Push payment scheme through a trusted third party

US11023867B2 · kind B2 · utility

Assignee

• IPCO 2012 Limited · GB

Inventors

• Robert Boothby · London, GB
• Sunil Peenikal · London, GB

Key dates

• Filing date: Jun 29, 2017
• Grant date: Jun 1, 2021
• Expiry date: Jun 29, 2037

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/425
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Provided herein is a method of facilitating a transaction between a payer and a payee using a push payment. The payee sends a request for a payment identification code to a payment agent with payment information. The payment agent generates a unique payment identification code and stores the code along with the associated payment information, and sends the payment identification code to the payee who provides the code to the payer. The payer sends the payment identification code to a financial institution that forwards the code to the payment agent, which uses the code to retrieve the previously stored payment information, and sends the information to the financial institution who forwards the information to the payer. The payer may review information and send a request to pay message including the code to the financial institution, which then arranges for a push payment from the payer to the payee.