System and method for facilitating transferring funds
A method including receiving a request based on a sender initiating a funds transfer, wherein the funds transfer is for the sender to make a payment to a non-financial institution. The sender has a sender account at a sender financial institution. The method also can include obtaining sender identifying information from the sender. The method additionally can include sending at least a recipient public identifier and a payment amount for the payment to the sender financial institution to cause the sender financial institution to send a funds transfer request to a computer-implemented funds transfer network to initiate the payment from the sender account at the sender financial institution to a recipient account at a recipient financial institution. The funds transfer request does not include an account number of the recipient account. The computer-implemented funds transfer network is operated by an entity that is different from the recipient financial institution and the sender financial institution. Other embodiments are disclosed.
1. A system comprising:
one or more processors; and
one or more non-transitory computer-readable media storing computing instructions that, when executed on the one or more processors, cause the one or more processors to perform:
receiving a request based on a sender initiating a funds transfer, wherein the funds transfer is for the sender to make a payment to a non-financial institution, and wherein the sender has a sender account at a sender financial institution;
obtaining sender identifying information from the sender; and
sending at least a recipient public identifier and a payment amount for the payment to the sender financial institution to cause the sender financial institution to send a funds transfer request to a computer-implemented funds transfer network to initiate the payment from the sender account at the sender financial institution to a recipient account at a recipient financial institution,
wherein:
the funds transfer request does not include an account number of the recipient account;
the computer-implemented funds transfer network is operated by an entity that is different from the recipient financial institution and the sender financial institution;
the computer-implemented funds transfer network comprises a directory that maps the recipient public identifier to a recipient private identifier;
the recipient private identifier is embedded with information that identifies the recipient financial institution;
the computer-implemented funds transfer network is configured to send the recipient private identifier to the recipient financial institution to facilitate the payment from the sender account to the recipient account; and
the recipient private identifier is not shared with the sender.
2. The system of claim 1 , wherein:
the non-financial institution is a merchant that provides goods or services to the sender; and
the payment is authorized by the sender to pay for the goods or the services.
3. The system of claim 1 , wherein:
the request is received at the non-financial institution from the sender.
4. The system of claim 1 , wherein sending comprises:
sending the recipient public identifier and the payment amount for the payment directly through a public network to the sender financial institution.
5. The system of claim 1 , wherein the funds transfer is initiated by the sender on a user interface displayed on a sender device.
6. The system of claim 5 , wherein the user interface enables the sender to authorize the payment amount.
7. The system of claim 1 , wherein the payment is settled as part of a scheduled automated clearing house (ACH) batch reconciliation after the recipient financial institution makes funds for payment amount available to the recipient account.
8. The system of claim 1 , wherein the recipient public identifier comprises an email address or a phone number.
9. The system of claim 1 , wherein the account number of the recipient account is not shared with the sender or the sender financial institution.
10. The system of claim 1 , wherein:
the recipient private identifier is a unique identifier for the non-financial institution across a plurality of financial institutions that are members of the computer-implemented funds transfer network; and
the plurality of financial institutions comprise the sender financial institution and the recipient financial institution.
11. A method implemented on one or more processors, the method comprising:
receiving a request based on a sender initiating a funds transfer, wherein the funds transfer is for the sender to make a payment to a non-financial institution, and wherein the sender has a sender account at a sender financial institution;
obtaining sender identifying information from the sender; and
sending at least a recipient public identifier and a payment amount for the payment to the sender financial institution to cause the sender financial institution to send a funds transfer request to a computer-implemented funds transfer network to initiate the payment from the sender account at the sender financial institution to a recipient account at a recipient financial institution,
wherein:
the funds transfer request does not include an account number of the recipient account;
the computer-implemented funds transfer network is operated by an entity that is different from the recipient financial institution and the sender financial institution;
the computer-implemented funds transfer network comprises a directory that maps the recipient public identifier to a recipient private identifier;
the recipient private identifier is embedded with information that identifies the recipient financial institution;
the computer-implemented funds transfer network is configured to send the recipient private identifier to the recipient financial institution to facilitate the payment from the sender account to the recipient account; and
the recipient private identifier is not shared with the sender.
12. The method of claim 11 , wherein:
the non-financial institution is a merchant that provides goods or services to the sender; and
the payment is authorized by the sender to pay for the goods or the services.
13. The method of claim 11 , wherein:
the request is received at the non-financial institution from the sender.
14. The method of claim 11 , wherein sending comprises:
sending the recipient public identifier and the payment amount for the payment directly through a public network to the sender financial institution.
15. The method of claim 11 , wherein the funds transfer is initiated by the sender on a user interface displayed on a sender device.
16. The method of claim 15 , wherein the user interface enables the sender to authorize the payment amount.
17. The method of claim 11 , wherein the payment is settled as part of a scheduled automated clearing house (ACH) batch reconciliation after the recipient financial institution makes funds for payment amount available to the recipient account.
18. The method of claim 11 , wherein the recipient public identifier comprises an email address or a phone number.
19. The method of claim 11 , wherein the account number of the recipient account is not shared with the sender or the sender financial institution.
20. The method of claim 11 , wherein:
the recipient private identifier is a unique identifier for the non-financial institution across a plurality of financial institutions that are members of the computer-implemented funds transfer network; and
the plurality of financial institutions comprise the sender financial institution and the recipient financial institution.