AN ELECTRONIC FUNDS TRANSFER SYSTEM USING CREDIT CARD SETTLEMENT AND FINANCIAL NETWORK INFRASTRUCTURE

摘要

An apparatus and method of effecting an electronic transfer of funds between a payer account and a payee account wherein the payer account and the payee account are each held at a financial institution that is a member of a financial settlement network. A payer (10) transmits a purchase order (200) to a payee (102) via a business hub (103), which purchase order identifies the payer. The payee, in response to receipt of the purchase order, transmits an invoice (201) to the payer via the business hub, which invoice identifies the payee account for crediting funds for the purchase. The payer, in response to receipt of the invoice and subsequent to approval of the purchase, transmits a secured payment instruction (202) to a payment gateway (104), which payment instruction identifies the payer account for debiting. The payment gateway, in response to receipt of the secured payment instruction and subsequent to ensuring authenticity (203) of the payment instruction, creates a payment request message (204) for the payer's financial institution (106) and passes the payment request to the settlement network (105). The payment gateway (104), in response to a payment authorisation message (205) from the payer's financial institution, notifies payment approval (206). The financial settlement network (105) facilitates settlement (209) of the transfer on a net basis between the payer's financial institution and the payee's financial institution.