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

US8433652B2 · 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: Mar 29, 2012
• Grant date: Apr 30, 2013
• Expiry date: Mar 29, 2032

Classification

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

Abstract

A computer implemented payment processing method and system are provided for facilitating electronic purchase transactions by a purchaser from a merchant. The method implements a payment processing system including at least one computer processor and at least one computer memory and includes multiple steps. The steps include receiving, at the at least one computer processor of the payment processing system, a payment request associated with the electronic purchase transaction, the request including information, but not including confidential financial account numbers. The method further includes performing authentication to authenticate the purchaser and verification procedures to verify funds available at the payment processing system based on the order information and non-confidential information and determining whether the cash payment can be completed based on the authentication and verification procedures. The method also includes causing, with the at least one computer processor, the cash payment to be released to the merchant in response to a determination that the cash payment can be completed.