US 7,321,875 B2
Method and apparatus for implementing financial transactions
Venkatachari Dilip, Cupertino, Calif. (US); and Sanjeev Dheer, Scarsdale, N.Y. (US)
Assigned to CashEdge, Inc., New York, N.Y. (US)
Filed on Jan. 25, 2007, as Appl. No. 11/698,702.
Application 11/698702 is a division of application No. 09/665919, filed on Sep. 20, 2000.
Prior Publication US 2007/0136168 A1, Jun. 14, 2007
Int. Cl. G06Q 40/00 (2006.01)
U.S. Cl. 705—37 8 Claims
OG exemplary drawing
 
1. A method for executing a funds transfer transaction in response to a user input, the method comprising:
receiving an electronic funds transfer request from the user comprising an identification of a source account, an identification of a destination account, and a transfer amount;
in a first transaction, a third-party financial management system executing a debit transaction from the source account at a first financial institution, comprising withdrawing funds from the source account, wherein the source account is owned by the user, the third party system having no financial relationship with the user, and depositing the funds from the debit transaction in an intermediate account, wherein the intermediate account is not owned by the user; and
in a second transaction, the third-party system executing a debit transaction to withdraw the funds from the intermediate account, and depositing the funds in a second account owned by the user at the second financial institution, wherein the amount of funds deposited equals the transfer amount, and wherein the third-party system is independent from the first financial institution and the second financial institution, and wherein the third-party system communicates with the first financial institution and the second financial institution via a network.