Method and system for processing internet payments using the electronic funds transfer network

A method for effectuating an electronic payment between a payor and a payee using an Electronic Funds Transfer (EFT) network, the payor having a payor account at a payor institution and the payee having a payee account at a payee institution, the method comprising the steps of:

• making an identification of the payee account publicly available;
• generating a payment authorization identifying the payee institution, the payee account and an amount of the payment;
• transmitting the payment authorization to the payor institution;
• debiting the payor account by the amount of the payment;
• transmitting from the payor institution to the payee institution through the EFT network an EFT credit message representing a credit in the amount of the payment;
• and
• crediting the payee account in the amount of the payment in response to the receipt of the EFT credit message.

A method for effectuating an electronic payment between a payor and a payee using an Electronic Funds Transfer (EFT) network, the payor having a payor account at a payor institution and the payee having a payee account at a payee institution, the method comprising the steps of:

• generating a payment authorization identifying the payee institution, the payee account and an amount of the payment, wherein the payee account is identified by a receive only address of the payee account;
• transmitting the payment authorization to the payor institution;
• debiting the payor account by the amount of the payment;
• transmitting from the payor institution to the payee institution through the EFT network an EFT credit message representing a credit in the amount of the payment;
• and
• crediting the payee account in the amount of the payment in response to the receipt of the EFT credit message.