On-line payment system

Details On-line payment system On-line payment system

2007-02-13

2007-02-13

Bashore, Alain L. (Department: 1762)

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

Automated electrical financial or business practice or...

Finance

C705S040000, C705S044000

Reexamination Certificate

active

10424812

ABSTRACT:
An on-line payment system comprises a computer system which can maintain accounts in a database for a plurality of users. The system is enrolled as a payee in a bill payment system so that users can transfer funds from their bank accounts to electronic cash accounts in the system by making a bill payment to the system. The bill payment is deposited in a bank account maintained by the operator of the system. The system includes a double-entry, net zero accounting system which ensures that electronic cash in the accounts on the system is supported by actual cash on deposit in the bank account of the system. Users can spend electronic cash before the system actually receives funds via the bill payment system. Electronic cash spent during this period is marked uncleared by the system. The system includes reconciliation software which matches payments received to uncleared electronic cash and marks the electronic cash as being cleared. After the electronic cash has been cleared it can be converted into regular cash. The electronic cash of the system is recyclable, anonymous, and secure.

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patent: 6390362 (2002-05-01), Martin

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