Money transfer by use of a payment proxy

Patent metadata

Field	Value
Publication number	US-11455604-B2
Application number	US-202217711364-A
Country	US
Kind code	B2
Filing date	Apr 1, 2022
Priority date	Oct 31, 2014
Publication date	Sep 27, 2022
Grant date	Sep 27, 2022

Abstract

In some examples, a financial transaction is effectuated between first and second users of a payment service system. The payment service system receives, from the first user, a request for a first payment proxy identifier for the first user, and receives from the second user, a request for a second payment proxy identifier for the second user. The payment service system generates the payment proxy identifiers with a currency indicator prefixing one or more alphanumeric characters. The payment proxy identifiers enable the payment service system to identify the financial accounts of the respective users in lieu of payment card mechanisms. The payment service system receives a message from the second user indicating a money transfer request, initiates a transfer of funds from an account of the second user to an account of the first user, and sends an email message to the first user indicating the transfer of funds.

First claim

What is claimed:

1. A method for effectuating a financial transaction between first and second users of a payment service system, the method comprising:
receiving, by the payment service system, from an application executing on a first mobile device of the first user, a request for a first payment proxy identifier for the first user;
receiving, by the payment service system from an application executing on a second mobile device of the second user, a request for a second payment proxy identifier for the second user;
generating, by the payment service system, the first and second payment proxy identifiers so that each of the first and second payment proxy identifiers (1) is for the respective first and second users, (2) has a currency indicator prefixing one or more alphanumeric characters, (3) is individually distinguishable from other payment proxy identifiers for other users, and (4) enables the payment service system to identify a financial account of a respective user in lieu of payment card mechanisms;
associating, by the payment service system, the first payment proxy identifier with a first financial account of the first user and the second payment proxy identifier with a second financial account of the second user;
receiving, by the payment service system, a message from the application executing on the first mobile device of the first user indicating a money transfer request from the first user for the second financial account to send funds to the first financial account, the message including the second payment proxy identifier in lieu of payment card mechanisms;
in response to receiving the message by the payment service system, transmitting a text message to a mobile messaging application executing on the second mobile device of the second user, the text message including an indication of whether to confirm or cancel the money transfer request and including a hyperlink for the second user to select or interact with in order to approve payment; and
based on a response from the second user, processing, by the payment service system, the money transfer request by initiating transfer of an amount of funds corresponding to the money transfer request from the second financial account to the first financial account.

2. The method of claim 1 , wherein the text message transmitted to the mobile messaging application executing on the second mobile device of the second user includes an amount of the funds requested from the first user.

3. The method of claim 2 , wherein the text message prompts the second user to confirm or cancel the money transfer request.

4. The method of claim 3 , wherein the processing of the money transfer request is triggered when the second user confirms the money transfer request.

5. The method of claim 3 , wherein the money transfer request is not processed when the second user cancels the money transfer request.

6. The method of claim 1 , wherein the processing of the money transfer request includes parsing the message indicating the money transfer request.

7. The method of claim 1 , wherein the currency indicator in each of the first and second payment proxy identifiers corresponds to a dollar sign.

8. The method of claim 7 , wherein each of the first and second payment proxy identifiers consists of the dollar sign prefixing a set of one or more alphanumeric characters.

9. The method of claim 1 , wherein at least one of the first user and the second user create an account login to utilize financial services by the payment service system.

10. The method of claim 9 , wherein the at least one of the first user and the second user links the financial account of the respective user to the payment service system.

11. The method of claim 10 , wherein the payment service system automatically registers the financial account and payment proxy identifier with the payment service system on behalf of the respective user.

12. The method of claim 11 , wherein the payment service system stores an association of one or more financial accounts with the respective user's payment proxy identifier in a database.

13. The method of claim 1 , wherein at least one of the financial accounts of the first and second users is a debit account associated with a debit card.

14. A method for effectuating a financial transaction between first and second users of a payment service system, the method comprising:
receiving, by the payment service system, from an application executing on a first mobile device of the first user, a request for a first payment proxy identifier for the first user;
receiving, by the payment service system from an application executing on a second mobile device of the second user, a request for a second payment proxy identifier for the second user;
generating, by the payment service system, the first and second payment proxy identifiers so that each of the first and second payment proxy identifiers (1) is for the respective first and second users, (2) has a currency indicator prefixing one or more alphanumeric characters, (3) is individually distinguishable from other payment proxy identifiers for other users, and (4) enables the payment service system to identify a financial account of a respective user in lieu of payment card mechanisms;
associating, by the payment service system, the first payment proxy identifier with a first financial account of the first user and the second payment proxy identifier with a second financial account of the second user;
receiving, by the payment service system, a message from the application executing on the second mobile device of the second user indicating a money transfer request from the second user for the second financial account to send funds to the first financial account, the message including a message body and the first payment proxy identifier in lieu of payment card mechanisms;
processing, by the payment service system, the money transfer request by initiating transfer of an amount of funds corresponding to the money transfer request from the second financial account to the first financial account; and
transmitting, by the payment service system, an email message to an email address for the first user, wherein the email message includes the message body and a statement that the first user has received the amount of funds corresponding to the money transfer request.

15. The method of claim 14 , wherein the processing of the money transfer request is triggered by the receiving the message indicating the money transfer request.

16. The method of claim 15 , wherein the processing of the money transfer request includes parsing the message indicating the money transfer request.

17. The method of claim 14 , wherein the currency indicator in each of the first and second payment proxy identifiers corresponds to a dollar sign.

18. The method of claim 17 , wherein each of the first and second payment proxy identifiers consists of the dollar sign prefixing a set of one or more alphanumeric characters.

19. The method of claim 14 , wherein at least one of the first user and the second user create an account login to utilize financial services by the payment service system.

20. The method of claim 19 , wherein the at least one of the first user and the second user links the financial account of the respective user to the payment service system.

21. The method of claim 20 , wherein the payment service system automatically registers the financial account and payment proxy identifier with the payment service system on behalf of the respective u

Assignees

• Block Inc

Inventors

• Grassadonia Brian
• Wilson Jesse

Classifications

• G06Q10/40

  Business processes related to social networking or social networking services · CPC title

• G06Q20/384

  using social networks · CPC title

• G06Q20/326

  Payment applications installed on the mobile devices · CPC title

• G06Q20/386

  using messaging services or messaging apps (using mobile network messaging services for payment, e.g. SMS G06Q20/3255) · CPC title

• G06Q20/0855 Primary

  involving a third party · CPC title