Patent ID: 8190521
Filing Date: 2012-05-29
Classification: G06Q,G07F

Abstract:
1. A method for effectuating electronic payments for online purchases made by a consumer from a merchant, the method comprising the steps of: identifying a purchase amount, consumer information, and merchant information, using computer processing components, the merchant information identifying a merchant's account holding institution and a merchant's account at the merchant's account holding institution, the consumer information including a consumer's account and a consumer's account holding institution; forming, using the computer processing components, a payment authorization identifying the purchase amount and the merchant information; transmitting the payment authorization to the consumer's account holding institution maintaining the consumer's account; debiting the consumer's account by the purchase amount; generating an Electronic Funds Transfer (EFT) credit instruction for crediting the merchant's account by the purchase amount; transmitting the Electronic Funds Transfer credit instruction to the merchant's account holding institution through an Electronic Funds Transfer network; and crediting the merchant's account by the purchase amount.