System and method for transferring funds
AssigneeWells Fargo Bank, N.A.
InventorsAdam E. Vancini, Imran Haider, Sri Saravana Muthu
Life of this patent
Estimating the term…
Abstract
A method and system for payment processing comprises receiving sender information, receiving a fund transfer request that includes an identifier for a recipient, accessing an information directory based on the identifier to obtain account information for the recipient, and sending funds according to the fund transfer request to the recipient. The identifier may be in the form of non-sensitive/publicly available information, such as an E-mail address, a phone number, or other information. The information directory can correlate the identifier with a recipient owned bank account. The fund transfer may occur from two accounts within a bank or may occur from bank accounts at different banks.
Claims19
A method of adding security to an electronic transfer of funds from an account of a sender to an account of a recipient, the method comprising:
- receiving, by a payment service computer system associated with a payment system, a fund transfer request from the sender including information identifying the recipient and a fund transfer amount;
- receiving, by the payment service computer system, a verification key from the sender;
- registering, by the payment service computer system, the recipient with the payment system, the registering including:
- prompting, by the payment service computer system, the recipient to provide an identification of a financial institution that provides the account of the recipient;
- determining, by the payment service computer system, that the financial institution is not associated with the payment system;
- determining, by the payment service computer system, a level of risk associated with at least one of the sender, the recipient, or the electronic transfer;
- in response to determining that the financial institution is not associated with the payment system, selecting, by the payment service computer system, an authentication process for the recipient based on the level of risk;
- and
- performing, by the payment service computer system, the authentication process, the authentication process including:
- prompting, by the payment service computer system, the recipient to provide information regarding the recipient, the information regarding the recipient including access credentials for information maintained by the financial institution and at least one of personal information for the recipient or financial information for the recipient, and
- verifying, by the payment service computer system, accuracy of the information regarding the recipient by scraping the information maintained by the financial institution using the access credentials;
- and
- in response to the recipient passing the authentication process and in response to receiving the verification key from the recipient, sending, by the payment service computer system, the fund transfer amount to the recipient.
A payment service computer system associated with a payment system, the payment service computer system including a processor coupled to machine readable storage media having instructions stored therein that, when executed by the processor, cause the processor to implement a method of adding security to an electronic transfer of funds from an account of a sender to an account of a recipient, the method comprising:
- receiving, by the payment service computer system, a fund transfer request from the sender including information identifying the recipient and a fund transfer amount;
- receiving, by the payment service computer system, a verification key from the sender;
- registering, by the payment service computer system, the recipient with the payment system, the registering including:
- prompting, by the payment service computer system, the recipient to provide an identification of a financial institution that provides the account of the recipient;
- determining, by the payment service computer system, that the financial institution is not associated with the payment system;
- determining, by the payment service computer system, a level of risk associated with at least one of the sender, the recipient, or the electronic transfer;
- in response to determining that the financial institution is not associated with the payment system, selecting, by the payment service computer system, an authentication process for at least one of the sender or the recipient based on the level of risk;
- and
- performing, by the payment service computer system, the authentication process, the authentication process including:
- prompting, by the payment service computer system, the recipient to provide information regarding the recipient, the information regarding the recipient including access credentials for information maintained by the financial institution and at least one of personal information for the recipient or financial information for the recipient, and
- verifying, by the payment service computer system, accuracy of the information regarding the recipient by scraping the information maintained by the financial institution using the access credentials;
- and
- in response to the recipient passing the authentication process and in response to receiving the verification key from the recipient, sending, by the payment service computer system, the fund transfer amount to the recipient.
Dependencies are inferred from the claim text.