Patent ID: 8016185

Claim:
A method of transferring money comprising: registering a sender with an online authentication service and providing said sender with a known authentication token; receiving account information for a payment card of said sender via a web site of a computer operated by a portal operator, said payment card being issued by an issuer; receiving an indication of an amount to be transferred and a preferred receipt method for a recipient via said web site of said computer; connecting said sender to said online authentication service via said web site of said computer; prompting said sender to input into a computing device in communication with said web site an input authentication token; comparing said input authentication token with said known authentication token; authenticating said sender using said online authentication service via said web site of said computer by verifying that said input authentication token matches said known authentication token; authorizing said amount to be transferred by said issuer; directing, by said portal operator using said computer, a service provider bank to transfer said amount to a bank, wherein said amount is transferred to said bank in real time after occurrence of said authentication and said authorization, and wherein said amount is subsequently transferred from said bank to said recipient via said preferred receipt method, by physically providing said amount of money to said recipient while they are present in the bank, said recipient not being required to utilize a computing device nor to have a financial account in order that said amount be transferred to said recipient, said preferred receipt method being a check from said bank, a draft from said bank, a prepaid card or cash; providing, by said online authentication service, confirmation of authentication of said sender to said portal operator; and providing a guarantee of payment of said amount to said service provider bank by virtue of said confirmation of authentication and said authorizing of said amount.