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Online funds transfer method

  • US 8,412,627 B2
  • Filed: 11/15/2001
  • Issued: 04/02/2013
  • Est. Priority Date: 02/29/2000
  • Status: Active Grant
First Claim
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1. A method for transferring funds in an online transaction between a first party and a second party, the method comprising steps of:

  • receiving payment information from the first party, the payment information including a payee identification;

    determining a first account associated with the first party;

    determining a second account associated with the second party, wherein at least one of the first account and the second account is a bank account;

    providing a third account, the third account not associated with either the first party or the second party, wherein the third account is a stored value account, the third account receiving credits from the first account and debits from the second account, wherein the store value account holds stored value funds;

    initiating a first transfer from the first account to the third account;

    receiving payee information from the second party, the payee information including the payee identification;

    checking the payee identification received from the second party with the payment information;

    if the payee identification received from the second party is the same as the payment information, initiating a second transfer from the third account to the second account, wherein initiating the second transfer occurs before the first transfer has cleared; and

    if the payee identification received from the second party is not the same as the payment information, denying the second transfer from the third account to the second account.

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