COMMUNICATION PROTOCOL FOR ELECTRONIC FUNDS TRANSFER SYSTEMS

摘要

A method and system for the electronic transfer of funds utilizes a computerized facilitating agent and associated database which contains the addresses and operating protocols of all known accounts. A sender of funds instructs the facilitating agent as to the recipient and recipient's destination account and the amount to be transferred. Using the database, the facilitating agent can acquire the address of the recipient destination account and the protocols required for a transfer and effectuates the transfer utilizing available automated clearing house procedures without human intervention.

主权项

1. A method of effectuating an electronic funds transfers between a sender and a recipient's account, comprising:
receiving, by a facilitating agent, a contact from a potential sender; receiving, by the facilitating agent, an identification of a potential recipient; maintaining, by the facilitating agent, a database of addresses of institutions from which funds can be withdrawn and into which funds can be deposited; notifying, by the facilitating agent, the potential recipient of the proposed transaction and soliciting destination account details and permission to transfer; receiving, by the facilitating agent, the identity of the potential sender's source of funds; retrieving, by the facilitating agent, from the database the addresses of the potential sender's source of funds and the recipient's destination account; initiating, by the facilitating agent, a transfer process based on receiving authorization from the potential sender and permission of the potential recipient; and instructing, by the facilitating agent, an institution maintaining the destination account as to the amount to be credited to the destination account, wherein the facilitating agent directs the transfer of sender's funds into the recipient's destination account.