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

US8468092B2 · 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: Jun 18, 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

A computer implemented system is provided for processing payments. A server including a computer memory storing a first database including a directory is provided. The directory includes authenticated registrant information comprising authenticated information for a payee, the directory identifying via a publicly available account identifier at least one linked account of said payee. The system also includes a payor computer having access to the directory and a first bank computer linked via a computer network to the server, the first bank computer configured to access payor account information from a payor account at the first bank. The first bank computer is also configured to receive payment information from the payor computer identifying the payee and to transmit a payment from the payor account at the first bank to the linked payee account located at a second bank without using an intermediary to transfer said payment.