Patent ID: 8616453

Claim:
A transaction system for coordinating remote processing of a funds transfer transaction between a transaction requestor and a transaction responder remotely over a communications network, the transaction system comprising: a computer processor coupled to a memory, wherein the computer processor is programmed to coordinate processing of the funds transfer transaction by: receiving from the transaction responder over the communications network a funds amount, requestor identification information, and responder identification information, such that at least one of the funds amount, the requestor identification information, or the responder identification information is encoded in symbology information embodied in a barcode; decoding the symbology information into unencoded information using a coding scheme of the barcode; generating the funds transfer request for the funds transfer transaction, the funds transfer request having content including the funds amount and financial account information pertaining to at least one of the requestor identification information or the responder identification information, such that at least a portion of the content includes the unencoded information decoded from the symbology information; before sending a funds transfer request, requesting confirmation from the transaction responder over the communications network that the funds amount is correct and receiving a confirmation in response from the transaction responder over the communications network; and sending the funds transfer request to a transaction processing system for subsequent settlement to effect transfer of funds representing the funds amount from a financial account of the transaction responder to a financial account of the transaction requestor.