Real time bank-centric universal payment system

US5974146A · kind A · utility

Assignees

• HUNTINGTON BANCSHARES INCORPORATED · US
• Hewlett-Packard Company, L.P. · US
• VeriFone, Inc. · US

Inventors

• William M. Randle · Bexley, US
• Richard Ercole · Westerville, US
• Terry L. Geer · Baltimore, US
• David L. James · Fresno, US
• Jodie M. Fredelake · Columbus, US
• Dennis Roman · Novato, US
• Fabio Fontana · Mountain View, US
• Rick Bartlett · Saratoga, US
• Ruth Rosenberg · Lafayette, US
• Robert Murphy · Lafayette, US
• Tuong T. Tran · Mountain View, US
• Paul Lampru · Roswell, US

Key dates

• Filing date: Jul 30, 1997
• Grant date: Oct 26, 1999
• Expiry date: Jul 30, 2017

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q50/188
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

An infrastructure for a real time bank-centric universal payment system in which a central processing unit (CPU) defines an electronic commerce trust system formed from a plurality of financial service provider members subscribing to a common standard having applicability throughout the infrastructure. The central processing unit is operatively interconnected to the correspondent processing units of financial service provider members that in turn are operatively interconnected through access mechanisms to a network of customers and goods and services providers who are account subscribers with the financial service provider member and subject to the common standard of the system. The CPU provides non-revocable real time debit and credit transactions and effects provider net settlement between and among members through a central exchange monetary system. Features of the infrastructure include an ECTS hot file, bill presentment and payment options and provider designed services that enhance brand identity.