Patent ID: 9626664
Date: 2017-04-18
CPC Classifications: G06Q

Claim:
1. A method of determining whether a public identifier for a particular funds recipient is valid using a first computer system including an identifier authentication engine and an information directory, the information directory including a plurality of public identifiers and associated account numbers for a plurality of intended funds recipients, the method comprising: registering, by said first computer system, said plurality of public identifiers, each of the plurality of public identifiers including contact information to contact at least one of said plurality of intended funds recipients, a particular public identifier of the plurality of public identifiers including contact information to contact a particular intended funds recipient of the plurality of intended funds recipients, the registering including authenticating each of the plurality of public identifiers via the identifier authentication engine to, at least in part, confirm that each respective public identifier is useable to contact each respective intended funds recipient of the plurality of intended funds recipients; periodically confirming for each of the plurality of public identifiers that each of the plurality of public identifiers is useable to contact each respective intended funds recipient of the plurality of intended funds recipients; receiving, by the first computer system, a funds transfer request to transfer funds from a sender to the particular intended funds recipient, the funds transfer request including the particular public identifier including the contact information to contact the particular intended funds recipient, the funds transfer request being received from a second computer system, the first computer system being associated with a first entity and the second computer system being associated with a second entity, the particular intended funds recipient having an account at the first entity and the sender having an account at the second entity; identifying, by the first computer system, the particular intended funds recipient based on the particular public identifier, including identifying account number information for the particular intended funds recipient based on the particular public identifier by comparing the particular public identifier that was received with the plurality of public identifiers in the information directory; depositing, by the first computer system, the funds into the account of the particular intended funds recipient based on the account number information that was identified; and providing a warranty to the second entity that the particular public identifier is valid when the funds transfer request was received, wherein the first entity is responsible for refunding money to the sender if the particular public identifier is not useable to contact the particular intended funds recipient when the funds transfer request was received.