Patent ID: 8352368
Filing Date: 2013-01-08
Classification: G06Q

Abstract:
1. A computer-implemented method of transferring funds, performed by a server computer comprising a processor and a non-transitory computer readable medium having computer readable program code embodied therein, said computer readable program code executable by the processor, the method comprising: receiving, by the server computer, from a first user an authorization request to transfer funds to a second user, wherein the request includes contact information for the second user, an activation code, an amount of funds authorized by the first user to transfer, and a first account identifier indicating a first account to be used as the source of the transferred funds; creating, by the server computer, a second account having a second account identifier, wherein the second account is not initially activated; sending, by the server computer, the second account identifier to the second user using the contact information; receiving, by the server computer, the activation code from the second user; matching, by the server computer, the activation code sent by the first user with the activation code received from the second user; activating, by the server computer, the second account, based on the matching; sending a first notification to an issuer computer, thereby debiting a portion of the amount of funds authorized to transfer from the first account to fund the second account at the time of a first request of the second user to conduct a first transaction using the activated second account, wherein the portion of the amount is less than the amount of funds authorized to transfer; and sending a second notification to the issuer computer thereby debiting any remaining portions of the amount of funds authorized to transfer from the first account to fund the second account up to the amount less the amount of the first transaction, at the time of at least a second request of the second user to conduct at least a second transaction using the activated second account.