Real-Time Funds Transfer

A computerized method for transferring funds from a first account at an initiating financial institution to a second account at a receiving financial institution over a financial network, the method comprising:

• receiving a funds transfer request over a telephone network from a consume at a third-party institution system, wherein the funds transfer requests comprises a request to transfer funds from the first account at the initiating financial institution to the second account at the receiving financial institution, and the fund transfer request comprises a fund transfer amount;
• authenticating the consumer for a transactions related to the first account at the initiating financial institution at the third-party institution;
• requesting verification from the initiating financial institution that the funds available in the first account at the initiating financial institution is greater than or equal to the fund transfer amount;
• requesting that the fund transfer amount is debited from the first account at the initiating financial institution;
• and
• requesting that the funds transfer amount be credited to the second account at the receiving financial institution.

A computerized method for transferring funds from a first account at an first financial institution to a second account at a receiving financial institution over an electronic funds transfer (EFT) network, the method comprising:

• receiving a funds transfer request from a consumer at a third-party financial institution, wherein the funds transfer requests comprises a request to transfer funds from the first account at the first financial institution to the second account at the receiving financial institution, the fund transfer request comprises a fund transfer amount, and the funds transfer request is received at the third-party institution from the consumer over the Internet;
• authenticating the consumer at the third-party institution for a transaction related to the first account at the first financial institution;
• verifying that the funds available in the first account at the first financial institution is greater than or equal to the fund transfer amount;
• debiting the fund transfer amount from the first account at the first financial institution;
• and
• crediting the fund transfer amount to the second account at the receiving financial institution.