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

US8452703B2 · 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: Apr 10, 2012
• Grant date: May 28, 2013
• Expiry date: Apr 10, 2032

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 conducting financial transactions over a payment network. The method may include associating a payment address of an account with an account holder name, the account residing at a financial institution and the associated payment address of the account configured to allow withdrawals by the account holder only and to allow a plurality of deposits to be made at different times. The method further includes freely publishing the payment address and making it available to users of an internet portal or search engine. The method further includes receiving data over a network identifying a deposit to be made to the account, assigning the deposit to the account using the payment address, and notifying the payer of the assignment on a real time basis. At least one directory is used for associating the account holder with the payment address.