Method and System for Transferring Funds

• US 20090292603A1
• Filed: 05/07/2009
• Published: 11/26/2009
• Est. Priority Date: 05/20/2008
• Status: Active Application

• Current Assignee: Regions Bank (Regions Financial Corporation)
• Original Assignee: Regions Bank (Regions Financial Corporation)
• Inventors: Wallach, Benjamin T.
• Granted Patent: US 11,861,690 B2
• Time in Patent Office: Days
• US Class Current: 705/14.17
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 30/0215 Including financial accounts
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system and method of transferring funds includes a communication module configured to provide a user or automated process with an option of setting up an automatic fund transfer from a first payment channel to a second payment channel.

Claims

1. A system for transferring funds comprising:

a communication module configured to provide a user or automated process with an option of setting up an automatic funds transfer from a first payment channel to a second payment channel through at least one access parameter; and

an implementation module configured to automatically transfer funds from a first payment channel to a second payment channel through the card service.

2. The system of claim 1 wherein the first payment channel includes a user'"'"'s checking account.

3. The system of claim 1 wherein the second payment channel includes a card service.

4. The system of claim 1 wherein the card service is created specifically for a first or second payment channel.

5. The system of claim 1 wherein the user has an electronic payment account associated with a second payment channel.

6. The system of claim 1 wherein the user does not have an electronic payment account with a second payment channel.

7. The system of claim 1 wherein the access parameter includes security data or user identification data that permits access to each of the first payment channel or the second payment channel, individually.

8. The system of claim 1 wherein the user has an access parameter associated with a second payment channel.

9. The system of claim 1 wherein the access parameter is provided by a financial institution to the user.

10. The system of claim 1 further comprising a processor.

11. The system of claim 10 wherein the processor directs or coordinates one or more modules.

12. The system of claim 1 wherein the implementation module is configured to transfer funds independent of bill presentment.

13. The system of claim 1 wherein the implementation module includes software-coded instructions.

14. The system of claim 1 wherein the implementation module includes hardware-coded instructions.

15. The system of claim 1 further comprising a filter module configured to transfer limited funds based on a predetermined amount set by the user.

16. The system of claim 1 wherein the fund transfer is a bill payment.

17. The system of claim 1 wherein the fund transfer is a recurring payment.

18. The system of claim 1 wherein the communication module is configured to provide an incentive for using a debit card.

19. The system of claim 1 wherein the card service includes a debit card service.

20. A method of transferring funds comprising:

providing a user or automated process with an option of setting up an automatic fund transfer from a first payment channel to a second payment channel;

providing an input module configured to receive an access parameter from an entity authorized to provide the access parameter;

providing an implementation module configured to automatically transfer funds; and

transferring funds automatically from the first payment channel to the second payment channel through an implementation module configured to automatically transfer funds through the card service.

21. The method of claim 20 wherein the user has an electronic payment account with a biller.

22. The method of claim 20 wherein the user does not have an electronic payment account with a biller.

23. The method of claim 21 further comprising acquiring the access parameter from the user with the user'"'"'s authorization and logging in to a biller'"'"'s website using the customer'"'"'s access parameter.

24. The method of claim 23 further comprising setting up a bill pay account.

25. The method of claim 24 wherein transferring funds includes routing a bill payment automatically from a first payment channel to a second payment channel.

26. The method of claim 25 wherein the first payment channel is a checking account.

27. The method of claim 25 wherein the second payment channel is a debit card service.

28. A method of transferring funds comprising:

storing funds in at least one initial storage location;

providing a user or automated process with the option of automatic fund transfer from a first payment channel to a second payment channel;

permissibly retrieving the funds from the initial storage location;

supplying the funds to a separate account; and

implementing the funds at the separate account.

29. The method of claim 28 wherein the initial storage location is a user'"'"'s checking account.

30. The method of claim 28 wherein the separate account is a biller'"'"'s account.

31. The method of claim 28 wherein the user has an electronic payment account with a biller.

32. The method of claim 28 wherein the user does not have an electronic payment account with a biller.

33. The method of claim 31 further comprising acquiring the access parameter from the user with the user'"'"'s authorization and logging in to a biller'"'"'s website using the customer'"'"'s access parameter.

34. The method of claim 33 further comprising setting up a bill pay account.

35. The method of claim 34 wherein transferring funds includes routing a bill payment automatically from a first payment channel to a second payment channel.

36. The method of claim 35 wherein the first payment channel is a checking account.

37. The method of claim 35 wherein the second payment channel is a debit card service.