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

A transaction payment application for coordinating processing of a funds transfer transaction between a transaction requestor and a transaction responder via a remote transaction interface in a client server relationship over a communications network, the transaction payment application configured as a client of the remote transaction interface and having both transaction requestor operation and transaction responder operation for a user, the payment application stored as a set of instructions for execution by a computer processor for:

• when executing by the user using the transaction requestor operation,
• presenting by the computer processor a barcode for receipt by a separate payment application configured for the transaction responder operation, the barcode containing at least one of funds amount information, requestor identification information, or responder identification information encoded in symbology information embodied in the barcode;
• and
• receiving by the computer processor from the remote transaction interface either an approval or a denial of a funds transfer request associated with processing of the barcode associated with the funds transfer transaction;
• and
• when executing by the user using the transaction responder operation,
• receiving by the computer processor from the transaction requestor the funds amount and the requestor identification information, such that at least one of the funds amount information or the requester identification information is encoded in the symbology information embodied in the barcode;
• generating by the computer processor the funds transfer request for the funds transfer transaction, the funds transfer request having content including the funds amount and responder identification information pertaining to financial account information of the transaction responder;
• sending by the computer processor the funds transfer request to the remote transaction interface for subsequent settlement;
• and
• receiving by the computer processor from the remote transaction interface either an approval or a denial of a funds transfer request associated with processing the funds transfer transaction.