Person-to-person, person-to business and business-to-business financial transaction system

• US 7,895,122 B2
• Filed: 08/20/2008
• Issued: 02/22/2011
• Est. Priority Date: 04/13/1999
• Status: Expired due to Fees

• Current Assignee: Orbis Patents Limited (Orbis Technology)
• Original Assignee: Orbis Patents Limited (Orbis Technology)
• Inventors: O'Donnell, Graham, Flitcroft, Daniel I.
• Primary Examiner(s): Poinvil; Frantzy
• Application Number:
  US12/222,958
• Publication Number:
  US 20090012897A1
• Time in Patent Office: 916 Days
• Field of Search: 705 10- 44
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• 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 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

The delivery of a secure method and system of generating person to person, business to business, business to person and person to business transactions involving transfer of funds from one party (the purchaser) to a second party (the vendor). The functionality of existing credit/debit cards and the associated infrastructure is extended to provide a secure global mechanism for individuals/businesses to receive funds without revealing confidential information or having to become credit/debit accepting merchants.

Claims

1. A computer processing device comprising:

a computer-readable recording medium having data recorded thereon for facilitating a financial transaction originating from a payer in a computer network, the data recorded on the computer-readable recording medium including a data structure for access by said payer to initiate a financial transaction originating from the payer, said data structure including a personal payment number format comprising;

routing information to direct financial transaction information to a particular institution among a plurality of institutions using the computer network, and

a unique identification of a payee associated with said particular institution, wherein said personal payment number identifies an account into which funds can be transferred but from which funds cannot be transferred; and

a processor configured to execute computer-readable instructions to cause a communication module to communicate said personal payment number to the payer to initiate the financial transaction originating from the payer.

2. The computer processing device according to claim 1, wherein said personal payment number format further comprises an identifier identifying said personal payment number as an account into which funds can be transferred but from which funds cannot be received.

3. The computer processing device according to claim 1, wherein said routing information identifies an address associated with accounts limited to receiving funds and not capable of transferring out funds therefrom.

4. The computer processing device according to claim 1, wherein said routing information includes a bank identification number (BIN).

5. The computer processing device according to claim 1, wherein said personal payment number is formatted in accordance with standard credit/debit card formats.

6. The computer processing device according to claim 1, wherein said personal payment number is formatted to be distinct from standard credit/debit card formats.

7. The computer processing device according to claim 1, wherein said personal payment number is formatted to be unique among standard credit/debit card formats.

8. The computer processing device according to claim 1, wherein said format further comprises a verification code.

9. The computer processing device according to claim 8, wherein said verification code is selected from a group consisting of a checksum number and a cvv2.

10. A personal payment number processing system comprising:

means for allocating personal payment numbers to payees, each personal payment number including routing information and information identifying a payee, wherein said personal payment number identifies an account associated with a payee into which funds can be transferred but from which funds cannot be transferred;

means for initiating a personal payment number transaction originating from a payer utilizing an allocated personal payment number;

means for routing said personal payment transaction to a destination based on the routing information included in the allocated personal payment number; and

means for processing said personal payment number transaction to enable transfer of funds into the account identified in the allocated personal payment number.

11. The personal payment number processing system according to claim 10, further comprising:

means for handling a request for a personal payment number; and

means for distributing personal payment numbers.

12. The personal payment number processing system according to claim 10, further comprising means for interfacing with a secure personal payment number database to allow queries about transactions.

13. The personal payment number processing system according to claim 10, further comprising means for storing personal payment numbers and associated credit/debit accounts as linked accounts.

14. The personal payment number processing system according to claim 10, wherein said allocation means includes means for ensuring that there is no reversible numerical relationship between the personal payment number and an associated credit/debit account.

15. The personal payment number processing system according to claim 10, wherein said means for processing said personal payment number transaction further includes:

means for validating that a received personal payment number is a valid and issued number, and means for identifying appropriate associated payee account details.

16. The personal payment number processing system according to claim 10, wherein said means for processing said personal payment number transaction further includes:

means for determining how funds are due to be forwarded for a payee and for obtaining required account numbers;

means for creating appropriate transaction messages incorporating the determined and obtained account numbers to be forwarded and an adjusted amount for a fund transfer to be completed by existing bank systems; and

means for forwarding the transaction messages onto an existing bank system for completion.

17. The personal payment number processing system according to claim 10, wherein said means for processing includes means for determining an account number based on said identifying information.

18. A personal payment number processing method comprising:

allocating, in a computer processing device, personal payment numbers to payees, each personal payment number including routing information and information identifying a payee, wherein said personal payment number identifying an account associated with a payee into which funds can be transferred but from which funds cannot be transferred;

receiving, in the computer processing device, initiation of a personal payment number transaction originating from a payer utilizing an allocated personal payment number;

routing, from the computer processing device, said received personal payment transaction to a destination based on the routing information included in the allocated personal payment number; and

processing said personal payment number transaction to enable transfer of funds into the account identified in the allocated personal payment number.

19. The personal payment number processing method according to claim 18, further comprising:

handling request for a personal payment number; and

distributing personal payment numbers.

20. The personal payment number processing method according to claim 18, further comprising storing personal payment numbers and associated credit/debit accounts as linked accounts.

21. The personal payment number processing method according to claim 18, wherein said step of processing said personal payment number transaction further includes:

validating that a received personal payment number is a valid and issued number, and

identifying appropriate associated payee account numbers.

22. The personal payment number processing method according to claim 18, wherein said processing includes determining an account number based on said identifying information.

23. A computer processing device comprising:

a computer-readable recording medium having recorded thereon a database configured to store

a data structure for facilitating financial transactions in a computer network, the recorded data structure including a plurality of personal payment numbers, each personal payment number including routing information to direct financial transaction information to a particular institution among a plurality of institutions using said computer network, and a unique identifier of a payee, and

account numbers each being respectively associated with payee and logically linked in said database with a respective one of unique identifiers of said personal payment number;

wherein each of said personal payment numbers permitting credit transactions but not permitting debit transactions involving the account respectively associated with a personal payment number transaction; and

a processor configured to execute computer-readable instructions to cause a communication module to enable a payer originating a personal payment transaction to access the stored information of personal payment numbers but not permitting access to an account number of an account respectively linked to the personal payment number.

24. A method of implementing a personal payment number transaction comprising:

communicating, from a computer processing device, a personal payment number to a payer, said personal payment number having a format comprising;

routing information to direct financial transaction information to a particular institution among a plurality of institutions using a computer network, and a unique identification of a payee associated with said particular institution, wherein said personal payment number identifies an account into which funds can be transferred but from which funds cannot be transferred; and

facilitating transfer of funds in the account via a personal payment number transaction, said transfer being initiated by the payer.

25. The method of claim 24, wherein the personal payment number is communicated by way of an invoice requesting payment of goods or services provided.

26. The method of claim 24, wherein the personal payment number is communicated by way of displaying the number within a webpage.

27. The method of claim 24, wherein the personal payment number is communicated by way of email.

28. The method of claim 24, wherein the personal payment number is communicated to the payer by way of the payer accessing a database including a directory of personal payment numbers.

29. The method of claim 24, wherein the personal payment number is communicated by way of documentation or program code of a software package.

30. The method of claim 24, wherein the personal payment number is communicated by way of an automated transaction machine (ATM).

31. The method of claim 24, wherein the personal payment number is communicated to the payer by way of bearing indicia of the personal payment number on a financial transaction card.

32. The method of claim 24, wherein the personal payment number is communicated to the payer by way of printing the personal payment number onto an existing financial transaction card of the payer.