Patent ID: 7373329

Claim:
A computer implemented method of transferring funds from an online account associated with a first user to a recipient online account, the method comprising: receiving a transfer request from the first user, the transfer request including an amount of funds for transfer from the online account and identification information for a recipient of the funds, the identification information including an electronic message address associated with the recipient, further wherein the transfer request includes a request for identity confirmation; automatically sending an electronic message to the recipient using the electronic message address, the electronic message indicating that funds are ready for transfer to the recipient and requesting a response from the recipient for the identity confirmation; receiving the response from the recipient accepting or rejecting the transfer of funds wherein the response includes a request by the recipient to open an account upon an acceptance of the transfer of funds, further wherein the response includes the response for the identity confirmation; sending an electronic message to the first user notifying the first user whether the recipient rejects the transfer of funds, wherein the electronic message includes the response for the identity confirmation; initiating opening the recipient online account for the recipient upon the acceptance of the transfer of funds; receiving from the first user an acceptance or a rejection of the identity confirmation; and transferring said amount of funds from the first account to the recipient online account associated with the recipient upon the acceptance of the transfer of funds and upon acceptance of the identity confirmation.