Method for Electronic Transfer of Money

摘要

A payment method for electronic transfers of money is disclosed wherein a payment facilitator is employed to identify payer and payee and provide instructions on payer's behalf to transfer funds from payer's account to payee's account. Either or both payer and payee may be members of the payment facilitator system so that their information is available to direct electronic transfer of funds in real-time from payer to payee. A third party member may act as agent for a non member payer or payee, thereby making it an open or closed loop system. Payment facilitator has security information of payer such as photographs and or bio-identifiers or information like answers to security questions, random number codes, or identifying images to secure access to payer's accounts. Payee is notified in real-time by payment facilitator if payment has been made so that goods or services may be released to payer.

主权项

1. A method for electronic transfer of money comprising, a payer becoming a member of a payment facilitator to provide identity information and account information to the payment facilitator and obtain payment facilitator membership identity information, storing the member identity information in a computer database,
a payee becoming a member of a payment facilitator to provide identity information and account information to the payment facilitator, and obtain a payment facilitator membership identity information, storing the member identity information in a computer database, contacting a payment facilitator through a communications system, directing the payment facilitator to instruct for the transfer of funds, from the payer's account to the payee's account, the payment facilitator checking to see if the payee has funds available for the transfer, approving or rejecting the transaction and notifying the payee if the transaction was approved or rejected. the payment facilitator charging a fee to the payee or the payer for the transaction payable to the payment facilitator's account.