System and method for on-line purchasing of goods and services
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United States of America Patent
Stats
-
Jan 14, 2003
Grant Date -
N/A
app pub date -
Sep 15, 1995
filing date -
Sep 23, 1993
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A method of conducting a financial transaction between a purchaser and a vendor of a product, the purchaser and the vendor each having an account held at respective first (A) and second (B) financial institutions. The method requires the provision of at least one vendor database 24 including product-related information, for example regarding the availability and price of a product. A publicly accessible data exchange terminal, typically an automatic teller machine (ATM) 112, is linked to the vendor database. The system then interrogates the purchaser to obtain transaction-related information via the terminal by requiring the purchaser to indicate a number of transaction options. The terminal is linked to the first financial and second financial institutions to provide access to the purchaser's and vendor's accounts. The system then transfers funds electronically between accounts for the value of the transaction. Of course, the first and second financial institutions may be the same financial institution.
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