System And Method For Validating A Relationship Between A User And A User Account At A Financial Institution

Abstract

A system and method for validating a relationship between a user and a user account at a financial institution includes a data communication device, a memory, a processor coupled to the memory, and an account validation module executable by the processor. The account validation module generates a verification identifier for storage in the memory and is provided to the user, and subsequently receives a user initiated financial transaction involving the user account at the financial institution. The received financial transaction includes a comparison identifier supplied by the user. The account validation module determines whether the comparison identifier corresponds to the verification identifier for purposes of validating the relationship between the user and the user account maintained at the financial institution.

1 . A method of establishing a trusted relationship for completing a series of electronic transactions, comprising:
 storing user profile data in a memory of a payment system, the user profile data relating to an account of a user with the payment system;   generating a verification identifier at the payment system, wherein a first copy of the verification identifier is provided to the user, and wherein a second copy of the verification identifier is stored at the payment system;   receiving a transaction request at the payment system that identifies the account of the user and that includes the first copy of the verification identifier, wherein the transaction request is received over a network from a second system, and wherein the first copy of the verification identifier is supplied to the second system by the user for inclusion in the transaction request;   matching the received first copy of the verification identifier with the stored second copy of the verification identifier;   storing verification information in the memory of the payment system in association with the user profile data based on a successful match between the received first copy of the verification identifier and the stored second copy of the verification identifier; and   using the stored verification information to complete subsequent transaction requests from the second system relating to the account of the user, wherein the subsequent transaction requests do not require a copy of the verification identifier.   
     
     
         2 . The method of  claim 1 , wherein the transaction request pertains to a financial transaction and the second system is a banking system at a financial institution. 
     
     
         3 . The method of  claim 1 , wherein the user profile data includes account information relating to a user account at the second system. 
     
     
         4 . The method of  claim 3 , wherein the stored account information in the user profile data is matched with information included in the transaction request for further verification. 
     
     
         5 . The method of  claim 3 , wherein the account information includes a routing number and an account number. 
     
     
         6 . The method of  claim 1 , wherein the stored verification information is a verification flag that is set by the payment system. 
     
     
         7 . A method of establishing a trusted relationship for performing financial transactions with a financial institution, comprising:
 storing user profile data in a memory of a payment system, the user profile data relating to an account of a user with the payment system;   storing financial account information in the memory of the payment system in association with the user profile data, the financial account information relating to a user account maintained at a financial institution;   receiving a user initiated financial transaction request at the payment system that identifies the user account at the financial institution, wherein the financial transaction request is received over a network from a financial institution and includes verification information for verifying a relationship between the user and the user account at the financial institution;   completing the financial transaction request based at least in part on the verification information; and   completing one or more subsequent user initiated transaction requests involving the user account at the financial institution, wherein the one or more subsequent user initiated transaction requests do not require verification information.   
     
     
         8 . The method of  claim 7 , wherein the verification information includes a verification identifier. 
     
     
         9 . The method of  claim 8 , wherein the verification identifier received with the financial transaction request is compared with a copy of the verification identifier stored in the memory of the payment system to verify the relationship. 
     
     
         10 . A payment service system for making payments from a payment service account associated with a user, comprising:
 a communication device;   a memory;   a processor coupled with the memory and communication device; and   an account validation module executable by the processor and configured to:
 store user profile data in the memory that relates to the payment service account; 
 generate a verification identifier, wherein a first copy of the verification identifier is provided to the user, and wherein a second copy of the verification identifier is stored in the memory; 
 receive a transaction request that identifies the payment service account and that includes the first copy of the verification identifier, wherein the transaction request is received over a network from a second system, and wherein the first copy of the verification identifier is supplied to the second system by the user for inclusion in the transaction request; 
 match the received first copy of the verification identifier with the stored second copy of the verification identifier; and 
 store verification information in the memory in association with the user profile data based on a successful match between the received first copy of the verification identifier and the stored second copy of the verification identifier; 
   the payment service system being configured to complete subsequent transaction requests from the second system relating to the payment service account of the user, wherein the subsequent transaction requests do not require a copy of the verification identifier.   
     
     
         11 . The payment service system of  claim 10 , wherein the transaction request pertains to a financial transaction and the second system is a banking system at a financial institution. 
     
     
         12 . The payment service system of  claim 10 , wherein the user profile data includes account information relating to a user account at the second system. 
     
     
         13 . The payment service system of  claim 12 , wherein the stored account information in the user profile data is matched with information included in the transaction request for further verification. 
     
     
         14 . The payment service system of  claim 12 , wherein the account information includes a routing number and an account number. 
     
     
         15 . The payment service system of  claim 10 , wherein the stored verification information is a verification flag. 
     
     
         16 . A payment service system for making payments from a payment service account associated with a user, comprising:
 a communication device;   a memory;   a processor coupled with the memory and communication device; and   an account validation module executable by the processor and configured to:
 store user profile data in the memory, the user profile data relating to the payment service account; 
 store financial account information in the memory in association with the user profile data, the financial account information relating to a user account maintained at a financial institution; and 
 receive a user initiated financial transaction request that identifies the user account at the financial institution, wherein the financial transaction request is received over a network from a financial institution and includes verification information for verifying a relationship between the user and the user account at the financial institution; 
   the payment service system being configured to complete the financial transaction request based at least in part on the verification information; and   the payment service system being further configured to complete one or more subsequent user initiated transaction requests involving the user account at the financial institution, wherein the one or more subsequent user initiated transaction requests do not require verification information.   
     
     
         17 . The payment service system of  claim 16 , wherein the verification information includes a verification identifier. 
     
     
         18 . The payment service system of  claim 16 , wherein the verification identifier received with the financial transaction request is compared with a copy of the verification identifier stored in the memory of the payment system to verify the relationship.