Real time payment transaction system and method
OwnerLance Ehrkeinventor
Life of this patent
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Abstract
A method and system for processing a payment from a customer to a service provider, where the payment is received at a third party merchant and the payment amount is deposited to the customer's account at the service provider. Each customer of the service provider is issued a real time payment (RTP) card that includes identification information concerning the customer and the service provider. The customer presents the RTP card, along with payment, to a third party merchant that operates a credit card terminal or an automated teller machine (ATM). The RTP card information is swiped through the credit card terminal or ATM machine and the payment amount is retained by the third party merchant or ATM machine and credited to the customer's account at the service provider.
Claims33
A method of processing a payment from a customer to a service provider, the method comprising the steps of:
- issuing a real time payment (RTP) card to the customer, the RTP card including customer identification information and service provide identification information;
- inputting the customer identification information and the service provider identification information at a third party merchant;
- receiving a payment from the customer at the third party merchant and entering the payment amount at the third party merchant;
- electronically transferring the payment amount, customer identification information and the service provider identification information to the service provider;
- and
- crediting the customer's account at the service provider with the payment amount.
The method of processing a payment from a customer to a service provider, the method comprising the steps of:
- issuing a real time payment (RTP) card to the customer, the RTP card including at least customer identification information and service provider identification information;
- inputting the customer identification information and the service provider identification information into a card terminal at a third party merchant;
- receiving a payment from the customer at the third party merchant and entering the payment amount into the card terminal;
- electronically transferring the payment amount, customer identification information and service provider information to a merchant bank, wherein the merchant bank is associated with the third party merchant;
- routing the payment amount, customer identification information and service provider identification to an issuer bank associated with the service provider;
- confirming the customer identification information and service provider identification information at the issuer bank and recording the payment amount at the issuer bank;
- providing authentication and approval for the transactions to the third party merchant from the issuer bank through the merchant bank;
- and
- generating a receipt to the customer at the card terminal of the third party merchant confirming the payment received from the customer.
Dependencies are inferred from the claim text.