Systems and methods for implementing person-to-person money exchange

Abstract

Systems and methods for effecting online financial transactions between individuals or between individuals and entities such as banks, merchants and other companies. Each user accesses a fund exchange server to establish an online account, which is used to transfer funds to and from other entities' online accounts. To fund an online account, funds can be transferred to the online account from a credit card account or from another online account. To withdraw funds, money can be transferred to a credit card account or other bank account. Any user may initiate a send money transaction or a request payment transaction with any other entity provided that entity has an e-mail address. For a send money transaction, the user sending money (payor) enters an amount of funds to be transferred and an e-mail address of the recipient of the funds (payee). The system sends an e-mail message to the payee at the address provided indicating that the amount of funds has been “received” on the payee's behalf. The payee must then either open an online account or identify an existing online account to complete the transaction. For a request money transaction, a user enters an amount of funds owed and an e-mail address for the recipient of the payment request (payor), and the system sends a payment request to the payor via e-mail at the provided address. If the payor accepts the payment request, the payor identifies an online account from which to transfer funds to the payee (initiator of the payment request). If the payor does not have an online account established, the payor must sign up for an online account and provide a credit card number to fund the online account. Thereafter, the amount of funds are transferred to the payee and the system sends an e-mail notification to the payee indicating that the funds have been “received” on the payee's behalf. In both cases, to complete a transaction, the payee must direct the received funds to an online account, for example, by providing an online account number and/or other identifying information such as a password. The payor may cancel the transaction at any time until the payee directs the received funds to an online account.

1 . A computer implemented method of transferring funds from one online account to another, the method comprising the steps of: 
 opening a first online account in response to a request from a first user to open the first online account, including:    a) receiving credit card account information from the first user;    b) establishing a connection with a server associated with the credit card account; and    c) transferring funds from the credit card account to the first online account;    receiving a transfer request from the first user, the transfer request including an amount of funds for transfer from the first online account associated with the first user and identification information for a recipient of the funds, the identification information including an electronic message address for the recipient;    automatically sending an electronic message to the recipient using the electronic message address, the electronic message indicating that funds are ready for transfer to the recipient;    receiving a response from the recipient accepting or rejecting the transfer of funds; and    transferring said amount of funds from the first account to a second online account associated with the recipient if the recipient's response indicates acceptance.    
   
   
       2 . The method of  claim 1 , wherein the electronic message address is an e-mail address, and wherein the electronic message is an e-mail message.  
   
   
       3 . The method of  claim 1 , wherein the electronic message address includes a user ID associated with the recipient, and wherein the step of automatically sending an electronic message includes initiating an instant message session with the recipient based on the user ID.  
   
   
       4 . The method of  claim 1 , wherein the response includes a request by the recipient to open an account, and wherein the method further includes the step of opening the second account for the recipient.  
   
   
       5 . The method of  claim 1 , wherein the response from the recipient includes information identifying the second account.  
   
   
       6 . The method of  claim 1 , wherein the transfer request further includes a request for identity confirmation, and wherein the response from the recipient includes identity information responsive to the request for identity confirmation, the method further including the steps of: 
 automatically sending the identity information to the first user; and    receiving from the first user an acceptance or a rejection of the identity information;    wherein funds are transferred only if an acceptance is received from the first user.    
   
   
       7 . The method of  claim 6 , wherein the request for identity confirmation includes a query, and wherein the identity information from the recipient includes an answer to the query.  
   
   
       8 . (canceled)  
   
   
       9 . (canceled)  
   
   
       10 . The method of  claim 1 , further comprising the steps of: 
 receiving credit card account information from the recipient;    establishing a connection with a server associated with the credit card account; and    transferring funds from the second account to the credit card account in response to a withdrawal request received from the recipient.    
   
   
       11 . The method of  claim 1 , wherein the method is implemented in a host server, and wherein the electronic message includes a URL link to the host server.  
   
   
       12 . A computer implemented method of transferring funds from one online account to another, the method comprising the steps of: 
 receiving a payment request from a first user, the payment request including an amount of funds for transfer to an online account associated with the first user and identification information for a recipient of the payment request (payor), the identification information including an electronic message address of the payor;    automatically sending an electronic message to the payor using the electronic message address, the electronic message including the amount of funds to be transferred to the first user;    receiving a payment response from the payor indicating acceptance or rejection of the payment request;    sending a second electronic message to the first user indicating whether the payment response from the recipient indicates acceptance or rejection of the payment request; and if the payment response indicates acceptance:    receiving a transfer request from the first user indicating that the funds be transferred to an identified online account associated with the first user; and    transferring funds to the identified online account from a second online account associated with the payor in response to the transfer request;    wherein the payment response further includes a request to open an online account for the payor, the method further including:    opening the second online account and depositing funds into the second online account, wherein depositing includes:    receiving credit card account information from the payor;    establishing a connection with a server associated with the credit card account; and    transferring funds from the credit card account to the second online account.    
   
   
       13 . The method of  claim 12 , wherein the electronic message address is an e-mail address, and wherein the electronic message is an e-mail message.  
   
   
       14 . The method of  claim 12 , wherein the electronic message address includes a user ID associated with the payor, and wherein the step of automatically sending an electronic message includes initiating an instant message session with the payor based on the user ID.  
   
   
       15 . The method of  claim 12 , wherein if the payment response from the payor indicates acceptance of the payment request, the payment response further includes a request for identity confirmation, and wherein the transfer request from the first user includes identity information responsive to the request for identity confirmation, the method further including the steps of: 
 automatically sending the identity information to the payor; and    receiving from the payor an acceptance or a rejection of the identity information;    wherein funds are transferred only if an acceptance of the identity information is received from the payor.    
   
   
       16 . The method of  claim 12 , further including the step of transferring funds from the identified online account to a user identified credit card account in response to a request from the first user to withdraw funds from the identified online account.  
   
   
       17 . (canceled)  
   
   
       18 . (canceled)  
   
   
       19 . (canceled)  
   
   
       20 . The method of  claim 12 , wherein the method is implemented in a host server, and wherein the electronic message includes a URL link to the host server.  
   
   
       21 . The method of  claim 12 , wherein a plurality of online accounts are associated with the first user, and wherein the identified account is one of the plurality of online accounts.  
   
   
       22 . The method of  claim 21 , further including the step of transferring funds from the identified account to a different one of said plurality of accounts in response to a request from the first user.  
   
   
       23 . In a computer network, a computer system communicably coupled to a database of online user accounts, the user accounts including values representing funds maintained by a financial institution on behalf of the users, the computer system executing code for updating the values in the user accounts, the code including instructions for: 
 opening a first online account in response to a request received by the computer system from a first user to open the first online account, said instructions for opening including instructions for:    processing credit card account information received from the first user;    establishing a connection with a server associated with the credit card account; and    transferring funds from the credit card account to the first online account;    processing a transfer request received by the computer system from the first user over the network, the transfer request including an amount of funds for transfer from the first online account and identification information for a second user, the identification information including an electronic message address for the second user;    automatically sending an electronic message to the second user using the electronic message address, the electronic message indicating that funds are ready for transfer to the second user;    processing a response received from the second user to determine whether the second user has accepted or rejected the transfer of funds; and    updating the values of the first user account and a second user account associated with the second user to reflect that the amount of funds was transferred from the first user to the second user if the response indicates acceptance.    
   
   
       24 . The computer system of  claim 23 , wherein the electronic message address is an e-mail address, and wherein the electronic message is an e-mail message.  
   
   
       25 . The computer system of  claim 23 , wherein the electronic message address includes a user ID associated with the second user, and wherein the step of automatically sending an electronic message includes initiating an instant message session with the second user based on the user ID.  
   
   
       26 . The computer system of  claim 23 , wherein the response includes a request by the second user to open an account, and wherein the code further includes instructions for opening the second account for the second user.  
   
   
       27 . The computer system of  claim 23 , wherein the response from the second user includes information identifying the second account.  
   
   
       28 . The computer system of  claim 23 , wherein the transfer request further includes a request for identity confirmation, and wherein the response from the second user includes identity information responsive to the request for identity confirmation, the code further including instructions for: 
 automatically sending the identity information to the first user; and    processing a second response received from the first user indicating acceptance or rejection of the identity information;    wherein the values are updated only if the second response indicates acceptance.    
   
   
       29 . The computer system of  claim 28 , wherein the request for identity confirmation includes a query, and wherein the identity information from the second user includes an answer to the query.  
   
   
       30 . In a computer network, a computer system communicably coupled to a database of online user accounts, the user accounts including values representing funds maintained by a financial institution on behalf of the users, the computer system executing code for updating the values in the user accounts, the code including instructions for: 
 processing a payment request received from a first user over the network, the payment request including an amount of funds for transfer to a first online user account associated with the first user and identification information for a second user, the identification information including an electronic message address for the second user;    automatically sending an electronic message to the second user using the electronic message address, the electronic message including the amount of funds to be transferred to the first user;    processing a payment response received from the second user to determine whether the second user has accepted or rejected the payment request;    sending a second electronic message to the first user indicating whether the payment response from the second user indicates acceptance or rejection of the payment request; and if the payment response indicates acceptance:    processing a transfer request received from the first user to determine a user account identified by the first user; and    updating the values of the identified account and a second online user account associated with the second user to reflect that the amount of funds was transferred from the second online user account to the account identified by first user;    wherein the payment response further includes a request to open an online account for the second user, the code further including instructions for:    opening the second online user account; and    depositing funds into the second online user account, wherein instructions for depositing include instructions for:    processing credit card account information received from the second user;    establishing a connection with a server associated with the credit card account; and    causing funds to be transferred from the credit card account to the second online user account.    
   
   
       31 . The computer system of  claim 30 , wherein the electoronic message address is an e-mail address, and wherein the electronic message is an e-mail message.  
   
   
       32 . The computer system of  claim 30 , wherein the electronic message address includes a user ID associated with the second user, and wherein the step of automatically sending an electronic message includes initiating an instant message session with the second user based on the user ID.  
   
   
       33 . The computer system of  claim 30 , wherein if the payment response from the second user indicates acceptance of the payment request, the payment response further includes a request for identity confirmation, and wherein the transfer request from the first user includes identity information responsive to the request for identity confirmation, and wherein the code further includes instructions for: 
 automatically sending the identity information to the second user; and    processing a second response received from the second user to determine whether the identity information was accepted or rejected;    wherein values are updated only if the identity information was accepted.    
   
   
       34 . (canceled)  
   
   
       35 . The computer system of  claim 30 , wherein the payment response from the second user includes information identifying the second account.  
   
   
       36 - 47 . (canceled)