the electronic funds transfer transaction of claim 1 wherein:

the graphical interface presented by the store-based input console comprises a representation of a check; and

at least some fields of the multiple fields of the graphical interface comprise fields on the representation of the check.

17. The method for performing the electronic funds transfer transaction of claim 16 wherein:

when presented to the user by the store-based input console, one or more fields of the multiple fields are presented as completed based on purchase information.

19. The method for performing the electronic funds transfer transaction of claim 1, the method further comprising:

validating the vendor using a vendor database.

20. The method for performing the electronic funds transfer transaction of claim 1, wherein validating the validation information further comprises:

determining whether the funds transfer system is authorized to access an account of the user, the account being associated with the account information.

21. The method for performing the electronic funds transfer transaction of claim 1, wherein receiving the digital I OWE YOU comprises receiving, by the funds transfer system from the vendor, a file that comprises a plurality of digital I OWE YOUs received by the vendor for a day.

6. A system for performing an electronic funds transfer transaction, the system comprising:

a processor; and

a memory communicatively coupled with and readable by the processor and having stored therein processor-readable instructions which, when executed by the processor, cause the processor to;

receive a selection of an icon that indicates a payment option from a plurality of payment options via a store-based input console associated with a vendor, wherein

the store-based input console presents the icon associated with the payment option;

in response to the selection of the icon, cause the store-based input console to present a graphical interface comprising multiple input fields to be completed by the user;

receive, from the user, validation information input to the store-based input console via the multiple input fields of the graphical interface, wherein

the validation information comprising a password; and

account information of the user is not exposed to a vendor system associated with the vendor;

validate over a network the validation information that comprises the password with the account information of the user stored by a server of the funds transfer system by checking validation information, including the password, against a database of the funds transfer system to determine the validation information is correct;

in response to validating the validation information that comprises the password with the account information specific to the user stored by the funds transfer system, transmit over the network a digital I OWE YOU to the vendor with the server;

receive the digital I OWE YOU over the network with the server;

confirm authenticity of the received digital I OWE YOU; and

after confirmation of the authenticity of the received digital I OWE YOU, conduct a funds transfer to the vendor over the network.

7. The system for performing the electronic funds transfer transaction of claim 6, wherein the funds transfer is conducted using an automated clearinghouse network.

8. The system for performing the electronic funds transfer transaction of claim 6, wherein the funds transfer system is separate from the vendor system.

9. The system for performing the electronic funds transfer transaction of claim 6, wherein the validation information comprises sufficient information for the funds transfer system to identify an account the user.

10. The system for performing the electronic funds transfer transaction of claim 6, wherein account information of the user is maintained logically and physically separate from the vendor system.

18. The system for performing the electronic funds transfer transaction of claim 6, wherein:

the graphical interface presented by the store-based input console comprises a representation of a check; and

at least some fields of the multiple fields of the graphical interface comprise fields on the representation of the check.

11. A computer program product residing on a non-transitory processor-readable medium for performing an electronic funds transfer transaction, the computer program product comprising processor-readable instructions configured to cause a processor to:

receive a selection of a payment option from a plurality of payment options via a store-based input console associated with a vendor, wherein

the store-based input console presents the icon associated with the payment option;

in response to the selection of the icon, cause the store-based input console to present a graphical interface comprising multiple input fields to be completed by the user;

receive, from the user, validation information input to the store-based input console via the multiple input fields of the graphical interface, wherein

the validation information comprising a password; and

account information of the user is not exposed to a vendor system associated with the vendor;

validate over a network the validation information that comprises the password with the account information of the user stored by a server of the funds transfer system by checking validation information, including the password, against a database of the funds transfer system to determine the validation information is correct;

in response to validating the validation information that comprises the password with the account information specific to the user stored by the funds transfer system, transmit a digital I OWE YOU to the vendor over the network with the server;

receive the digital I OWE YOU over the network with the server;

confirm authenticity of the received digital I OWE YOU; and

after confirmation of the authenticity of the received digital I OWE YOU, conduct a funds transfer to the vendor over the network.

12. The computer program product for performing the electronic funds transfer transaction of claim 11, wherein the funds transfer is conducted using an automated clearinghouse network.

13. The computer program product for performing the electronic funds transfer transaction of claim 11, wherein the funds transfer system is separate from the vendor system.

14. The computer program product for performing the electronic funds transfer transaction of claim 11, wherein the validation information comprises sufficient information for the funds transfer system to identify an account the user.

15. The computer program product for performing the electronic funds transfer transaction of claim 11, wherein account information of the user is maintained logically and physically separate from the vendor system.