Method for processing internet point of sale payment using automated teller machine switch settlement

US8175967B2 · 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: May 6, 2011
• Grant date: May 8, 2012
• Expiry date: May 6, 2031

Classification

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

Abstract

Embodiments of the invention include a method and system for effectuating an electronic payment between a payor and a payee using an Electronic Funds Transfer (EFT) network. The method is implemented by a system having multiple processors. The payor may hold a payor account at a payor institution and the payee may have a payee account at a payee institution. The method includes generating a payment authorization identifying the payee institution, the payee account, and an amount of the payment and transmitting the payment authorization to the payor institution. The method further includes debiting the payor account by the amount of the payment; transmitting from the payor institution to the payee institution through the EFT network an EFT credit message representing a credit in the amount of the payment; and crediting the payee account in the amount of the payment in response to the receipt of the EFT credit message.