U.S. patent application number 14/802968 was filed with the patent office on 2015-11-12 for system and methods for facilitating fund transfers over a network.
The applicant listed for this patent is PAYPAL, INC.. Invention is credited to German Scipioni.
Application Number | 20150324769 14/802968 |
Document ID | / |
Family ID | 41569509 |
Filed Date | 2015-11-12 |
United States Patent
Application |
20150324769 |
Kind Code |
A1 |
Scipioni; German |
November 12, 2015 |
SYSTEM AND METHODS FOR FACILITATING FUND TRANSFERS OVER A
NETWORK
Abstract
In accordance with embodiments of the present disclosure,
systems and methods for facilitating financial transactions over a
network include communicating with a financial institution over the
network, wherein the financial institution includes a first user
account related to a user. The systems and methods include
receiving a fund transfer request from the financial institution on
behalf of the user and establishing a second user account related
to the user based on user information passed with the fund transfer
request. The systems and methods include processing the fund
transfer request by linking the first user account to the second
user account based on the user information passed with the fund
transfer request, receiving funds from the financial institution
associated with the first user account, and depositing the received
funds in the second user account on behalf of the user.
Inventors: |
Scipioni; German; (San Jose,
CA) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
PAYPAL, INC. |
San Jose |
CA |
US |
|
|
Family ID: |
41569509 |
Appl. No.: |
14/802968 |
Filed: |
July 17, 2015 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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13622851 |
Sep 19, 2012 |
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14802968 |
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12415669 |
Mar 31, 2009 |
8285640 |
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13622851 |
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61083004 |
Jul 23, 2008 |
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Current U.S.
Class: |
705/39 |
Current CPC
Class: |
G06Q 20/102 20130101;
G06Q 20/10 20130101; G06Q 20/108 20130101 |
International
Class: |
G06Q 20/10 20060101
G06Q020/10 |
Claims
1. A system comprising: a network interface of a server for a
payment provider that receives communications from a financial
service provider that comprise user financial information; a memory
configured to store the communications; and one or more processors
configured to process the user financial information, generates an
account for the user using the user financial information, receives
funds in the account for the user, and processes a payment to a
third party using the account.
Description
CROSS-REFERENCE TO RELATED APPLICATIONS
[0001] This application claims priority to and benefit of U.S.
Provisional Patent Application Ser. No. 61/083,004, filed on Jul.
23, 2008. This application is also a continuation application of
U.S. patent application Ser. No. 13/622,851, filed Sep. 19, 2012
and U.S. patent application Ser. No. 12/415,669, filed on Mar. 31,
2009. The contents of all of the aforementioned applications are
hereby incorporated by reference in their entirety.
TECHNICAL FIELD
[0002] The present invention generally relates to network
transactions and, more particularly, to facilitating fund transfers
over a network.
BACKGROUND
[0003] In electronic banking and commerce, a user typically
accesses accounts and conducts financial transactions through
electronic communications with online service providers over
communication networks, such as the Internet. Typically, when
potential users sign up or use a service for processing payments
and fund transfers through the Internet, the user steps through a
series of steps to verify identity and a funding source. These
steps ensure that an account where funds are being transferred out
of or into is indeed an account associated with the user and not an
unauthorized account.
[0004] Conventional techniques include inputting and verifying user
provided information, such as account numbers, routing information,
and billing address, which can often be cumbersome and
time-consuming for the user. These conventional techniques may
include the user typing in bank information, such as an account
number and a routing number. In one instance, the online service
provider may deposit a small amount of funds (e.g., 2 cents) into
the user's bank account, typically a few days after the information
is entered. The user then periodically checks the user's account to
verify whether any small deposits have been received. Once
received, the user accesses the online service provider to confirm
the deposit to the account.
[0005] Unfortunately, these conventional techniques are time
consuming and effort intensive and typically require the user to
perform several steps and navigation events for deposit
verification and settlement. As such, there currently exists a need
to improve a user's experience during financial transactions
including fund transfers over a network.
BRIEF DESCRIPTION OF THE DRAWINGS
[0006] FIG. 1 shows a block diagram of a system adapted to
facilitate fund transfers over a network, in accordance with an
embodiment of the present disclosure.
[0007] FIG. 2 shows one embodiment of a method for facilitating
user-side fund transfers over a network, in accordance with an
embodiment of the present disclosure.
[0008] FIG. 3 shows one embodiment of a method for facilitating
server-side processing of fund transfers over a network, in
accordance with an embodiment of the present disclosure.
[0009] FIG. 4 is a block diagram of a computer system suitable for
implementing one or more embodiments of the present disclosure.
[0010] Embodiments of the present disclosure and their advantages
are best understood by referring to the detailed description that
follows. It should be appreciated that like reference numerals are
used to identify like elements illustrated in one or more of the
figures, wherein showings therein are for purposes of illustrating
embodiments of the present disclosure and not for purposes of
limiting the same.
DETAILED DESCRIPTION
[0011] In accordance with one or more embodiments of the present
disclosure, a system for facilitating financial transactions by a
service provider over a network is disclosed. The system includes a
network interface, a memory, and one or more processors. The
network interface communicates with a financial institution over
the network. The financial institution has a first user account
belonging to a user. The memory stores machine-readable
instructions for execution by the one or more processors. The one
or more processors execute the instructions to receive a fund
transfer request from the financial institution on behalf of the
user. The fund transfer request includes user information that is
related to the first user account. The one or more processors also
verify that the user has an existing account with the service
provider based on the user information related to the first user
that is passed with the fund transfer request. The one or more
processors further process the fund transfer request to receive
funds from the financial institution associated with the first user
account and to deposit the received funds in the existing account
of the user with the service provider on behalf of the user.
[0012] In accordance with one or more embodiments of the present
disclosure, a method for facilitating financial transactions by a
service provider over a network is disclosed. The method includes
receiving by a network server of the service provider a fund
transfer request from a financial institution on behalf of a user.
The financial institution has a first user account belonging to the
user. The fund transfer request includes user information that is
related to the first user account. The method also includes
verifying that the user has an existing account with the service
provider based on the user information related to the first user
that is passed with the funds transfer request. The method further
includes processing the fund transfer request by receiving funds
from the financial institution associated with the first user
account and depositing the received funds in the existing user
account on behalf of the user.
[0013] In accordance with one or more embodiments of the present
disclosure, a non-transitory computer readable medium having
computer readable code for instructing a processor to perform a
method to facilitate financial transaction over a network is
disclosed. The method includes communicating with a financial
institution over the network. The financial institution has a first
user account belonging to a user. The method also includes
receiving a fund transfer request from the financial institution on
behalf of the user. The fund transfer request includes user
information that is related to the first user account. The method
further includes verifying that the user has an existing account
with the service provider based on the user information related to
the first user that is passed with the funds transfer request. The
method further includes processing the fund transfer request by
receiving funds from the financial institution associated with the
first user account and depositing the received funds in the
existing user account on behalf of the user.
[0014] Refer now to the figures wherein the drawings are for
purposes of illustrating embodiments of the present disclosure
only, and not for purposes of limiting the same. FIG. 1 shows one
embodiment of a system 100 for facilitating financial transactions
including fund transfers over a network, such as the Internet.
System 100 includes a user 120 (e.g., a client or customer) adapted
to interface with a financial institution 140 (e.g., a bank or
credit union) and a service provider 160 (e.g., a network based
financial transaction service provider) over a network.
[0015] The user 120, in one embodiment, is able to establish a user
account 144 with the financial institution 140, such as a bank,
wherein the user 120 may deposit monetary funds in the user account
144. The financial institution 140 is adapted to provide the user
120 with access to the user account 144 and to a bill payment
service 142 via the network. In one aspect, the user 120 may
request network based transactions, such as fund transfers (e.g.,
deposits and/or debits) between accounts, over the network in a
manner as described in greater detail herein. In another aspect,
the financial institution 140 may provide the user 120 with some
form of payment media, such as an electronic payment resource, that
is linked to the user account 144. In this instance, the user 120
may utilize the payment media to access funds in the user account
144.
[0016] In one implementation, the user 120 may utilize the bill
payment service 142 to transfer funds from the user account 144 of
the financial institution to a user account 164 of the service
provider 160 via the network. The bill payment service 142 is
adapted to process the fund transfer between the user 120 and the
service provider 160 via the network. In one aspect, the bill
payment service 142 may communicate with a clearing house to debit
the user account 144 of the financial institution 140 in accordance
with an amount specific to the fund transfer and credit the user
account 164 of the service provider 160 over the network.
[0017] The user 120, in one embodiment, is able to establish one or
more user accounts (e.g., the user account 164) with the service
provider 160, wherein the user 120 may deposit monetary funds in
the user account 164 either directly or from the user account 144
of the financial institution 140. The service provider 160 is
adapted to provide the user 120 with access to the user account 164
via the network. In one aspect, the service provider 160 may
provide the user 120 with some form of electronic payment resource
that is linked to the user account 164. As such, in this instance,
the user 120 may utilize the electronic payment resource to access
funds in the user account 164.
[0018] In one aspect, a link 150 may be established between the
user account 144 of the financial institution 140 and one or more
other accounts with other financial institutions and/or network
based service providers, such as the service provider 160. For
example, the user 120 may provide an e-mail address to the service
provider 160 as a unique identifier (i.e., a user identity
verifier) so that the link 150 may be established between the user
account 144 of the financial institution 140 and the user account
164 of the service provider 160. Accordingly, an e-mail address may
be utilized by the user 120 to establish the user account 164 with
the service provider 160, wherein the link 150 between the user
accounts 144, 164 is an e-mail address related to the user 120.
After linking user accounts 144, 164 via, e.g., an e-mail address,
fund transfers may be processed seamlessly between the user
accounts 144, 164 of the financial institution 140 and the service
provider 160, respectively. It should be appreciated that, in
various embodiments, the unique identifier (i.e., the user identity
verifier) may comprise an e-mail address, telephone number, and/or
various other types of easily remembered addresses and/or numbers
related to the user 120, without departing from the scope of the
present disclosure.
[0019] In another aspect, for security concerns, additional
security verification may be obtained by the service provider 160
to further verify the identity of the user 120 and provide further
security for verifying the link between the two accounts. When the
user accounts 144, 164 are considered linked, the user 120 is
presumed to be the same person having permission to access both
user accounts 144, 164. However, after a nominal fund transfer
takes place, the user 120 may be prompted with an option to link
the information related to the user accounts 144, 164, wherein the
user 120 may be prompted by the service provider 160 to provide at
least one of a full name, address, telephone number, date of birth,
and at least part of a social security number to link the user
accounts 144, 164. The user 120 may be prompted to verify random
deposit information. For example, the service provider 160 may
transfer nominal funds (e.g., a penny or a dollar) to the user
account 144 with the financial institution 140, and the user 120
may be prompted to verify information related to the nominal fund
transfer, such as the amount deposited into the user account 144
and when the deposit occurred. In another example, the user 120 may
be prompted to login to the user account 144 after a nominal fund
transfer has been completed by the service provider 160 to verify
the nominal fund transfer.
[0020] In one embodiment, bank information related to the user 120
may be utilized to establish the user account 164 with the service
provider 160. However, personal and/or banking information related
to the user account 144 with the financial institution 140 should
be protected until the service provider 160 verifies that the user
120 wants to share or link the bank information related to the user
account 144 with the user account 164.
[0021] In one implementation, the user 120 may allow or grant
permission to the service provider 160 to transfer funds from the
user account 164 of the service provider 160 to another user
account of the service provider 160, such as a recipient account
166 related to a recipient 130 (e.g., another user, client, or
customer having a user account with the service provider 160). A
processing component 162 of the service provider 160 is adapted to
process the fund transfer between the user account 164 and the
recipient account 166. In one aspect, the service provider 160 may
directly transfer funds between the user account 164 and the
recipient account 166. In this instance, the service provider 160
may directly debit the user account 164 and directly credit the
recipient account 166 because both of the accounts 164, 166 are
established with the service provider 160. In another aspect, the
service provider may use a clearing house to debit the user account
164 in accordance with an amount specific to the fund transfer and
credit the recipient account 166 over the network. In this
instance, the service provider 160 may optionally process the fund
transfer through a clearing house even though the accounts 164, 166
are established with the service provider 160.
[0022] In one embodiment, a clearing house (not shown) resolves
financial transactions through validation, delivery, and
settlement. As such, the clearing house may comprise an agency or
institution having a system for settling indebtedness between
members of that system through which accounts may be debited and/or
credited of monetary funds.
[0023] In one embodiment, one or more fund transfers between the
user 120, the recipient 130, the financial institution 140, and the
service provider 160 may take place over the network, such as a
single network or a combination of multiple networks. For example,
in various embodiments, the network may include the Internet and/or
one or more intranets, landline networks, wireless networks, and/or
other appropriate types of communication networks. In another
example, the network may include a wireless telecommunications
network (e.g., cellular phone network) adapted to interface and
communicate with other communication networks, such as the
Internet. As such, in one aspect, the user 120, the recipient 130,
the financial institution 140, and the service provider 160 may be
associated with a particular link (e.g., a link, such as a URL
(Uniform Resource Locator) to an IP (Internet Protocol)
address).
[0024] The user 120, in one embodiment, may utilize a network
interface device, such as a personal computer (i.e., PC), a
wireless telephone (e.g., cellular phone), a personal digital
assistant (i.e., PDA), a notebook computer, and/or various other
generally known types of wired and/or wireless computing devices,
to communicate and interface with the financial institution 140
and/or the service provider 160 to access respective user accounts
144, 164 via any appropriate combination of hardware and/or
software configured for wired and/or wireless communication over
the network. For instance, the user 120 may utilize a network
interface application (e.g., a network browser application) to
communicate and interface with the financial institution 140 and/or
the service provider 160 to access user accounts 144, 164,
respectively, via the network. As such, in one example, the user
120 may use a web browser to access the user accounts 144, 164 over
the Internet.
[0025] The user device, in various embodiments, may include other
applications as may be desired in one or more embodiments of the
present disclosure to provide additional features available to the
user 120. In one example, these other applications may include
security applications for implementing user-side security features,
programmatic client applications for interfacing with appropriate
application programming interfaces (APIs) over the network, and/or
various other types of generally known programs and/or software
applications. In still other examples, these other applications may
interface with the network interface application for improved
efficiency and convenience.
[0026] The user device, in one embodiment, may include at least one
user identifier, which may be implemented, e.g., as operating
system registry entries, cookies associated with the network
interface application, identifiers associated with hardware of the
user device, and/or various other appropriate identifiers. The user
identifier may include one or more attributes and/or parameters
associated with the user, such as personal information related to
the user (e.g., one or more user names, passwords, photograph
images, biometric ids, addresses, phone numbers, etc.) and banking
information (e.g., one or more banking institutions, credit card
issuers, user account numbers, security data and information,
etc.). In various aspects, the user identifier may be passed with a
login request and/or fund transfer request to the financial
institution 140 and/or the service provider 160 via the network,
and the user identifier may be used by the financial institution
140 and/or the service provider 160 to associate the user 120 with
user accounts 144, 164, respectively.
[0027] In one embodiment, as with the user 120, the recipient 130
may utilize a network interface device, such as a PC, a wireless
telephone, a PDA, a notebook computer, and/or various other
generally known types of wired and/or wireless computing devices,
to communicate and interface with the service provider 160 to
access the recipient account 166 via any appropriate combination of
hardware and/or software configured for wired and/or wireless
communication over the network. For instance, the recipient 130 may
utilize a network interface application to communicate and
interface with the service provider 160 to access the recipient
account 166 via the network. As such, in this instance, the
recipient 130 may use a web browser to access the recipient account
166 over the Internet. Even though not shown, it should be
appreciated that the recipient 130 may have a recipient account
with the financial institution 140, without departing from the
scope of the present disclosure. As such, the recipient 130 would
also be able to access a recipient account with the financial
institution 140 over the network.
[0028] In one embodiment, the financial institution 140 and/or the
service provider 160 may maintain one or more servers on the
network for processing financial transactions including fund
transfers over the network. In this instance, each of the one or
more servers for the financial institution 140 and/or the service
provider 160 may include one or more databases for storing
information related to the bill payment service 142, the user
accounts 144, 164, and the recipient account 166, respectively.
Each of the one or more servers for the financial institution 140
and/or the service provider 160 may include some form of network
interface application configured to provide access to the bill
payment service 142, the user accounts 144, 164, and the recipient
account 166, respectively, over the network to the user 120 and the
recipient 130, respectively. For example, the user 120 may interact
with the network interface application through a browser
application over the network to access one or more of the user
accounts 144, 164.
[0029] The service provider 160, in one embodiment, is adapted to
process financial transitions including fund transfers over the
network on behalf of the user 120 and/or the recipient 130. In this
instance, the service provider 160 may utilize some form of fund
transfer and settlement application configured to interact with the
user 120 and/or the recipient 130 to facilitate fund transfers. In
one example, the service provider 160 may be provided by PayPal,
Inc. of San Jose, Calif., USA.
[0030] The service provider 160, in one embodiment, may be
configured to maintain a plurality of accounts (e.g., user account
164 and recipient account 166), each of which may include account
information associated with user 120 and/or the recipient 130. For
example, account information may include private financial
information of the user 120 and/or the recipient 130, such as one
or more account numbers, passwords, credit card information,
banking information, or other types of financial information, which
may be used to facilitate financial transactions including fund
transfers over the network. In various implementations, the system
100 described herein may be modified to accommodate users and/or
recipients that may or may not be associated with at least one
existing account, without departing from the scope of the present
disclosure.
[0031] In one embodiment, the user 120 and/or the recipient 130 may
have identity attributes stored with the financial institution 140
and/or the service provider 160, and the user 120 and/or the
recipient 130 may have credentials to authenticate or verify
identity with the financial institution 140 and/or the service
provider 160. In one aspect, user attributes may include personal
information and/or banking information, as previously described. In
various aspects, the user attributes may be passed to the financial
institution 140 and/or the service provider 160 as part of a login,
account access request, fund transfer request, and/or payment
request, and the user attributes may be utilized by the financial
institution 140 and/or the service provider 160 to associate the
user 120 and/or the recipient 130 with the user accounts 144, 164,
respectively, which are maintained by the financial institution 140
and/or the service provider 160, respectively.
[0032] In one embodiment, the financial institution 140 and/or the
service provider 160 may be associated with at least one
identifier, which may be included as part of a financial
transaction including a fund transfer. The identifier may include
one or more attributes and/or parameters related to the financial
institution 140 and/or the service provider 160, such as business
and/or banking information. In one example, the identifier for the
financial institution 140 may be passed to the service provider 160
when the user 120 requests a fund transfer from the financial
institution 140 to the service provider 160. In this instance, the
identifier may be used by the service provider 160 to identify
and/or verify the user account 144 in reference to the financial
institution 140.
[0033] In one embodiment, the processing component 162 of the
service provider 160 may utilize a processing module to process
fund transfers between accounts, such as the user accounts 144, 164
and the recipient account 166. In one implementation, the
processing module is adapted to assist with resolving financial
transactions including fund transfers through validation, delivery,
and settlement. For example, the processing component 162 in
conjunction with the processing module may be adapted to resolve
fund transfers between the user 120 and the recipient 130, wherein
the accounts 144, 164, 166 may be directly and/or automatically
debited and/or credited of monetary funds in a manner as accepted
by the banking industry.
[0034] FIG. 2 shows one embodiment of a method 200 for facilitating
one or more user-side fund transfers over a network. The following
description of FIG. 2 and the corresponding method 200 references
the system 100 of FIG. 1. Referring to FIG. 1, the user 120
interfaces and communicates with the financial institution 140
and/or the service provider 160 via the network to request fund
transfers from, e.g., the user account 144 of the financial
institution 140 to the user account 164 of the service provider 160
and/or from, e.g., the user account 164 of the service provider 160
to the recipient account 166 of the service provider 160.
[0035] In one implementation, the method 200 provides a process of
account verification by utilizing the bill payment service 142 (or
some other similar service) of the user's financial institution
140, which simplifies account verification for the user while
maintaining security and reliability. Referring to FIG. 2, the user
120 provides a login request to the financial institution 140
(block 210) to access the user account 144 (block 214). Then, when
the user 120 attempts to access the bill payment service 142, the
financial institution 140 determines (block 218) whether the user
120 is a current user of the bill payment service 142 by, e.g.,
verifying access privileges for the user 120 based on information
stored with the user account 144. If the user 120 has been granted
access privileges for the bill payment service 142, then the user
120 may proceed to access the bill payment service 142 (block 226).
Otherwise, the user 120 may be prompted to enroll in the bill
payment service 142 (block 222) to gain access privileges for the
bill payment service 142 and then proceed to access the bill
payment service 142 (block 226).
[0036] Once the user 120 is granted access to the bill payment
service 142 of the user's financial institution 140 (block 226),
the user 120 may add the service provider 160 as a biller or payee
(block 230) to link 150 the user account 144 of the financial
institution 140 to the user account 164 of the service provider
160.
[0037] As previously described, the link 150 may be established
between the user account 144 of the financial institution 140 and
the user account 164 of the service provider 160. In one aspect,
the user 120 may provide an e-mail address to the service provider
160 as a user identity verifier so that the link 150 may be
established between the user account 144 of the financial
institution 140 and the user account 164 of the service provider
160. In one aspect, additional security verification may be
obtained by the service provider 160 to further verify the identity
of the user 120 and provide further security for verifying the link
between the two accounts. The additional security verification is
described in greater detail herein.
[0038] As such, in one embodiment, the link 150 between the user
accounts 144, 164 is an e-mail address related to the user 120.
Accordingly, an e-mail address may be utilized by the user 120 to
establish the user account 164 with the service provider 160. After
linking user accounts 144, 164 via, e.g., an e-mail address, fund
transfers may be processed seamlessly between the user accounts
144, 164 of the financial institution 140 and the service provider
160, respectively.
[0039] Next, the user 120 may request a fund transfer from the user
account 144 of the financial institution 140 to the user account
164 of the service provider 160 (block 234). In one implementation,
the user 120 adds the service provider 160 as a payee by, e.g.,
entering user identity information, such as one or more of an
e-mail address, payee name, and/or an account number. The user 120
then transfers a nominal amount, such as $1, to the service
provider 160 through the bill payment service 142 and enters the
user's identity information (e.g., an e-mail address of the user
120 for the service provider 160) in a memo field of the fund
transfer request. The bill payment service 142 then transfers the
requested funds to the service provider 160 by, e.g., sending an
electronic check or a receipt of the electronic check to the
service provider 160, which includes the user's account number and
routing number associated with the user account 144 of the
financial institution 140.
[0040] In one aspect, the electronic check or receipt of the
electronic check may comprise an electronic document or a physical
document. The service provider 160 may use information from the
document, including a billing address, to verify and/or establish
the user's account 164 with the service provider 160. In one
example, the service provider 160 may transfer the same funds or
another amount of funds back to the user's financial institution
140. As such, in this instance, the user 120 may simply create
and/or access the user account 164 with the service provider 160 by
simply signing up the service provider 160 as payee through the
bill payment service 142 of the financial institution 140 instead
of providing specific account information including account
numbers, checking deposits, etc.
[0041] In another aspect, additional security verification may be
obtained by the service provider 160 to further verify the identity
of the user 120 and provide further security for verifying the link
between the two accounts. Using the bill payment service 142 to
transfer funds from the user account 144 of the financial
institution 140 to the user account 164 or recipient account 166 of
the service provider 160 may be achieved with email account
information related to the user 120. However, for security
concerns, when the user accounts 144, 164 are considered linked, a
presumption may be made that the user 120 is the same person having
permission to access both user accounts 144, 164. Thus, in one
embodiment, after an initial fund transfer takes place (block 234),
the user 120 may be prompted with an option to link the information
related to the user accounts 144, 164. Accordingly, the user 120
may be prompted by the service provider 160 to provide at least one
of a full name, address, telephone number, date of birth, and at
least part of a social security number to link the user accounts
144, 164. The user 120 may be prompted to verify random deposit
information. For example, the service provider 160 may transfer
random nominal funds (e.g., a random two-digit fund transfer, such
as 34 cents or 78 cents) to the user account 144 with the financial
institution 140, and the user 120 may be prompted to verify
information related to the nominal fund transfer, such as the
amount deposited into the user account 144 and when the deposit
occurred.
[0042] In another example, the service provider 160 may prompt the
user 120 to login to the user account 144 via the service provider
server after a fund transfer has been completed to verify or
validate the fund transfer. The service provider 160 would then
review information in both user accounts 144, 164 to obtain and
match information related to the fund transfer between the user
accounts 144, 164. For example, the obtained and matched
information may include the dollar amount, the date, the memo field
(e.g., email address), and/or the actual transaction identification
number for the fund transfer. In other words, the service provider
160 may review the fund transfer initiated by the user account 164
and prompt the user 120 to login to the user account 144 via the
service provider 160 so that the service provider 160 may troll
(e.g., with or without user action) both user accounts 144, 164 to
verify or validate information from the fund transfer between the
user accounts 144, 164.
[0043] Accordingly, bank information related to the user 120 may be
utilized to establish the secondary account (i.e., the user account
164) with the service provider 160. However, in one aspect,
personal and/or banking information related to the first account
(i.e., the user account 144) with the financial institution 140
should be protected until the service provider 160 verifies that
the user 120 wants to share or link the bank information related to
the first account (i.e., user account 144) with the secondary
account (i.e., user account 164). In one aspect, a reason for the
additional security verification is that, if funds are transferred
to another person's account (e.g., the recipient account 166
related to the recipient 130), through the bill payment service
142, any personal and/or banking information related to the user
120 should be protected from disclosure to the recipient 130.
[0044] Moreover, since the user 120 is granted access to the bill
payment service 142 of the user's financial institution 140 (block
226), the user 120 may add the service provider 160 and the
recipient 130 as a biller or payee (block 238). Next, the user 120
may request a fund transfer from the user account 144 of the
financial institution 140 to the recipient account 166 of the
service provider 160 (block 238). As such, in one implementation,
the user 120 may transfer funds to the recipient account 166 if the
recipient 130 has an existing recipient account 166 with the
service provider 160. However, in another implementation, the user
120 may transfer funds to the recipient 130 via the service
provider 160 even though the recipient 130 does not have an
established account with the service provider 160. In this
instance, when the recipient 130 attempts to access funds from the
service provider 160, the service provider 160 may obtain identity
information from the recipient 130 to create and/or establish an
account for the recipient 130, such as the recipient account 166.
Accordingly, the service provider 160 may simply add more users to
its service roster. In one aspect, if a user (e.g., the user 120
and/or the recipient 130) has an established account, the method
200 achieves a person-to-person payment network with the service
provider 160 and the bill payment service 142 of the financial
institution 140 serving as intermediaries.
[0045] As described herein, the method 200 utilizes inherent
features of an online banking account with the bill payment service
142 (or other similar service) such that information needed by the
service provider 160 to verify an existing account or to create and
verify a new account are automatically provided by the user 120
simply accessing the user's account 144 and the bill payment
service 142 of the user's financial institution 140. In one aspect,
since the electronic payment resource (e.g., an electronic check)
from the bill payment service 142 includes user information (e.g.,
user name, billing address, account number, and routing number), a
new account may be easily created by the user 120 simply by sending
a small amount of monetary funds to the service provider 160
through the bill payment service 142 of the user's financial
institution 140. Once an account is verified, the service provider
160 may send a message to an e-mail address related to the user 120
to inform the user 120 that the account (e.g., the user account
164) is active and accessible via the network.
[0046] FIG. 3 shows one embodiment of a method 300 for facilitating
one or more server-side fund transfers over a network. The
following description of FIG. 3 and corresponding method 300
references the system 100 of FIG. 1. Referring to FIG. 1, the
service provider 160 interfaces and communicates with the user 120
and/or the financial institution 140 via the network to process
fund transfers from, e.g., the user account 144 of the financial
institution 140 to the user account 164 of the service provider 160
and/or from, e.g., the user account 164 of the service provider 160
to the recipient account 166 of the service provider 160.
[0047] In one implementation, the method 300 provides a process of
account verification by utilizing the bill payment service 142 (or
some other similar service) of the user's financial institution
140, which simplifies account verification for the user and the
service provider 160 while maintaining security and reliability.
Referring to FIG. 3, the service provider 160 receives a fund
transfer request from the user 120 via the bill payment service 142
of the financial institution 140 (block 310).
[0048] In one embodiment, the service provider 160 is adapted to
extract an e-mail address related to the user 120 from a memo field
of the fund transfer request. The e-mail address may be utilized by
the service provider 160 to establish and/or verify the user
account 164 and/or to establish the link 150 between the user
account 144 of the financial institution 140 and the user account
164 of the service provider 160. As such, in one aspect, the user
120 may provide an e-mail address to the service provider 160 in
the fund transfer request as a user identity verifier to establish
and/or verify the user account 164 and/or to establish the link 150
between the user accounts 144, 164 of the financial institution 140
and the service provider 160, respectively. Accordingly, an e-mail
address related to the user 120 may be utilized by the service
provider 160 to establish and/or verify the user account 164 with
the service provider 160 and/or establish the link 150 between the
user accounts 144, 164 of the financial institution 140 and the
service provider 160, respectively. After linking the user accounts
144, 164 via, e.g., an e-mail address, fund transfers may be
processed seamlessly between the user accounts 144, 164 of the
financial institution 140 and the service provider 160,
respectively. In accordance with one or more embodiments, the link
150 between the user accounts 144, 164 is an e-mail address related
to the user 120.
[0049] It should be appreciated that, in various embodiments, the
unique identifier (i.e., the user identity verifier) may comprise
an e-mail address, telephone number, and/or various other types of
easily remembered addresses and/or numbers related to the user 120,
without departing from the scope of the present disclosure. It
should also be appreciated that using an e-mail address and/or a
telephone number related to the user 120 for account identity
verification makes the matching and/or creation of another user
account (i.e., the user account 164 with the service provider 160)
much easier, simpler, and safer. As such, the service provider 160
is adapted to utilize the e-mail address and/or the telephone
number related to the user 120 as an improved security measure to
verify and/or establish one or more accounts related to the user
120.
[0050] Next, the service provider 160 determines (block 314)
whether the user 120 is an existing user having an account with
service provider 160 based on information passed with the fund
transfer request, such as an e-mail address related to the user
120. Preferably, the service provider 160 utilizes an e-mail
address related to the user 120 to determine if the user 120 has an
existing account, such as the user account 164. If the user 120 has
an existing or established account (e.g., the user account 164)
with the service provider 160, then the service provider 160
verifies access privileges (block 318) for the user 120 based on
information stored with the user account 164. Otherwise, the user
120 may be prompted to establish an account (block 322) with the
service provider 160 to gain access to the user account 164.
Preferably, the service provider 160 utilizes an e-mail address
related to the user 120 to verify and/or establish the user account
164.
[0051] Once the user account 164 is verified and/or established,
then the service provider 160 may process the fund transfer request
(block 326). In one aspect, the service provider 160 may process
the fund transfer request by, e.g., linking the user account 164 of
the service provider 160 to the user account 144 of the financial
institution 140. The link 150 facilitates seamless fund transfers
between the user accounts 144, 164 of the financial institution 140
and the service provider 160, respectively. In one implementation,
the service provider 160 may process a fund transfer request on
behalf of the user 120 by, e.g., receiving funds from the user
account 144 of the financial institution 140 and crediting the
funds to the user account 164 of the service provider 160. As
previously described in reference to method 200 of FIG. 2, the user
120 may add the service provider 160 as a payee by providing user
identity information, such as an e-mail address, payee name, and/or
an account number, to the bill payment service 142. As part of the
fund transfer request, the service provider 160 may receive a
nominal amount of funds, such as $1, from the user's financial
institution 140 through the bill payment service 142 and receive
the user's identity information (e.g., an e-mail address of the
user 120 related to the service provider 160) in a memo field of
the fund transfer request. The service provider 160 may then
receive the requested funds and then credit or deposit the received
funds in the user account 164. In one example, the funds may be
received in the form of an electronic check or a receipt of the
electronic check, which may include the user's account number and
routing number associated with the user account 144 of the
financial institution 140.
[0052] In one aspect, as previously described, the electronic check
or receipt of the electronic check may comprise an electronic or
physical document. The service provider 160 may use information
from the electronic or physical document, including a billing
address of the user 120, to verify and/or establish the user's
account 164. In one implementation, the service provider 160 may
transfer the received funds or another amount of funds back to the
user's account 144 with the financial institution 140. As such, in
this instance, the service provider 160 may simply create and/or
verify the user account 164 by simply reviewing information related
to the user 120 provided as part of the fund transfer request from
the bill payment service 142 of the financial institution 140.
[0053] In another aspect, additional security verification may be
obtained by the service provider 160 to further verify the identity
of the user 120 and provide further security for verifying the link
between the two accounts. Using the bill payment service 142 to
transfer funds from the user account 144 of the financial
institution 140 to the user account 164 or recipient account 166 of
the service provider 160 may be achieved with email account
information related to the user 120. However, for security
concerns, after an initial fund transfer takes place, the service
provider 160 may prompt the user 120 with an option to link the
information related to the user accounts 144, 164. Accordingly, the
service provider 160 may prompt the user 120 to provide at least
one of a full name, address, telephone number, date of birth, and
at least part of a social security number to link the user accounts
144, 164. In addition, the user 120 may be prompted to verify
random deposit information. For example, the service provider 160
may transfer random nominal funds (e.g., a random two-digit fund
transfer, such as 34 cents or 78 cents) to the user account 144
with the financial institution 140, and the user 120 may be
prompted to verify information related to the nominal fund
transfer, such as the amount deposited into the user account 144
and when the deposit occurred.
[0054] In another example, the service provider 160 may prompt the
user 120 to login to the user account 144 via the service provider
server after a fund transfer has been completed to verify or
validate the fund transfer. The service provider 160 would then
review information in both user accounts 144, 164 to obtain and
match information related to the fund transfer between the user
accounts 144, 164. For example, the obtained and matched
information may include the dollar amount, the date, the memo field
(e.g., email address), and/or the actual transaction identification
number for the fund transfer. In other words, the service provider
160 may review the fund transfer initiated by the user account 164
and prompt the user 120 to login to the user account 144 via the
service provider 160 so that the service provider 160 may troll
(e.g., with or without user knowledge) both user accounts 144, 164
to verify or validate information from the fund transfer between
the user accounts 144, 164.
[0055] Accordingly, bank information related to the user 120 may be
utilized to establish the secondary account (i.e., the user account
164) with the service provider 160. However, in one aspect,
personal and/or banking information related to the first account
(i.e., the user account 144) with the financial institution 140
should be protected until the service provider 160 verifies that
the user 120 wants to share or link the bank information related to
the first account (i.e., user account 144) with the secondary
account (i.e., user account 164). In one aspect, a reason for the
additional security verification is that, if funds are transferred
to another person's account (e.g., the recipient account 166
related to the recipient 130), through the bill payment service
142, any personal and/or banking information related to the user
120 should be protected from disclosure to the recipient 130.
[0056] Next, the service provider 160 may obtain recipient
information from the fund transfer request (block 330) as provided
by the user 120. Then, the service provider 160 determines (block
334) whether the recipient 130 is an existing user/recipient having
an account (e.g., the recipient account 166) with service provider
160 based on information passed with the fund transfer request. If
the recipient 130 has an established account (e.g., the recipient
account 166) with the service provider 160, then the service
provider 160 verifies the recipient account 166 (block 342) for the
recipient 130 based on information stored with the recipient
account 164. Otherwise, the service provider 160 may establish an
account (block 338) for the recipient 130 on behalf of the user 120
even though the recipient 130 does not have an existing
account.
[0057] Once the recipient account 166 is verified and/or
established, then the service provider 160 may process the fund
transfer request (block 346). In one implementation, the service
provider 160 may process a fund transfer request on behalf of the
user 120 by, e.g., receiving funds from the user account 144 of the
financial institution 140 and crediting the funds to the recipient
account 166 of the service provider 160. In another implementation,
the service provider 160 may process a fund transfer request on
behalf of the user 120 by, e.g., debiting funds from the user
account 164 of the service provider 160 and crediting the funds to
the recipient account 166 of the service provider 160.
[0058] As previously described in reference to method 200 of FIG.
2, the user 120 may add the service provider 160 and the recipient
130 as a payee. As such, the user 120 may request a fund transfer
from the user account 144 of the financial institution 140 to the
recipient account 166 of the service provider 160. The user 120 may
transfer funds to the recipient account 166 if the recipient 130
has an existing recipient account 166 with the service provider
160. The user 120 may transfer funds to the recipient 130 via the
service provider 160 even though the recipient 130 does not have an
established account with the service provider 160. In this
instance, when the recipient 130 attempts to access funds from the
service provider 160, the service provider 160 may obtain identity
information from the recipient 130 to grant the recipient 130
access to the recipient account 166. Accordingly, the service
provider 160 may simply add more users including the recipient 130
to its service roster. In one aspect, the method 300 achieves a
person-to-person payment network with the service provider 160 and
the bill payment service 142 of the financial institution 140
serving as intermediaries.
[0059] As described herein, the method 300 utilizes inherent
features of an online banking account with the bill payment service
142 (or other similar service) such that the service provider 160
automatically utilizes information passed with a fund transfer
request to verify an existing account or to create and verify a new
account. In one aspect, since the electronic payment resource
(e.g., an electronic check) from the bill payment service 142
includes recipient information (e.g., recipient name, billing
address, account number, and routing number), a new account for the
recipient 130 may be created by the service provider 160 simply by
utilizing the recipient information passed with the fund transfer
request. As such, funds may be deposited in the recipient account
166 by the service provider 160 on behalf of the user 120. Once an
account is verified, the service provider 160 may send a message to
an e-mail address related to the user 120 to inform the user 120
that the recipient account 166 is active and the fund transfer has
been processed.
[0060] FIG. 4 is a block diagram of a computer system 400 suitable
for implementing one or more embodiments of the present disclosure.
In various implementations, the user device may comprise a personal
computing device (e.g., a personal computer, laptop, cell phone,
PDA, etc.) capable of communicating with the network, the financial
institution 140 may utilize a network computing device (e.g., a
network server) capable of communicating with the network, and the
service provider 160 may utilize a network computing device (e.g.,
a network server) capable of communicating with the network. It
should be appreciated that each of the devices utilized by the user
120, the financial institution 140, and the service provider 160
may be implemented as computer system 400 in a manner as
follows.
[0061] In accordance with various embodiments of the present
disclosure, computer system 400, such as a personal computer and/or
a network server, includes a bus 402 or other communication
mechanism for communicating information, which interconnects
subsystems and components, such as processing component 404 (e.g.,
processor, micro-controller, digital signal processor (DSP), etc.),
system memory component 406 (e.g., RAM), static storage component
408 (e.g., ROM), disk drive component 410 (e.g., magnetic or
optical), network interface component 412 (e.g., modem or Ethernet
card), display component 414 (e.g., CRT or LCD), input component
416 (e.g., keyboard), and cursor control component 418 (e.g., mouse
or trackball). In one implementation, disk drive component 410 may
comprise a database having one or more disk drive components.
[0062] In accordance with embodiments of the present disclosure,
computer system 400 performs specific operations by processor 404
executing one or more sequences of one or more instructions
contained in system memory component 406. Such instructions may be
read into system memory component 406 from another computer
readable medium, such as static storage component 408 or disk drive
component 410. In other embodiments, hard-wired circuitry may be
used in place of or in combination with software instructions to
implement the present disclosure.
[0063] Logic may be encoded in a computer readable medium, which
may refer to any medium that participates in providing instructions
to processor 404 for execution. Such a medium may take many forms,
including but not limited to, non-volatile media, volatile media,
and transmission media. In various implementations, non-volatile
media includes optical or magnetic disks, such as disk drive
component 410, volatile media includes dynamic memory, such as
system memory component 406, and transmission media includes
coaxial cables, copper wire, and fiber optics, including wires that
comprise bus 402. In one example, transmission media may take the
form of acoustic or light waves, such as those generated during
radio wave and infrared data communications.
[0064] Some common forms of computer readable media includes, for
example, floppy disk, flexible disk, hard disk, magnetic tape, any
other magnetic medium, CD-ROM, any other optical medium, punch
cards, paper tape, any other physical medium with patterns of
holes, RAM, PROM, EPROM, FLASH-EPROM, any other memory chip or
cartridge, carrier wave, or any other medium from which a computer
is adapted to read.
[0065] In various embodiments of the present disclosure, execution
of instruction sequences to practice the present disclosure may be
performed by the computer system 400. In various other embodiments
of the present disclosure, a plurality of computer systems 400
coupled by communication link 420 to the network (e.g., such as a
LAN, WLAN, PTSN, and/or various other wired or wireless networks,
including telecommunications, mobile, and cellular phone networks)
may perform instruction sequences to practice the present
disclosure in coordination with one another.
[0066] Computer system 400 may transmit and receive messages, data,
information and instructions, including one or more programs (i.e.,
application code) through communication link 420 and communication
interface 412. Received program code may be executed by processor
404 as received and/or stored in disk drive component 410 or some
other non-volatile storage component for execution.
[0067] Where applicable, various embodiments provided by the
present disclosure may be implemented using hardware, software, or
combinations of hardware and software. Also, where applicable, the
various hardware components and/or software components set forth
herein may be combined into composite components comprising
software, hardware, and/or both without departing from the spirit
of the present disclosure. Where applicable, the various hardware
components and/or software components set forth herein may be
separated into sub-components comprising software, hardware, or
both without departing from the scope of the present disclosure. In
addition, where applicable, it is contemplated that software
components may be implemented as hardware components and
vice-versa.
[0068] Software, in accordance with the present disclosure, such as
program code and/or data, may be stored on one or more computer
readable mediums. It is also contemplated that software identified
herein may be implemented using one or more general purpose or
specific purpose computers and/or computer systems, networked
and/or otherwise. Where applicable, the ordering of various steps
described herein may be changed, combined into composite steps,
and/or separated into sub-steps to provide features described
herein.
[0069] The foregoing disclosure is not intended to limit the
present disclosure to the precise forms or particular fields of use
disclosed. As such, it is contemplated that various alternate
embodiments and/or modifications to the present disclosure, whether
explicitly described or implied herein, are possible in light of
the disclosure. Having thus described embodiments of the present
disclosure, persons of ordinary skill in the art will recognize
that changes may be made in form and detail without departing from
the scope of the present disclosure. Thus, the present disclosure
is limited only by the claims.
* * * * *