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

A computer implemented method of initiating a transfer of funds from a first online account to a second online account in a computer network, comprising:

• receiving a request from a first user to establish a first online account;
• establishing the first online account;
• receiving account access information for a bank account from the first user, wherein once the bank account is verified, the first user is able to transfer funds between the first online account and the bank account;
• verifying with the account access information whether the first user has access to the bank account;
• establishing one or more sub-accounts linked to the first online account, wherein for transactions involving each sub-account, actual funds are transferred between the bank account and at least one of said sub-accounts;
• receiving a transfer request including an amount of funds for transfer from at least one of said sub-accounts linked to the first online account and identification information for a recipient of the funds, the identification information including an electronic message address for the recipient, wherein the transfer request may originate from one of the first user or the recipient;
• automatically sending a verification electronic message to the first user if the transfer request did not originate from the first user, wherein the first user can verify the transfer of funds;
• automatically sending an electronic message to the recipient using the electronic message address, the electronic message indicating to the recipient that funds are ready for transfer from the first online account;
• receiving a response from the recipient, wherein the response includes a request to establish a second online account for the recipient;
• establishing a second online account associated with the recipient, wherein the second online account is associated with a second bank account of the recipient;
• and
• transferring said amount of funds from the bank account associated with the first online account to the second bank account.