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: Expired due to Fees

• Current Assignee: Blackbird Tech LLC
• Original Assignee: Vladimir Ostrovsky
• Inventors: Ostrovsky, Vladimir
• Primary Examiner(s): Poinvil, Frantzy
• Application Number:
  US09/524,281
• Time in Patent Office: 3,585 Days
• Field of Search: 705 10- 44
• US Class Current: 705/40
• 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 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A method and system for transferring electronic funds over the Internet wherein a sender provides payment information to a transfer processing system. The sender may choose from a plurality of different types of funds transfer, such as wire transfer, Western Union money transfer, various types of checks, and transfers to ATM debit/credit cards. The transfer processing system sends an electronic payment message to a recipient indicating the transfer of funds and a transfer message to a financial institution providing instructions to debit the sender'"'"'s account and make those funds available to the recipient. If the recipient has an account with a financial institution that is affiliated with the transfer processing system of the present invention, the funds are credited to the recipient'"'"'s account wherein the payment message serves as a confirmation message. If the recipient does not have such an account, the recipient may access the transfer processing system to access the funds made available by the system wherein the payment message serves as a payment availability message.

Claims

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.

2. The method of claim 1 further comprising the step of enabling the payee to access the funds transferred.

3. The method of claim 1 wherein the payment message comprises a reference to the holding account to enable the payee to access the funds in the holding account.

4. The method of claim 3 further comprising the step of enabling the payee to connect to the transfer processing system over the Internet to input the reference to establish a payee account.

5. The method of claim 3 further comprising the step of enabling the payee to connect to the transfer processing system over the Internet to input the reference to transfer the funds from the holding account into another fund account.

6. The method of claim 5 wherein the fund account comprises a cash delivery service account.

7. The method of claim 1 wherein further comprising the step of:

communicating an authentication key to the payee; and

enabling the payee to access funds in the holding account upon entry of the authentication key.

8. The method of claim 7 wherein the payment message comprises a reference to the holding account to enable the payee to access the funds in the holding account and wherein the payee enters the reference and the authentication key to access the funds.

9. The method of claim 1 wherein the payment message is transmitted through email.

10. The method of claim 1 wherein the payment message is transmitted through an instant messenger system.

11. The method of claim 1 wherein the payment message is transmitted to a chat room participant.

12. The method of claim 1 wherein the fund transfer information comprises information for making a wire transfer and wherein the step of initiating transfer of funds transmits a wire transfer request for transferring funds from the payor account to an account specified in the fund transfer information.

13. The method of claim 12 wherein the payment message informs the payee that the wire transfer has been initiated from the payor to a specified account.

14. The method of claim 1 wherein the fund transfer information comprises information for generating a check and wherein the step of initiating transfer of funds transmits a request to generate a check from the payor account to a payee specified in the fund transfer information.

15. The method of claim 14 wherein the fund transfer information comprises information for generating an electronic check and wherein the payment message includes the electronic check.

16. The method of claim 1 wherein the fund transfer information comprises information for making a cash delivery service transfer and wherein the step of initiating transfer of funds transmits a request for transferring funds from the payor account to a cash delivery service where the payee may receive the funds.

17. The method of claim 1 wherein the fund transfer information comprises information for making a transfer to an ATM/credit card and wherein the step of initiating transfer of funds transmits a request for transferring funds from the payor account to an ATM/credit card.

18. The method of claim 1, further comprising:

prior to initiating transfer of funds, determining whether a payee account is available to the transfer processing system.

19. A system for transferring funds over the Internet comprising:

fund transfer information receiving means for receiving an electronic message over the Internet that contains fund transfer information, the fund transfer information comprising a fund transfer amount, a fund transfer type and an electronic address for the payee;

fund transfer information parsing means for parsing the electronic message to generate a transfer message to transfer funds from the payor account to the payee and to generate a payment message containing information to confirm to the payee that the payor has made funds available;

wherein if the fund transfer type is an email transfer and if the transfer processing system has a payee account associated with the electronic address, then the transfer message specifies a payee account associated with the electronic address for the payee into which the funds are to be transferred from the payor account; and

wherein if the fund transfer type is an email transfer and if the transfer processing system does not have a payee account associated with the electronic address, then the transfer message specifies the electronic address of the payee for association with a holding account into which the funds are to be transferred;

wherein if the fund transfer type is a type other than an email transfer, then the transfer message specifies the details of the transfer to be executed to make the funds available to the payee; and

payment message transmission means for transmitting the payment message to the payee at the electronic address specified.

20. The system of claim 19 further comprising fund access means for enabling the payee to access the funds.

21. The system of claim 19 wherein the transfer message includes instructions to transfer funds from the payor account to a payee account accessible by the transfer processing system.

22. The system of claim 19 wherein if the transfer type is an email and the payee does not have a payee account, then the payment message comprises a reference to the holding account to enable the payee to access the funds in the holding account.

23. The system of claim 22 further comprising payee interface means for enabling a payee to connect over the Internet to input the reference to transfer the funds from the holding account into another fund account.

24. The system of claim 23 wherein the fund account comprises a cash delivery service account.

25. The system of claim 23 wherein the payee enters an authentication key provided by the payor to the payee to access funds in the holding account.

26. The system of claim 19 further comprising payee interface means for enabling a payee to connect over the Internet to input the reference to establish a payee account.

27. The system of claim 19 wherein the payment message transmission means comprises an email server.

28. The system of claim 19 wherein the payment message transmission means comprises an instant messenger system.

29. The system of claim 19 wherein the payment message transmission means comprises a chat room server.

30. The system of claim 19 wherein the fund transfer type comprises a wire transfer type and the fund transfer information comprises information for making a wire transfer and further comprising wire transfer means for transferring funds via wire transfer from the payor account to an account specified in the fund transfer information.

31. The system of claim 30 wherein the payment message informs the payee that the wire transfer has been initiated from the payor to a specified account.

32. The system of claim 19 wherein the fund transfer type comprises a check generation transfer and the fund transfer information comprises information for generating a check and further comprising check generation means for generating a check from the payor account to a payee specified in the fund transfer information.

33. The system of claim 32 wherein the fund transfer information comprises information for generating an electronic check and wherein the check generation means generates an electronic check which is included in the payment message.

34. The system of claim 19 wherein the fund transfer type comprises a cash delivery transfer and the fund transfer information comprises information for making a cash delivery service transfer and further comprising cash delivery service transfer means for transferring funds from the payor account to a cash delivery service where the payee may receive the funds.

35. The system of claim 19 wherein the fund transfer type comprises a ATM/credit card transfer and the fund transfer information comprises information for making a transfer to an ATM/credit card and further comprising ATM/credit card transfer means for transferring funds from the payor account to an ATM/credit card account.

36. A method of transferring funds over the Internet anonymously to an electronic address, the method comprising the steps of:

enabling a payor to input fund transfer information over the Internet to a transfer processing system, the fund transfer information comprising payor account information regarding an account accessible by the transfer processing system, a fund transfer amount information and an electronic address for the payee, wherein the electronic address does not identify the payee;

transferring funds from the payor account into a holding account and assigning a payment control number to the payment;

transmitting the payment control number to the electronic address to enable a user that receives the reference number to access the funds in the holding account.

37. The method of claim 36 wherein the reference number does not identify the identity of the payor or the payor'"'"'s account information.

38. The method of claim 36 further comprising the step of:

communicating an authentication key to a payee and wherein the user inputs the reference number and authentication key to access the funds in the holding account.

39. The method of claim 38 wherein the authentication key is a password.

40. A system for transferring funds over the Internet anonymously to an electronic address comprising:

fund transfer information receiving means for receiving fund transfer information over the Internet, the fund transfer information comprising payor account information regarding an account accessible by the transfer processing system, a fund transfer amount information and an electronic address for the payee, wherein the electronic address does not identify the payee;

transfer means for transferring funds from the payor account into a holding account and assigning a reference number to the account;

reference number transmission means for transmitting the reference number to the electronic address to enable a user that receives the reference number to access the funds in the holding account.

41. The system of claim 40 wherein the reference number does not identify the identity of the payor or the payor'"'"'s account information.

42. The system of claim 40 further comprising wherein the user inputs the reference number and an authentication key provided by the payor to access the funds in the holding account.

43. The system of claim 42 wherein the authentication key is a password.

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