Method and system for facilitating person-to-person payments
US11748733B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | May 11, 2018 |
| Grant date | Sep 5, 2023 |
| Priority date | — |
| Expiry date | Aug 29, 2039 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q20/326
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A Person-to-person payments method and system may include receiving a request from a computer network to transfer funds from a first account to a second account, almost instantly. An alias (mobile number or email) is received and is associated with the second account and checked against a database. If the alias exists, multiple options may apply for transferring funds. Next, a secure party identifier is generated and the transfer may be completed. A Payments Switch Module may also communicate with a Third Party Payment Service Provider a request from a Sending or Receiving Financial Institution or party, to send or receive funds from a specific account held by the Third Party Payment Service Provider. This may occur on an adhoc, automatic, or scheduled basis enabling management of ‘personal cash concentration.’ This feature with the Third Party Payment Service Provider be characterized as a “Bring it Home” feature of the system.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.