Patent ID: 11875332
Assignee: UNITED SERVICES AUTOMOBILE ASSOCIATION (USAA)
Field: IT methods for management (Electrical engineering)
Classification: CPC G | IPC G

Claim 0:
1. A mobile computing device configured to:
allow a user to log into a user portal associated with a first financial institution;
receive an input from the user to commence a purchase transaction between the user and a merchant;
access account balance information regarding funds available in a cash-equivalent account associated with the user, the cash-equivalent account associated with the user being at the first financial institution;
receive a product input for each product being purchased by the user, by scanning a machine readable code on each product using a camera in the mobile computing device;
access a product database associated with the merchant, the product database including prices of products sold by the merchant;
compare the product input to the product database and compute a purchase transaction price;
compare the purchase transaction price with the funds available in the cash-equivalent account associated with the user at the first financial institution;
receive an input from the user on the mobile computing device that the purchase transaction is ready for checkout;
send a purchase transaction initiation directly to the first financial institution, in response to the input from the user that the purchase transaction is ready for checkout;
recall information from a merchant transfer association database integrated with the first financial institution, in response to the purchase transaction initiation, describing a pre-established transfer association between the first financial institution and a second financial institution associated with the merchant that enables an electronic transfer of funds via an Automated Clearing House network from the first financial institution directly to the second financial institution;
wherein the first financial institution initiates, responsive to the mobile computing device, a transfer of funds from cash-equivalent account associated with the user at the first financial institution directly to a receiving cash-equivalent account associated with the merchant at the second financial institution via the Automated Clearing House network, in accordance with the pre-established transfer association;
wherein the pre-established transfer association includes data descriptive of the receiving cash-equivalent account at the second financial institution, that data having been transferred by the second financial institution from the second financial institution to the first financial institution, and stored by the first financial institution, upon request by the merchant prior to the first financial institution receiving the purchase transaction initiation from the mobile computing device;
receive a message from the first financial institution that the purchase transaction is successfully completed; and
display a message that the purchase transaction is successfully completed, the message including a machine readable code comprising a QR code or UPC code scannable by a machine operated by the merchant for verifying completion of the purchase transaction.