DATA SECURITY SYSTEM FOR ELECTRONIC PAYMENTS

摘要

A data security system that electronically processes payment transactions is provided herein to assist in securely moving data and payments from a bank account directly into a designated trust account while bypassing unsecure, intermediate steps and processes. Although it is standard practice for a buyer's payment to be handled by the buyer, the buyer's agent, the listing agent, and the broker or designated trust account holder before the check is deposited to a trust account at a bank, due to the high number of entities that handle the payment, the optimal transaction security may not be obtained by the standard practice. Finding a solution for the optimal transaction security may require minimizing the number of entities that handle payments and minimizing distribution of confidential information, particularly if the confidential information involves specific bank account details. The benefit is more direct and more secure movement of payment information amongst transacting entities.

主权项

1. A data security system for electronic payments, comprising:
a designated trust account holder that maintains a plurality of trust accounts; an ACH processor that underwrites the plurality of trust accounts and provides the data security system with a trust account key for each of the plurality of trust accounts; an algorithm for determining the correct trust account to use for a transaction and associating the trust account with a designated trust account key; and a system processor configured to provide the designated trust account key and a buyer's bank account information to the ACH processor, wherein the ACH processor can submit the payment to a bank for processing and send real-time status information on the payment processing to the data security system.