Method and system for processing internet payments

Number of patents in Portfolio can not be more than 2000

United States of America Patent

PATENT NO 10185936
APP PUB NO 20020077978A1
SERIAL NO

09886916

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ATTORNEY / AGENT: (SPONSORED)

Importance

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Abstract

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A system and method for effectuating Electronic Funds Transfer credit messages. The main structural components of the system include a Payment Portal Processor (Web Broker), an Internet Pay Anyone (IPA) Account, a Virtual Private Lockbox (VPL) and an associated Account Reporter, the existing EFT networks, and a cash card for accessing a VPL or IP account. The Web Broker is a software application that provides a secure portal for accessing (linking to) either the user's Demand Deposit Account (DDA) or an IPA account and can be combined with the functionality of a traditional digital Wallet. Consumers use a Web Broker enhanced Wallet to fund their account, shop on the web, pay bills, pay anyone, store electronic receipts and transaction history, and check their recent Web Broker enhanced Wallet activity. The IPA account is a special purpose account with limited functionality for making electronic payments in the form of EFT credit messages. The VPL is a limited function receive only account for receiving electronic payments through the EFT. The Account Reporter is a portal to view transaction history and balance of IPA and VPL accounts, provide online, real-time transaction reports, and to reconciles accounts receivable/purchase records against incoming EFT payment records. A physical card can be associated with either an IPA or VPL account in order to provide PIN debit capability.

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First Claim

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Patent Owner(s)

Patent OwnerAddress
JPMORGAN CHASE BANK NATIONAL ASSOCIATION10 S DEARBORN ST FLOOR 07 ATTN AWRI MCKEE CHICAGO IL 60603

International Classification(s)

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Inventor(s)

Inventor Name Address # of filed Patents Total Citations
Burney, Jessica New York, US 16 2413
D'Agostino, Vincent New York, US 21 2516
Hoffman, Adam New York, US 41 2559
O'Leary, Denis New York, US 16 2409
Re, S Richard Westfield, US 19 2449

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Maintenance Fees

Fee Large entity fee small entity fee micro entity fee due date
7.5 Year Payment $3600.00 $1800.00 $900.00 Jul 22, 2026
11.5 Year Payment $7400.00 $3700.00 $1850.00 Jul 22, 2030
Fee Large entity fee small entity fee micro entity fee
Surcharge - 7.5 year - Late payment within 6 months $160.00 $80.00 $40.00
Surcharge - 11.5 year - Late payment within 6 months $160.00 $80.00 $40.00
Surcharge after expiration - Late payment is unavoidable $700.00 $350.00 $175.00
Surcharge after expiration - Late payment is unintentional $1,640.00 $820.00 $410.00