Method and system for processing internet payments using the electronic funds transfer network
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United States of America Patent
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May 28, 2013
Grant Date -
Oct 11, 2012
app pub date -
Apr 10, 2012
filing date -
May 3, 1999
priority date (Note) -
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Abstract
Embodiments of the invention include a method and system for conducting financial transactions over a payment network. The method may include associating a payment address of an account with an account holder name, the account residing at a financial institution and the associated payment address of the account configured to allow withdrawals by the account holder only and to allow a plurality of deposits to be made at different times. The method further includes freely publishing the payment address and making it available to users of an internet portal or search engine. The method further includes receiving data over a network identifying a deposit to be made to the account, assigning the deposit to the account using the payment address, and notifying the payer of the assignment on a real time basis. At least one directory is used for associating the account holder with the payment address.
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