Method and system for processing internet payments using the electronic funds transfer network

US7962409B2 · kind B2 · utility

Assignee

• JPMORGAN CHASE BANK, N.A. · US

Inventors

• Denis O'Leary · New York, US
• Vincent D'Agostino · Great Neck, US
• S. Richard Re · Westfield, US
• Jessica Burney · New York, US
• Adam Hoffman · Campbell, US

Key dates

• Filing date: Oct 9, 2009
• Grant date: Jun 14, 2011
• Expiry date: Oct 9, 2029

Classification

• Technology area (CPC G): Physics
• CPC primary: G07F19/20
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A system and method for effectuating Electronic Funds Transfer credit messages. The main structural components of the system include a Payment Portal Processor (PPP), an Internet Pay Anyone (IPA) Account, a Virtual Private Lockbox (VPL) and an associated Account. Reporter, the existing EFT networks, and a cash card for accessing a VPL or IP account. The PPP is a software application that provides a secure portal for accessing (linking to) either the user's Demand Deposit Account (DDA) or an IPA account and can be combined with the functionality of a traditional digital Wallet. Consumers use a PPP enhanced Wallet to fund their account, shop on the web, pay bills, pay anyone, store electronic receipts and transaction history, and check their recent PPP enhanced Wallet activity. The IPA account is a special purpose account with limited functionality for making electronic payments in the form of EFT credit messages. The VPL is a limited function receive only account for receiving electronic payments through the EFT. The Account Reporter is a portal to view transaction history and balance of IPA and VPL accounts, provide online, real-time transaction reports, and to reconciles accounts …