Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Finance
Reexamination Certificate
2006-05-23
2006-05-23
Cuff, Michael (Department: 3627)
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Finance
C705S026640
Reexamination Certificate
active
07051001
ABSTRACT:
A system and method for merchant function assumption of Internet checking and savings account transactions enables a service provider to take over all merchant type transactions and provide a merchant, such as an Internet merchant, with an approved order and appropriate credit for the transaction. A service provider server receives an electronic check or a payment instruction for the merchant from a customer. The payment instruction includes, for example, the originator's digital certificate and payment and purchase information, including the originator's checking or savings account number. The payment instruction is automatically sent to a customer's bank's server, which confirms the availability of funds for the payment. A confirmation of the availability of funds is automatically sent to the merchant, and a credit for the payment is automatically sent to the merchant's account. In addition, the service provider can consolidate order and settlement transactions, which saves transaction costs for the merchant.
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Lalemi et al., Financial EDI ar Motorola: A Case Study in Trading Partner Enrollment, Journal of Cash management, v12n3, pp.: 47-51, May/Jun. 1992.
Citibank N.A.
Cuff Michael
Kilpatrick & Stockton LLP
Marcou George T.
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