Patent ID: 8538870
Filing Date: 2013-09-17
Classification: G06Q

Abstract:
1. A method for facilitating an electronic purchase using a funds transfer system, the method comprising steps of: receiving, via a vendor system, a selection of a private payment option from a purchaser; once the private payment option is selected, connecting the purchaser to a funds transfer system which is separate from the vendor system so that the purchaser can transfer financial information to the funds transfer system without exposure to the vendor system; storing, at the funds transfer system, purchase information and a vendor system generated digital signature received from the vendor system; sending, by the funds transfer system, a validation request directly to the purchaser via the connection between the purchaser and the funds transfer system; receiving, by the funds transfer system, validation information directly from the purchaser via the connection between the purchaser and the funds transfer system in response to the validation request, wherein the validation information identifies a purchaser account; validating the purchaser, by the funds transfer system, by comparing the received validation information against account information maintained in a database at the funds transfer system; when the purchaser is validated by the funds transfer system, transmitting a digital IOU to the vendor system, wherein the digital IOU comprises the vendor system generated digital signature; and redeeming, via the funds transfer system, the digital IOU at a later time by: