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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Jun 18, 2013
Grant Date -
Sep 20, 2012
app pub date -
Apr 10, 2012
filing date -
May 3, 1999
priority date (Note) -
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status (Latency Note)
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Abstract
A computer implemented system is provided for processing payments. A server including a computer memory storing a first database including a directory is provided. The directory includes authenticated registrant information comprising authenticated information for a payee, the directory identifying via a publicly available account identifier at least one linked account of said payee. The system also includes a payor computer having access to the directory and a first bank computer linked via a computer network to the server, the first bank computer configured to access payor account information from a payor account at the first bank. The first bank computer is also configured to receive payment information from the payor computer identifying the payee and to transmit a payment from the payor account at the first bank to the linked payee account located at a second bank without using an intermediary to transfer said payment.
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