Patent ID: 7676431

Claim:
A computer-implemented method for effectuating an electronic payment between a payor and a payee using an Electronic Funds Transfer (EFT) network, the payor having a payor account at a payor institution and the payee having a payee account at a payee institution, the method comprising the steps of: facilitating identification of the payee for the payor using a first processor, by providing electronically accessible payee information on a host server, the payee information including a payee account identifier; generating a payment authorization, using the first processor, in response to a payor request, the payment authorization including accessed payee information and an amount of the payment; transmitting the payment authorization to the payor institution using the first processor, debiting the payor account by the amount of the payment using the first processor; transmitting from the payor institution to the payee institution through the EFT network an EFT credit message representing a credit in the amount of the payment using a second processor; and crediting the payee account in the amount of the payment in response to the receipt of the EFT credit message using a third processor.