Patent ID: 7031939

Claim:
A computer implemented method of transferring funds from one online account to another, the method comprising the steps of: receiving a transfer request from a first user, the transfer request including an amount of funds for transfer from a first online account associated with the first user and identification information for a recipient of the funds, the identification information including an electronic message address for the recipient; 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; receiving a response from the recipient accepting or rejecting the transfer of funds; transferring said amount of funds from the first online account to a second online account associated with the recipient if the response indicates acceptance; receiving credit card account information from the recipient; establishing a connection with a server associated with the credit card account; transferring funds from the second online account to the credit card account in response to a withdrawal request received from the recipient; and providing the first user with an option of two or more affiliate banks for conducting settlement of the fund transfer from the first online account to the second online account.