Patent ID: 7599885

Claim:
A computer-implemented method of electronically transferring a payment to a seller having an account at a first Financial Service Provider (FSP) from a buyer having an account at a second FSP, the first FSP owning a first account at the first FSP and the second FSP owning a second account at the second FSP, the method comprising: establishing a second correspondence account at the second FSP, the second correspondence account being owned by the first FSP; receiving, at one or more computer systems associated with the second FSP, an encrypted electronic request from the buyer to transfer the payment from the buyer's account to the seller's account; debiting the payment from the buyer's account and correspondingly crediting the payment to the second account with the one or more computer systems associated with the second FSP; debiting the payment from the second account and correspondingly crediting the payment to the second correspondence account with the one or more computer systems associated with the second FSP; generating a secure encrypted electronic message within the one or more computer systems associated with the second FSP to the first FSP advising the first FSP that the payment has been transferred to the second correspondence account and requesting that funds corresponding to the transferred payment be credited to the seller's account; and sending the secure encrypted electronic messages from the one or more computer systems associated with the second FSP to one or more computer systems associated with the first FSP.