Patent ID: 8175968

Claim:
A payment processing system for processing internet payments requested by a user implementing a user browser stored on a user computing device for accessing the payment processing system over the internet, the payments transferred between a transferor institution and a transferee institution, the payment processing system comprising: a user account including user account information stored in a computer memory, the user account held at the transferor institution, the user account for supplying funds for the internet payments; and a payment portal processor programmed to perform operations requested by the user over the internet, the operations including, accessing the user account information in the computer memory; providing the user with selectable options related to the user account including payment options; generating a payment authorization for transmission to the transferor institution if the user selects one of the provided payment options; generating a payment confirmation for a recipient of the payment upon approval of the payment authorization, the recipient having an account at the transferee institution; and transmitting a credit message representing a payment amount from the user account at the transferor institution to a recipient account at the transferee institution over the EFT network.