Systems and methods for implementing person-to-person money exchange

A computer implemented method of transferring funds from one online account to another, the method comprising the steps of:

• receiving a payment request from a first user, the payment request including an amount of funds for transfer to an online account associated with the first user and identification information for a recipient of the payment request (payor), the identification information including an electronic message address of the payor;
• automatically sending an electronic message to the payor using the electronic message address, the electronic message including the amount of funds to be transferred to the first user;
• receiving a payment response from the payor indicating acceptance or rejection of the payment request;
• sending a second electronic message to the first user indicating whether the payment response from the recipient indicates acceptance or rejection of the payment request;
• and if the payment response indicates acceptance:
• receiving a transfer request from the first user indicating that the funds be transferred to an identified online account associated with the first user;
• and
• transferring funds to the identified online account from a second account associated with the payor in response to the transfer request.

In a computer network, a computer system communicably coupled to a database of user accounts, the user accounts including values representing funds maintained by a financial institution on behalf of the users, the computer system executing code for updating the values in the user accounts, the code including instructions for:

• processing a transfer request received by the computer system from a first user over the network, the transfer request including an amount of funds for transfer from a first user account associated with the first user and identification information for a second user, the identification information including an electronic message address for the second user;
• automatically sending an electronic message to the second user using the electronic message address, the electronic message indicating that funds are ready for transfer to the second user;
• processing a response received from the second user to determine whether the second user has accepted or rejected the transfer of funds;
• and
• updating the values of the first user account and a second user account associated with the second user to reflect that the amount of funds was transferred from the first user to the second user if the response indicates acceptance.

In a computer network, a computer system communicably coupled to a database of user accounts, the user accounts including values representing funds maintained by a financial institution on behalf of the users, the computer system executing code for updating the values in the user accounts, the code including instructions for:

• processing a payment request received from a first user over the network, the payment request including an amount of funds for transfer to a first user account associated with the first user and identification information for a second user, the identification information including an electronic message address for the second user;
• automatically sending an electronic message to the second user using the electronic message address, the electronic message including the amount of funds to be transferred to the first user;
• processing a payment response received from the second to determine whether the second user has accepted or rejected the payment request;
• sending a second electronic message to the first user indicating whether the payment response from the recipient indicates acceptance or rejection of the payment request;
• and if the payment response indicates acceptance:
• processing a transfer request received from the first user to determine a user account identified by the first user;
• and
• updating the values of the identified account and a second user account associated with the second user to reflect that the amount of funds was transferred from the second user to the first user.

A computer implemented method of transferring funds between user accounts in a computer network including two or more affiliate banks, wherein the affiliate banks conduct fund transfer settlements, the method comprising the steps of:

• receiving a transfer request to transfer funds from a first online account associated with a first user to a second online account associated with a second user, wherein the transfer request includes a bank identifier that identifies a first one of the affiliate banks;
• and
• transferring funds from the first online account to the second online account after the second user has approved the transfer request;
• wherein the first affiliate bank conducts the fund transfer settlement for the transferred funds on behalf of the first user.

A computer implemented method of transferring funds between user online accounts in a computer network, the method comprising the steps of:

• receiving registration information from a first user for establishing a first online account, the registration information including a physical mailing address;
• setting a transaction limit on the first account to a first value;
• thereafter
• receiving a confirmation code from the first user, wherein the confirmation code confirms that the physical mailing address is a valid address;
• and thereafter
• increasing the transaction limit on the first online account to a second value.