Patent ID: 8566237
Filing Date: 2013-10-22
Classification: G06Q

Abstract:
1. A payment processing system for facilitating payment for online purchase transactions comprising: a merchant interface to receive, from an online merchant, purchase transaction information related to an online purchase transaction by a consumer, the purchase transaction information including merchant identification, payment processing system account identification for the consumer, a transaction description, and a transaction amount related to the online purchase transaction, the purchase transaction information being independent of confidential financial information pertaining to the consumer; an electronic bill manager to generate an electronic bill based on the received purchase transaction information and send the electronic bill to the consumer, the electronic bill including the transaction description, amount due, payment due date, and payee information specifying the payment processing system as a payee to which payment for the online purchase is made at a financial institution trusted by the consumer thereby avoiding disclosure of the consumer's confidential financial information to the online merchant and the payment processing system; a payment interface to receive, from the financial institution, payment information indicating the consumer has directed the financial institution to pay the electronic bill in favor of the payee, and to provide, to the online merchant and the consumer, a payment notification; an account settlement module to process parsed payment information and to allocate payments to outstanding online purchase transactions from an account of the payment processing system to appropriate online merchants; and a database, to store information pertaining to the online merchant, the consumer, and the electronic bills associated with the online purchase transactions.