Payment system clearing for transactions

Details Payment system clearing for transactions Payment system clearing for transactions

2003-01-10

2010-11-02

Weisberger, Richard C (Department: 3693)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

C705S040000

Reexamination Certificate

active

07827101

ABSTRACT:
According to the invention, a method for a payor paying a merchant using a payment system is disclosed. In one step, account information is received that can be used for receiving funds using a money handler. The account information identifies an account of the payor. A token is generated that correlates to the account information. The token is sent to the merchant that uniquely identifies the payor and the merchant. The token, which corresponds to a payment, is received. It is authenticated that the token was presented by the merchant. The payment is transferred from the payor to the merchant with the payment system.

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