Pre-funding system and method

US8036985B2 · kind B2 · utility

Assignee

• Visa International Service Association · US

Inventors

• William Reid · Castro Valley, US
• Keiron G. Lynch · Pleasanton, US
• Craig Swackhammer · Pleasanton, US
• M. Kathrina Novak · Hayward, US
• L. Ted Martinez · Concord, US
• John M. Bryant · Foster City, US

Key dates

• Filing date: Mar 15, 2010
• Grant date: Oct 11, 2011
• Expiry date: Apr 13, 2030

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/06
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A method for pre-funding is disclosed. The method includes sending a plurality of pre-fund authorization requests to a buyer financial institution, and then receiving a plurality of responses to the pre-fund authorization requests from the buyer financial institution, where each response either accepts or declines a pre-fund authorization request. A funds transfer request is sent to the buyer financial institution, where the funds transfer request corresponds to a total value of the accepted pre-fund authorization requests. Notification that funds have transferred from the buyer financial institution in response to the funds transfer request is received. Then, the sending of the funds to a supplier financial institution is authorized.