Patent ID: 7849005
Filing Date: 2010-12-07
Classification: G06Q

Abstract:
1. A computer-implemented method of conducting an online transaction, said method comprising: providing on a computer a transaction manager having a registration module for holding registration information of a user, and for holding registration information of a merchant; an input; a checking module; an identification generator; a validating module; a transaction number generator module; an output; and a payment module; registering a user with the transaction manager by storing registration information of the user in the registration module; registering a merchant with the transaction manager by storing registration information of the merchant in the registration module; receiving at the input of the transaction manager a request by the user for a unique transaction identifier to cover a purchase; checking the validity of the user using the checking module; outputting to the user a unique identification of a transaction generated by the identification generator from the output if the user is valid; the user sending from a user computer to a computer associated with the merchant a request for a transaction to purchase a product or service, the request comprising the transaction identification and a user nominated account identifier; receiving at the input of the transaction manager the transaction identification and the user nominated account identifier provided by the merchant computer; confirming payment of the transaction in respect of a registered user's financial institution account identified by the user nominated account identifier comprising validating the received transaction identification using the validating module, then outputting from the output to the merchant a unique transaction number generated by the transaction number generator module if the transaction identification is valid; and causing an online payment to be made by an external financial institution deducting the payment from the user's financial institution account identified by the account identifier and depositing the payment into the merchant's financial institution account using the payment module when the received transaction identification is validated.