Systems and methods for implementing person-to-person money exchange

US7373329B2 · kind B2 · utility

Assignee

• YAHOO HOLDINGS, INC. · US

Inventors

• Paul Gallagher · San Francisco, US
• Steve Davis · San Leandro, US
• Kaycie Roberts · San Francisco, US
• Robert Simon · Menlo Park, US
• Michael Baum · Crystal Lake, US
• Mieko Schmandt · Portola Valley, US
• Peihuan Meng · Redwood City, US
• Ivan Liu · Schreiber, CA
• Jorge Noa · San Francisco, US
• Martin Hampton · Belmont, US

Key dates

• Filing date: Dec 2, 2003
• Grant date: May 13, 2008
• Expiry date: Dec 2, 2023

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/03
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Systems for effecting online financial transactions between individuals are disclosed. Any user may initiate a send money transaction or a request payment transaction with any other entity provided that entity has an e-mail address. For a send money transaction, the user sending money (payor) enters an amount of funds to be transferred and an e-mail address of the recipient of the funds (payee). The transfer request may include an identity confirmation through which the payor confirms the identity of the payee. The system sends an e-mail message to the payee at the address provided indicating that the amount of funds has been “received” on the payee's behalf. The payee may open an online account or identify an existing online account to complete the transaction as well as provide identity confirmation for the payor. Upon confirmation, the transfer may occur.