METHOD AND APPARATUS FOR INITIATING A FUNDS TRANSFER USING A MOBILE DEVICE

摘要

The invention is directed to a method and apparatus for initiating an electronic funds transfer. The system includes a first mobile device, a payment engine, and a payment repository. The first mobile device includes functionality to display a notification of a sales transaction, obtain an authorization from the consumer to the electronic funds transfer based on the notification, instantiate a transfer entry form to obtain a transfer entry package, vhere the transfer entry package comprises the notification, a verification of the authorization, and consumer financial account information. The payment engine is operatively connected to the first mobile device and includes functionality to transmit the notification to the consumer of a sales transaction, generate the transfer entry form basec on the authorization, and transmit the transfer entry package to a depository financial institution. The payment repository is operatively connected to the payment engine and includes functionality to store a record of the transfer entry package and the authorization.