Topic
Payment order
About: Payment order is a research topic. Over the lifetime, 1566 publications have been published within this topic receiving 36764 citations.
Papers published on a yearly basis
1 / 2
Papers
Patent•
18 Oct 1994
TL;DR: In this paper, the authors present a bill pay system where participating consumers (12) pay bills (30) to participating billers (14) through a payment network (102) operating according to preset rules (104).
Abstract: A bill pay system (figure 4) wherein participating consumers (12) pay bills (30) to participating billers (14) through a payment network (102) operating according to preset rules (104). The participating consumers (12) receive bills (3) from participating billers (14) (paper/mail bills, e-mail notices, implied bills for automatic debts) which indicate an amount, and a unique biller identification number (120). To authorize a remittance, a consumer (12) transmits (2) to its participating bank (16) a bill pay order (122) indicating a payment date, a payment amount, the consumer's account number with the biller (14), a source of funds (232) and the biller's (14) biller identification number, either directly or by reference to static data containing those data elements. Bank C (16) then submits a payment message (124) to a payment network (102), and the payment network (102), which assigns the biller reference numbers, forwards (268) the payment message to the biller's bank (18). For settlement, the consumer's bank (16) debits the consumer's (12) account and is obligated to a net position with the payment network (102); likewise, the biller's bank (18) receives a net position from the payment network (102) and credits the biller's bank account (268). If the consumer's bank (16) agrees to send non-reversible payment messages (124), the consumer's bank (16) does not submit the transaction until funds are good unless the consumer's bank (16) is willing to take the risk of loss if funds are not good, in the case of a guaranteed payment network (102).
1,420 citations
Patent•
8 Apr 1996TL;DR: In this article, an electronic instrument (74) is created in a computer-based method for effecting a transfer of funds from an account of a payer (12) in a funds-holding institution to a payee (14).
Abstract: An electronic instrument (74) is created in a computer-based method for effecting a transfer of funds from an account of a payer (12) in a funds-holding institution to a payee (14). The electronic instrument includes an electronic signature of the payer (126), digital representations of payment instructions, the identity of the payer, the identity of the payee, and the identity of the funds-holding institution. A digital representation (160) of a verifiable certificate by the institution of the authenticity of the instrument is appended to the instrument. This enables a party receiving the instrument, e.g., the payee or a bank, to verify the authenticity of the account or account holder. The invention may be generally applied to any financial electronic document.
1,040 citations
Patent•
13 Dec 1994
TL;DR: In this paper, a complete system for the purchasing of goods or information over a computer network is presented, where a network payment system performs payment order authorization in a network with untrusted switching, transmission, and host components.
Abstract: A complete system for the purchasing of goods or information over a computer network is presented. Merchant computers on the network maintain databases of digital advertisements that are accessed by buyer computers. In response to user inquiries, buyer computers retrieve and display digital advertisements from merchant computers. A digital advertisement can further include a program that is interpreted by a buyer's computer. The buyer computers include a means for a user to purchase the product described by a digital advertisement. If a user has not specified a means of payment at the time of purchase, it can be requested after a purchase transaction is initiated. A network payment system performs payment order authorization in a network with untrusted switching, transmission, and host components. Payment orders are backed by accounts in an external financial system network, and the payment system obtains account authorizations from this external network in real-time. Payment orders are signed with authenticators that can be based on any combination of a secret function of the payment order parameters, a single-use transaction identifier, or a specified network address.
1,038 citations
Patent•
1 Oct 1997
TL;DR: In this paper, a customer obtains an authenticated quote from a specific merchant, the quote including a specification of goods and a payment amount for those goods, and forwards a portion of the payment advice to the specific merchant.
Abstract: A method of payment in an electronic payment system wherein a plurality of customers have accounts with an agent. A customer obtains an authenticated quote from a specific merchant, the quote including a specification of goods and a payment amount for those goods. The customer sends to the agent a single communication including a request for payment of the payment amount to the specific merchant and a unique identification of the customer. The agent issues to the customer an authenticated payment advice based only on the single communication and secret shared between the customer and the agent and status information which the agent knows about the merchant and/or the customer. The customer forwards a portion of the payment advice to the specific merchant. The specific merchant provides the goods to the customer in response to receiving the portion of the payment advice.
734 citations
Patent•
1 Mar 2001
TL;DR: In this paper, a method, system, and computer readable medium for managing a financial transaction of a user at a merchant, including authenticating the user via a device of the user while the user is at the merchant, is presented.
Abstract: A method, system, and computer readable medium for managing a financial transaction of a user at a merchant, including authenticating the user via a device of the user while the user is at the merchant; transmitting activation information for activating a reusable, pre-existing, unaltered and permanent credit or debit card account number of the user from the user device to a financial institution for processing financial transactions, while the user is authenticated; submitting a payment request including the account number to the financial institution from the merchant, while the account number is activated; and de-activating the account number after the payment request is processed by the financial institution. The financial institution only accepts and processes payment requests received from merchants while the account number is activated, and the financial institution declines payment requests while the account number is de-activated.
645 citations
Related Topics (5)
Performance Metrics
| Year | Papers |
|---|---|
| 2025 | 1 |
| 2024 | 1 |
| 2023 | 6 |
| 2022 | 12 |
| 2021 | 1 |
| 2020 | 14 |