System for electronic transaction settlement

US7941373B1 · kind B1 · utility

Assignee

• Advent IP LLC · US

Inventors

• Jerry Shaw-Yau Chang · Los Altos Hills, US
• Matthew Chiang · Claremont, US
• David Holmes-Kinsella · San Francisco, US

Key dates

• Filing date: Jan 4, 2011
• Grant date: May 10, 2011
• Expiry date: Jan 4, 2031

Classification

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

Abstract

An electronic communication system associated with a settlement house for settling an electronic transaction between a customer and a merchant. The communication system is configured to receive through a first electronic communication path a first account identifier of a first account associated with the customer and a transaction amount from the merchant, contact the customer through a second electronic communication path to allow the customer to select a payment method, and send through a third electronic communication path the transaction amount and a second account identifier of a second account associated with the customer to a financial services provider associated with the payment method.