Online payment system and method

A computer program product for online payment, the computer program product comprising at least one non-transitory computer-readable medium having computer-executable instructions for a computer device processor to perform the following:

• Receiving payment instructions for the online payment from a financial institution customer via an online financial institution application, wherein the payment instructions includes an alias inputted by the financial institution customer associated with a payment recipient for the online payment, a payment amount, and an account associated with the financial institution customer for the online payment, wherein the payment recipient is one or more individuals or entities the financial institution customer is providing online payment, wherein the alias comprises at least one of a mobile phone number, an email address, or social network identification information of the payment recipient;
• determining—that the payment recipient is a registered payment recipient based at least in part on the alias associated with the payment recipient, wherein determining that the payment recipient is a registered payment recipient further comprises rejecting the online payment between the financial institution customer and the payment recipient if the payment recipient is not a registered payment recipient;
• determining an alias account associated with the alias and registered payment recipient, wherein the alias account is a financial account associated with the registered payment recipient and that is identified to accept payment from the financial institution customer for the online payment, wherein the alias account is determined by matching the alias and registered payment recipient to a payment account that has been identified as being associated with the alias and the registered payment recipient;
• authorizing a transfer for the online payment from the financial institution customer to the payment recipient based on the received payment instructions and that the payment recipient is a registered payment recipient based on the alias, wherein the transfer of the online payment from the financial institution customer to the payment recipient is authorized only if it is under a maximum amount pre-determined by the financial institution customer;
• communicating a payment notification of the online payment to the payment recipient based on contact information associated with the payment recipient alias;
• and
• transferring a payment amount from an account associated with the financial institution customer to the alias account associated with the alias of the payment recipient.

A system for online payment, the system comprising:

• a computer apparatus including a processor and a memory;
• and
• an online payment module stored in the memory, executable by the processor and configured to:
• receive payment instructions for the online payment from a financial institution customer via an online financial institution application, wherein the payment instructions includes an alias inputted by the financial institution customer associated with a payment recipient for the online payment, a payment amount, and an account associated with the financial institution customer for the online payment, wherein the payment recipient is one or more individuals or entities the financial institution customer is providing online payment, wherein the alias comprises at least one of a mobile phone number, an email address, or social network identification information of the payment recipient;
• determine via a computing device processor that the payment recipient is a registered payment recipient based at least in part on the alias associated with the payment recipient, wherein determining that the payment recipient is a registered payment recipient further comprises rejecting the online payment between the financial institution customer and the payment recipient if the payment recipient is not a registered payment recipient;
• determine an alias account associated with the alias and registered payment recipient, wherein the alias account is a financial account associated with the registered payment recipient and that is identified to accept payment from the financial institution customer for the online payment, wherein the alias account is determined by matching the alias and registered payment recipient to a payment account that has been identified as being associated with the alias and the registered payment recipient;
• authorize a transfer for the online payment from the financial institution customer to the payment recipient based on the received payment instructions and that the payment recipient is a registered payment recipient based on the alias, wherein the transfer of the online payment from the financial institution customer to the payment recipient is authorized only if it is under a maximum amount pre-determined by the financial institution customer;
• communicate a payment notification of the online payment to the payment recipient based on contact information associated with the payment recipient alias;
• and
• transfer a payment amount from an account associated with the financial institution customer to the alias account associated with the alias of the payment recipient.