Patent ID: 8156044

Claim:
A computer-implemented method of electronically transferring a payment through at least one Financial Service Provider (FSP) to a seller having an account at a first FSP from a buyer having an account at a second FSP, the at least one FSP maintaining an account for the first FSP and an account for the second FSP, the method comprising: receiving, at one or more computer systems associated with the second FSP, an encrypted electronic request associated with the buyer to transfer an amount corresponding to the payment from the buyer's account at the first FSP to the seller; debiting, with one or more processors associated with the one or more computer systems associated with the second FSP, the amount corresponding to the payment from the buyer's account at the second FSP; sending, with the one or more processors associated with the one or more computer systems associated with the second FSP, a first secure encrypted electronic message to the at least one FSP, the first secure encrypted electronic message instructing the at least one FSP to debit the amount corresponding to the payment from the account for the second FSP at the at least one FSP and correspondingly credit the amount correspond to the payment to the account for the first FSP at the at least one FSP; debiting, with one or more processors associated with one or more computer systems associated with the at least one FSP, the amount corresponding to the payment from the account for the second FSP at the at least one FSP and correspondingly crediting the amount corresponding to the payment to the account for the first FSP at the at least one FSP; receiving, at one or more computer systems associated with the first FSP, a second secure encrypted electronic message from the at least one FSP advising the first FSP to credit the amount correspond to the payment to the account for the seller; crediting, with one or more processors associated with the one or more computer systems associated with the first FSP, the amount corresponding to the payment to the seller's account at the first FSP; sending, with the one or more processors associated with the one or more computer systems associated with the first FSP, a third secure encrypted electronic message advising the at least one FSP that the amount corresponding to the payment has been transferred to the seller; and receiving, at the one or more computer systems associated with the second FSP, a fourth secure encrypted electronic message from the at least one FSP advising the second FSP that amount corresponding to the payment has been transferred to the seller.