Pre-funding system and method
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United States of America Patent
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-
Oct 11, 2011
Grant Date -
Aug 12, 2010
app pub date -
Mar 15, 2010
filing date -
Jan 12, 2005
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A method for pre-funding is disclosed. The method includes sending a plurality of pre-fund authorization requests to a buyer financial institution, and then receiving a plurality of responses to the pre-fund authorization requests from the buyer financial institution, where each response either accepts or declines a pre-fund authorization request. A funds transfer request is sent to the buyer financial institution, where the funds transfer request corresponds to a total value of the accepted pre-fund authorization requests. Notification that funds have transferred from the buyer financial institution in response to the funds transfer request is received. Then, the sending of the funds to a supplier financial institution is authorized.
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