PAYMENT IDENTIFICATION CODE AND PAYMENT SYSTEM USING THE SAME
A method comprises receiving a payment instruction including a payment system routing number and a unique code associated with a payee, and employing the routing number to determine whether it includes routing information for a specific financial institution. If so, then the payment instruction is transmitted based on the routing number. The transmitted payment instruction includes the unique code associated with the payee. If the routing number is determined to not include routing information for a specific financial institution, then account identification information of the payee and a first system routing number are retrieved based on the unique code, and the unique code included in the payment instruction is replaced with the retrieved account identification information, and the routing number is replaced with the retrieved first system routing number. The payment instruction with the account identification information is transmitted to the payee and/or a financial institution associated with the payee.
1 . A secure electronic payment method for effecting electronic payment between an originator's account and a beneficiary's account, safeguarding banking and account information, while utilizing existing payment systems, said method comprising the steps of:
generating a system routing number and a payment identification code (PIC) relating to the beneficiary's account information;
distributing a list of payment identification codes to the existing payment system and financial institutions owning the account related to the payment identification codes on the list;
the originator receiving a system routing number and the beneficiary's PIC number;
the originator communicating a payment instruction to a financial institution of the originator, wherein the payment instruction includes the system routing number beneficiary's payment identification code;
the originator's financial institution receiving the payment instruction from the originator, wherein if the received PIC matches the originator's financial institution internal list of PICs, the originator's financial institution performs an “on us” transaction;
transmitting payment instruction to an existing payment system in a case when the received PIC does not match originator's financial institution internal list of PICs;
the existing payment system validating the received PIC against a PIC database, wherein if the PIC is invalid, the payment instruction is returned to originator's financial institution;
converting the PIC and system routing number to a receiving payment instruction in a case when the PIC is a valid PIC, wherein the receiving payment instruction includes the beneficiary's financial institution's routing number and the beneficiary's account number;
the existing payment system transmitting the receiving payment instruction to a financial institution of the beneficiary;
the beneficiary's financial institution crediting the beneficiary's account if no problem exists, and otherwise returning a receiving payment instruction to the existing payment system; and
upon receipt of the returned receiving payment instruction by the existing payment system, the existing payment system translating the receiving payment instruction into the payment instruction prior to transmitting the payment instruction back to originator's financial institution,
wherein the payment identification code is unique to each beneficiary's account.
2 - 15 . (canceled)