RISK MANAGEMENT IN AN EXPEDITIOUS FUNDS-HOLDER PAYOR AUTHENTICATION AND FUNDS TRANSFER SYSTEM AND METHODOLOGY
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United States of America Patent
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app pub date -
Feb 23, 2005
filing date -
Aug 11, 2004
priority date (Note) -
Abandoned
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Abstract
A method and system for enables expeditious transfer of funds electronically to an end merchant substantially instantaneously upon the request of a new payor or client. An intermediary service having a server in communication with an automated clearinghouse system and having a client interface provides an online account for transfer of at least a permitted portion of requested funds to the merchant account of a participating end merchant at the request of a payor client. The intermediary verifies the client's identify through a series of authenticating questions including those verifying non-financial information for establishing the client's authorization to access the client's source account for settlement of the transferred funds. In another embodiment, a merchant indemnification system provides further financial security for the end merchant.
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