SYSTEM AND METHOD FOR MAKING LOW-COST INSTANTANEOUS FUNDS TRANSFERS

摘要

A method and system is disclosed for providing a capability to transfer money directly between two U.S. bank accounts or other financial institution that is substantially instantaneous, that is relatively low-cost, that requires no prior account setup specific to each pair of accounts involved, that substantially reduces the risk of transaction denial due to insufficient funds, and that substantially reduces the risk of charge-backs after the transaction has been completed. The funds transfers enabled by the method and system can be cleared substantially instantaneously because no money actually enters or leaves either a sender's bank or a recipient's bank, involving only transfers of funds between accounts within the sender's bank, and between accounts within the recipient's bank. Account rebalancing among accounts needed to enable the method and system is performed as needed so as to substantially minimize interest costs incurred.

主权项

1. A method for making low-cost instantaneous funds transfers from a bank account of a sender directly to a bank account of a recipient, the method comprising:
after receiving instructions to transfer funds from a bank account of the sender in a first bank to a bank account of the recipient in a second bank, transmitting instructions to the first bank to transfer funds from the bank account of the sender in the first bank to a first funds transfer system account in the first bank; transmitting instructions to the second bank to transfer funds from a second funds transfer system account in the second bank to the bank account of the recipient in the second bank; transferring funds from the bank account of the sender in the first bank to a first funds transfer system account in the first bank; and transferring funds from the second funds transfer system account in the second bank to the bank account of the recipient in the second bank.