Risk management in an expeditious funds-holder payor...

Details Risk management in an expeditious funds-holder payor... Risk management in an expeditious funds-holder payor...

G - Physics

06

Q

G06Q 20/00 (2006.01) H04L 9/32 (2006.01) H04L 12/16 (2006.01)

Patent

CA 2497990

A method and system for enables expeditious transfer of funds electronically to an end merchant substantially instantaneously upon the request of a new payor or client. An intermediary service having a server in communication with an automated clearinghouse system and having a client interface provides an online account for transfer of at least a permitted portion of requested funds to the merchant account of a participating end merchant at the request of a payor client. The intermediary verifies the client's identify through a series of authenticating questions including those verifying non-financial information for establishing the client's authorization to access the client's source account for settlement of the transferred funds. In another embodiment, a merchant indemnification system provides further financial security for the end merchant.

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