Method and system for transferring electronic funds

  • US 7,644,037 B1
  • Filed: 03/13/2000
  • Issued: 01/05/2010
  • Est. Priority Date: 08/16/1999
  • Status: Active Grant
First Claim
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1. A method for transferring funds over the Internet comprising the steps of:

  • receiving via the Internet at a transfer processing system that has access to funds from a payor account an electronic message that contains fund transfer information, the fund transfer information comprising a fund transfer amount and an electronic address for the payee;

    initiating transfer of funds from the payor account to the payee at the transfer processing system by accessing the funds in a payor account, wherein the funds may be transferred to either a payee account or a holding account based on whether the payee account is available to the transfer processing system;

    wherein the initiating step comprises the following;

    if a payee account associated with the electronic address for the payee provided in the electronic message is accessible to the transfer processing system, then initiating transfer of funds from the payor account to the payee account associated with the electronic address for the payee; and

    if a payee account is not available to the transfer processing system and an email type transfer is requested, then initiating transfer of funds from the payor account into a holding account associated with the electronic address of the payee; and

    simultaneously with the initiation step, transmitting a payment message over the Internet to the payee'"'"'s electronic address from the transfer processing system, the payment message containing information that confirms to the payee that the payor has made funds available to the payee.

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