System and method for transferring funds

US10318936B2 · kind B2 · utility

Assignee

• Early Warning Services, LLC · US

Inventors

• Sri Saravana Muthu · San Francisco, US
• Jeffrey A. Cornman · San Francisco, US
• Michael J. Kennedy · San Francisco, US
• Sergei Lilichenko · Orinda, US
• Melissa Lowry · San Francisco, US
• Clinton Gilliam, III · San Francisco, US

Key dates

• Filing date: Dec 31, 2014
• Grant date: Jun 11, 2019
• Expiry date: Dec 31, 2034

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/405
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A method for facilitating real time transfer of funds from a sender to a recipient includes receiving an expedited funds transfer request from the sender having a first account at a first financial institution, the recipient having a second account at a second financial institution, the first and second financial institutions being members of a computer-implemented payment network including a plurality of member financial institutions; and sending a message to the second financial institution to deposit funds into the second account, wherein the second financial institution deposits funds into the second account, and wherein the first financial institution settles with the second financial institution after the second financial institution deposits funds into the second account.