REAL TIME ELECTRONIC PAYMENT SYSTEM USING CUSTOMER ELECTRONIC BILL PAYMENT SYSTEM

摘要

The present invention is a system and method for permitting authentication and confirmation of payment for real-time electronic purchases by a customer from a merchant and method of putting in place such a system. A customer's client ID, a merchant identification and a purchase amount are communicated to a payment manager which has been previously arranged to have access to the customer's account information by way of the customer access Internet site of the customer's financial institution. On the customer's behalf, the payment manager requests a bill payment to the payment manager. A confirmation of bill payment is received by the payment manager and returned to the merchant. At a later time, the requested transfer of funds takes place, followed by a subsequent transfer to the merchant.