Importance

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Abstract

A method and system for transferring electronic funds over the Internet wherein a sender provides payment information to a transfer processing system. The sender may choose from a plurality of different types of funds transfer, such as wire transfer, Western Union money transfer, various types of checks, and transfers to ATM debit/credit cards. The transfer processing system sends an electronic payment message to a recipient indicating the transfer of funds and a transfer message to a financial institution providing instructions to debit the sender's account and make those funds available to the recipient. If the recipient has an account with a financial institution that is affiliated with the transfer processing system of the present invention, the funds are credited to the recipient's account wherein the payment message serves as a confirmation message. If the recipient does not have such an account, the recipient may access the transfer processing system to access the funds made available by the system wherein the payment message serves as a payment availability message.

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First Claim