Method and System for Transferring Electronic Funds

Abstract

A method and system for transferring electronic funds over the Internet wherein a sender provides payment information to a transfer processing system. The sender may choose from a plurality of types of funds transfer. The transfer processing system sends an electronic payment message to a recipient indicating the transfer of funds and a transfer message to a financial institution providing instructions to debit the sender's account and make those funds available to the recipient. If the recipient has an account with a financial institution that is affiliated with the transfer processing system of the present invention, the funds are credited to the recipient's account wherein the payment message serves as a confirmation message. If the recipient does not have such an account, the recipient may access the transfer processing system to access the funds made available by the system wherein the payment message serves as a payment availability message.

1 - 50 . (canceled) 
     
     
         51 . A method for transferring funds over the Internet comprising the steps of:
 receiving via the Internet at a transfer processing system that has access to funds from a payor account an electronic message that contains fund transfer information, the fund transfer information comprising a fund transfer amount and an electronic address for a payee;   initiating transfer of funds from the payor account to the payee at the transfer processing system, wherein the initiating step comprises the following:
 if a payee account associated with the electronic address for the payee provided in the electronic message is accessible to the transfer processing system, then initiating transfer of funds from the payor account to the payee account associated with the electronic address for the payee; and 
 if a payee account is not accessible to the transfer processing system, then temporarily storing funds from the payor account until a payee account is established; and 
   transmitting a payment message over the Internet to the payee's electronic address from the transfer processing system, the payment message containing information that confirms to the payee that the payor has made funds available to the payee.