SYSTEM AND METHOD FOR TRANSFERRING FUNDS

• US 20130238489A1
• Filed: 01/07/2013
• Published: 09/12/2013
• Est. Priority Date: 03/07/2012
• Status: Active Grant

• Current Assignee: Early Warning Services, LLC
• Original Assignee: ClearXchange LLC (Early Warning Services, LLC)
• Inventors: Muthu, Sri Saravana, Pearce, Brian M., Vancini, Adam, Bouey, Kevin
• Granted Patent: US 10,078,821 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• 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 storing, by a computer system, information regarding a recipient in an account information directory, the account information directory being implemented in a data storage system, the information including a public identifier identifying the recipient, the public identifier comprising at least one of an e-mail address and a telephone number assigned to the recipient when the public identifier is stored in the account information directory; receiving, by the computer system, a funds transfer request identifying the recipient by the public identifier, the funds transfer request being received via a computer network; determining, by the computer system, a private identifier for the recipient based on the public identifier; and transmitting, by the computer system, a funds transfer message via a computer network to cause funds to be transferred from a sender to the recipient, the funds transfer message being generated using the private identifier.

Claims

1. A computer-implemented payment processing method comprising:

storing, by a computer system, information regarding a recipient in an account information directory, the account information directory being implemented in a data storage system, the information including a public identifier identifying the recipient, the public identifier comprising at least one of an e-mail address and a telephone number assigned to the recipient when the public identifier is stored in the account information directory;

receiving, by the computer system, a funds transfer request identifying the recipient by the public identifier, the funds transfer request being received via a computer network;

determining, by the computer system, a private identifier for the recipient based on the public identifier; and

transmitting, by the computer system, a funds transfer message via a computer network to cause funds to be transferred from a sender to the recipient, the funds transfer message being generated using the private identifier.

2. The method of claim 1, further comprising providing a graphical user interface to the sender, the graphical user interface comprising at least one display screen, the at least one display screen displaying a name of the recipient.

3. The method of claim 2, further comprising receiving a selection of the recipient from the sender, wherein the sender selects the recipient using the displayed name.

4. The method of claim 1, wherein neither the public identifier nor the private identifier reflect account number information of the recipient.

5. The method of claim 1, wherein the private identifier is useable by a financial institution of the recipient to determine an account number of the recipient.

6. The method of claim 1, wherein the private identifier is useable to uniquely identify the recipient in account information directories of a plurality of financial institutions.

7. The method of claim 1, wherein the sender has an account at a financial institution, and wherein determining the private identifier comprises accessing an account information directory at the financial institution.

8. The method of claim 1, wherein the sender has an account at a financial institution, and wherein determining the private identifier comprises transmitting an identifier message to a payment service associated with the financial institution.

9. The method of claim 1, wherein the sender has an account at a financial institution, and wherein the funds transfer request is received by the financial institution from the sender.

10. The method of claim 1, wherein the sender has an account at a first financial institution, and wherein the funds transfer request is received by a second financial institution from the first financial institution.

11. The method of claim 1, wherein the receiving, determining and transmitting steps are performed within a first payment network, and wherein the funds are transferred to the recipient via a second payment network.

12. The method of claim 1, wherein the funds transfer message is received at a first financial institution, and wherein the first financial institution uses a second financial institution to cause the funds to be transferred from the sender to the recipient.

13. The method of claim 1, wherein the computer system is associated with a financial institution, and wherein 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 financial institution, and wherein the funds transfer request is received from the sender via an online banking area of a website of the financial institution.

14. A computer-implemented data processing system, comprising:

a computer system including a processor and computer readable storage media, the computer readable storage media having instructions stored therein that when executed by the computer system configure the computer system to;

process funds transfers between a user and a plurality of other users, each of the funds transfers being initiated by the user or by one of the plurality of other users, the user having an account at a first financial institution, and the plurality of other users having accounts at a plurality of other financial institutions; and

provide a graphical user interface to the user, the graphical user interface comprising at least one display screen, the at least one display screen comprising an other user identifier management field useable by the user to manage connections with the plurality of other users and to add additional users to the plurality of other users;

wherein the computer system includes an account information directory implemented in a data storage system, the account information directory maintaining registration information for the user, the registration information including an identification of each of the plurality of other users, wherein, for each of the plurality of other users, a public identifier and a private identifier is stored, the public identifier identifying one of the plurality of other users using at least one of an e-mail address and a telephone number assigned to a recipient of the funds when the public identifier is initially stored in the account information directory, the private identifier being useable to uniquely identify one of the plurality of other users in the account information directory of the first financial institution and in account information directories of the plurality of other financial institutions.

15. The system of claim 14, wherein the at least one display screen displays a name of the recipient.

16. The system of claim 14, wherein neither the public identifier nor the private identifier reflect account number information of the recipient.

17. The system of claim 14, wherein the private identifier is useable by a financial institution of the recipient to determine an account number of the recipient.

18. The system of claim 14, wherein the private identifier is useable to uniquely identify the recipient in the account information directories of the plurality of financial institutions.

19. The system of claim 14, wherein the computer readable storage media has instructions stored therein that when executed by the computer system configure the computer system to implement sponsor search logic, the sponsor search logic being configured to access additional information directories located at the plurality of other financial institutions.

20. A computer-implemented method of transferring funds comprising:

receiving, by a computer system, a funds transfer request from a sender, the funds transfer request including a public identifier for a recipient and an amount of funds to be transferred, the sender having a first demand deposit account at a first financial institution, the first financial institution being a member of a first computer-implemented payment network, the recipient having a second demand deposit account at a second financial institution, the second financial institution being a member of a second computer-implemented payment network, the first financial institution having a first financial institution computer system and the second financial institution having a second financial institution computer system;

responsive to receiving the funds transfer request, accessing an account information directory system based on the public identifier to obtain account information for the recipient, the account information directory system comprising a first account information directory implemented by the first financial institution computer system and a second account information directory implemented by the second financial institution computer system; and

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.