Patent ID: 8315929

Claim:
A system for transferring funds between a payor and a payee, the system comprising: a host computer system; and a computer readable storage medium having encoded thereon at least one computer-readable program including one or more computer-executable instructions executed on the host computer system, wherein the instructions cause the host computer to: receive information from the payor identifying a first plurality of payment sources configured by the payor as possible source accounts; receive information from the payee identifying acceptable types of source accounts; cull the first plurality of payment sources based at least in part on the acceptable types of source accounts; transmit the culled first plurality of payment sources to the payor for selection by the payor of a source account; receive information from the payor for debiting the source account, wherein the information comprises payor personal information including information regarding the source account and information regarding online transaction data including a total amount of the online transaction, and wherein the payor personal information is not exposed to the payee; transmit to the payee an authorization to request debits from the payor, wherein a total of all debit requests does not exceed the total amount for the online transaction; receive a first request from the payee to debit the payor a first portion of the total amount for the online transaction; in response to the first request from the payee, initiate a first debit from the source account to a bank account associated with the payee for the first portion of the amount; receive a second request from the payee to debit the payor a second portion of the total amount for the online transaction; and in response to the second request from the payee, initiate a second debit from the source account to the bank account associated with the payee for the second portion of the amount.