System and method for processing funds transfer between entities based on received optical machine readable image information

A method for coordinating remote processing of a funds transfer transaction between a transaction requestor and a transaction responder remotely over a communications network, the method comprising:

• receiving from the transaction responder over the communications network a funds amount, requestor identification information, and responder identification information, such that at least one of the funds amount, the requestor identification information, or the responder identification information is encoded in symbology information embodied in a barcode;
• decoding, using a computer processor, the symbology information into unencoded information using a coding scheme of the barcode;
• generating, using the computer processor, a funds transfer request for the funds transfer transaction, the funds transfer request having content including the funds amount and financial account information pertaining to at least one of the requestor identification information or the responder identification information, such that at least a portion of the content includes the unencoded information decoded from the symbology information;
• before sending a funds transfer request, requesting confirmation from the transaction responder over the communications network that the funds amount is correct and receiving a confirmation in response from the transaction responder over the communications network;
• and sending the funds transfer request to a transaction processing system for subsequent settlement to effect transfer of funds representing the funds amount from a financial account of the transaction responder to a financial account of the transaction requestor.

A non-transitory computer readable storage medium with an executable program application stored thereon, the program application configured for coordinating remote processing of a funds transfer transaction involving a transaction requestor and a transaction responder, the program application configured as a transaction responder client of a transaction service accessible remotely over a communications network, wherein the program application instructs a computer processor to perform the following steps of:

• collecting a funds amount and requestor identification information, such that at least one of the funds amount or the requestor identification information is encoded in symbology information embodied in a barcode;
• receiving responder identification information including a financial account selected by the responder;
• generating a transaction request as a transaction responder request to have content of the funds amount, the requestor identification information, and the responder identification information, such that at least a portion of the content includes the encoded symbology information;
• sending the transaction request to the transaction service over the communications network;
• receiving a request for confirmation from the transaction service over the communications network that the funds amount is correct and sending a confirmation in response to the transaction service over the communications network;
• and
• receiving a transaction confirmation message from the transaction service over the communications network including settlement information pertaining to the funds transfer transaction associated with the financial account selected by the transaction responder.