Method and System for Processing Internet Payments Using the Electronic Funds Transfer Network

• US 20120197761A1
• Filed: 03/29/2012
• Published: 08/02/2012
• Est. Priority Date: 05/03/1999
• Status: Active Grant

• Current Assignee: Adam Hoffman, Denis O'Leary, Jessica Burney, Re S. Richard, Vincent D'Agostino
• Original Assignee: Adam Hoffman, Denis O'Leary, Jessica Burney, Re S. Richard, Vincent D'Agostino
• Inventors: O'Leary, Denis, D'Agostino, Vincent, Re, S. Richard, Burney, Jessica, Hoffman, Adam
• Granted Patent: US 8,433,652 B2
• Time in Patent Office: Days
• US Class Current: 705/26.41
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• 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 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/22 Payment schemes or models
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• 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 30/0222 During e-commerce, i.e. online transactions
• CPC Class Codes: G06Q 30/0226 Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0613 Third-party assisted
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/12 Accounting
• CPC Class Codes: G07F 17/42 for ticket printing or like apparatus , e.g. apparatus for dispensing of printed paper tickets or payment cards
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 7/025 by means, e.g. cards, providing billing information at the time of purchase, e.g. identification of seller or purchaser, quantity of goods delivered or to be delivered

Abstract

Embodiments of the invention include a method and system for effectuating an electronic payment between a payor and a payee using an Electronic Funds Transfer (EFT) network. The method is implemented by a system having multiple processors. The payor may hold a payor account at a payor institution and the payee may have a payee account at a payee institution. The method includes generating a payment authorization identifying the payee institution, the payee account, and an amount of the payment and transmitting the payment authorization to the payor institution. The method further includes debiting the payor account by the amount of the payment; transmitting from the payor institution to the payee institution through the EFT network an EFT credit message representing a credit in the amount of the payment; and crediting the payee account in the amount of the payment in response to the receipt of the EFT credit message.

Claims

1-178. -178. (canceled)

179. A computer implemented payment processing method for facilitating electronic purchase transactions from a merchant, the method implementing a payment processing system including at least one computer processor and at least one computer memory, the method comprising:

receiving, at the at least one computer processor of the payment processing system, a payment request associated with the electronic purchase transaction, the request including non-confidential information and order information;

performing authentication and verification procedures at the payment processing system based on the order information and non-confidential information;

determining whether the cash payment can be completed based on the authentication and verification procedures; and

causing, with the at least one computer processor, the cash payment to be released to the merchant in response to a determination that the cash payment can be completed.

180. The method of claim 179, further comprising further comprising receiving non-confidential information including a consumer shipping address when the consumer logs into an electronic wallet of the payment processing system.

181. The method of claim 180, wherein the non-confidential information further includes a consumers name received from an electronic wallet.

182. The method of claim 179, wherein the order information is received in an electronic purchase message from the merchant.

183. The method of claim 182, wherein the electronic purchase message further comprises a transaction ID.

184. The method of claim 179, wherein performing authentication and verification comprises performing a certification procedure to facilitate proper consumer identification.

185. The method of claim 179, wherein performing authentication and verification comprise verifying the consumer'"'"'s balance in a consumer account.

186. The method of claim 185, further comprising generating a payment authorization message to a consumer bank upon verification of consumer balance.

187. The method of claim 186, further comprising transmitting an authentication of the payment authorization for the consumer bank.

188. The method of claim 186, further comprising transmitting a purchase acknowledgement to the merchant.

189. A computer implemented payment processing system for facilitating electronic purchase transactions from a merchant, the system comprising:

at least one computer processor and a computer memory storing multiple instructions, the computer processor configured to access the instructions from memory in order to perform steps including,

receiving, at the at least one computer processor of the payment processing system, a payment request associated with the electronic purchase transaction, the request including non-confidential information and order information;

performing authentication and verification procedures at the payment processing system based on the order information and non-confidential information;

determining whether the cash payment can be completed based on the authentication and verification procedures; and

causing, with the at least one computer processor, the cash payment to be released to the merchant in response to a determination that the cash payment can be completed.

190. The system of claim 189, the processor further configured to receive non-confidential information including a consumer shipping address when the consumer logs into an electronic wallet of the payment processing system.

191. The system of claim 190, wherein the non-confidential information further includes a consumers name received from an electronic wallet.

192. The system of claim 189, wherein the order information is received in an electronic purchase message from the merchant.

193. The system of claim 192, wherein the electronic purchase message further comprises a transaction ID.

194. The system of claim 189, wherein performing authentication and verification comprises performing a certification procedure to facilitate proper consumer identification.

195. The system of claim 189, wherein performing authentication and verification comprise verifying the consumer balance in a consumer account.

196. The system of claim 195, further comprising generating a payment authorization message to a consumer bank upon verification of consumer balance.

197. The system of claim 196, further comprising transmitting an authentication of the payment authorization for the consumer bank.

198. The system of claim 196, further comprising transmitting a purchase acknowledgement to the merchant.