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.

1 . A system for facilitating financial transactions over a network, the system comprising:
 a network interface of a service provider configured to communicate with a financial institution over the network, wherein the financial institution has a first user account for a user;   a memory configured to store a plurality of machine-readable instructions; and   one or more processors configured to execute the machine-readable instructions to
 receive a fund transfer request from the financial institution on behalf of the user, wherein the fund transfer request includes user information related to the first user account, 
 verify that the user has an existing user account with the service provider based on the user information related to the first user account passed with the fund transfer request, and 
 process the fund transfer request to receive funds from the financial institution associated with the first user account and deposit the received funds in the existing user account on behalf of the user. 
   
     
     
         2 . The system of  claim 1 , wherein the one or more processors are further configured to link the first user account of the financial institution to the existing user account of the service provider based on the user information related to the first user account passed with the fund transfer request. 
     
     
         3 . The system of  claim 2 , wherein the one or more processors are further configured to request identification information from the user to verify the link between the first user account of the financial institution and the existing user account of the service provider. 
     
     
         4 . The system of  claim 1 , wherein the user information related to the first user account comprises an e-mail address of the user. 
     
     
         5 . The system of  claim 1 , wherein the user information related to the first user account comprises a device identifier of a device associated with the user. 
     
     
         6 . The system of  claim 1 , wherein the user information related to the first user account comprises a billing address of the user. 
     
     
         7 . The system of  claim 1 , wherein the one or more processors are further configured to transfer a nominal fund from the existing user account of the service provider to the first user account of the financial institution, request the user to login to the first user account from the service provider, and validate the transfer of the nominal fund. 
     
     
         8 . The system of  claim 1 , wherein the one or more processors are further configured to
 obtain recipient information of a recipient from the fund transfer request as provided by the user,   verify that the recipient has an existing recipient account with the service provider based on the recipient information, and   process the fund transfer request to receive funds from the financial institution associated with the first user account and deposit the received funds in the existing recipient account on behalf of the recipient.   
     
     
         9 . The system of  claim 1 , wherein the one or more processors are further configured to
 obtain recipient information of a recipient from the fund transfer request as provided by the user,   verify that the recipient has an existing recipient account with the service provider based on the recipient information, and   process the fund transfer request to debit funds from the existing user account with the service provider and deposit the funds in the existing recipient account on behalf of the recipient.   
     
     
         10 . The system of  claim 1 , wherein the one or more processors are further configured to allow the user to login to the first user account from the service provider. 
     
     
         11 . A method for facilitating financial transactions over a network, the method comprising:
 receiving by a network server of a service provider a fund transfer request over the network from a financial institution on behalf of a user, wherein the financial institution has a first user account for the user, and wherein the fund transfer request includes user information related to the first user account;   verifying that the user has an existing user account with the service provider based on the user information related to the first user account passed with the fund transfer request; and   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.   
     
     
         12 . The method of  claim 11 , wherein said processing the fund transfer request further comprises linking the first user account of the financial institution to the existing user account of the service provider based on the user information related to the first user account passed with the fund transfer request. 
     
     
         13 . The method of  claim 12 , further comprising requesting by the network server identifier information from the user to verify the link between the first user account of the financial institution and the existing user account of the service provider. 
     
     
         14 . The method of  claim 11 , wherein the user information related to the first user account comprises an e-mail address of the user. 
     
     
         15 . The method of  claim 11 , wherein the user information related to the first user account comprises a device identifier of a device associated with the user. 
     
     
         16 . The method of  claim 11 , wherein the user information related to the first user account comprises a billing address of the user. 
     
     
         17 . The method of  claim 11 , further comprising transferring by the network server a nominal fund from the existing user account of the service provider to the first user account of the financial institution, requesting the user to login to the first user account from the service provider, and validating said transferring of the nominal fund. 
     
     
         18 . The method of  claim 11 , further comprising:
 obtaining by the network server recipient information of a recipient from the fund transfer request as provided by the user;   verifying that the recipient has an existing recipient account with the service provider based on the recipient information; and   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 recipient account on behalf of the recipient.   
     
     
         19 . The method of  claim 11 , further comprising:
 obtaining by the network server recipient information of a recipient from the fund transfer request as provided by the user;   verifying that the recipient has an existing recipient account with the service provider based on the recipient information; and   processing the fund transfer request by debiting funds from the existing user account with the service provider and depositing the funds in the existing recipient account on behalf of the recipient.   
     
     
         20 . 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, the method comprising:
 communicating with a financial institution over the network, the financial institution having a first user account for a user;   receiving a fund transfer request from the financial institution on behalf of the user, wherein the fund transfer request includes user information related to the first user account;   verifying that the user has an existing user account with the service provider based on the user information related to the first user account passed with the fund transfer request; and   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.