Patent ID: 8032457

Claim:
A method for transferring funds over the Internet comprising the steps of: receiving via the Internet at a transfer processing system that has access to funds from a payor account an electronic message that contains fund transfer information, the fund transfer information comprising a fund transfer amount and an electronic address for a payee; initiating transfer of funds from the payor account to the payee at the transfer processing system, wherein the initiating step comprises the following: if a payee account associated with the electronic address for the payee provided in the electronic message is accessible to the transfer processing system, then initiating transfer of funds from the payor account to the payee account associated with the electronic address for the payee; and if a payee account is not accessible to the transfer processing system, then temporarily storing funds from the payor account until a payee account is established; and transmitting a payment message over the Internet to the payee's electronic address from the transfer processing system, the payment message containing information that confirms to the payee that the payor has made funds available to the payee.