System and method for sending money via e-mail over the Internet

A system for transferring money from a sender to a receiver utilizing a computer network, said system comprising:

• a first electronic device associated with the sender of an amount of money;
• a second electronic device associated with the receiver of the amount of money;
• and
• an information processing device including at least a memory, a communication interface, and at least one computer processor, the information processing apparatus in communication with the first electronic device and the second electronic device over at least one computer network, wherein the information processing device:
• receives a request from the first electronic device over the computer network to transfer an amount of money to the receiver and for receiving an identification of a withdraw account from which amount of money is to be transferred;
• sends an electronic message to the second electronic device over the computer network to inform the receiver that the sender is transferring the amount of money and to request the receiver to contact the server to receive the amount of money, the electronic message comprising a URL for contacting the server;
• and
• receives at the URL and from the second electronic device an identification of a deposit account to which the amount of money is to be transferred;
• receives from the first electronic device a challenge question for the receiver and a correct response for the challenge question, the correct response known to both the sender and the receiver before the sender formulates the challenge;
• presents the challenge question to the second electronic device;
• receives from the second electronic device associated with the receiver a submitted response to the challenge question;
• verifies that the submitted response matches the correct response;
• and
• transfers the amount of money from the withdraw account to the deposit account.