The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Nov. 26, 2013
Filed:
Sep. 14, 2012
Denis O'leary, New York, NY (US);
Vincent D'agostino, New York, NY (US);
S. Richard Re, Westfield, NJ (US);
Jessica Burney, New York, NY (US);
Adam Hoffman, New York, NY (US);
Denis O'Leary, New York, NY (US);
Vincent D'Agostino, New York, NY (US);
S. Richard Re, Westfield, NJ (US);
Jessica Burney, New York, NY (US);
Adam Hoffman, New York, NY (US);
JPMorgan Chase Bank, National Association, New York, NY (US);
Abstract
Embodiments of the invention include a method and system for effectuating an electronic payment between a payor and a payee using an Electronic Funds Transfer (EFT) network. The method is implemented by a system having multiple processors. The payor may hold a payor account at a payor institution and the payee may have a payee account at a payee institution. The method includes generating a payment authorization identifying the payee institution, the payee account, and an amount of the payment and transmitting the payment authorization to the payor institution. The method further includes debiting the payor account by the amount of the payment; transmitting from the payor institution to the payee institution through the EFT network an EFT credit message representing a credit in the amount of the payment; and crediting the payee account in the amount of the payment in response to the receipt of the EFT credit message.