Abstract: An electronic transaction system interacts directly with the purchaser's bank accounts to effect funds transfers from a purchaser's bank account to a vendor's bank account. The system receives an identification of the vendor, and the amount to be transferred, and proceeds to prompt the purchaser for the purchaser's bank access information. The system accesses the purchaser's banking system, and displays the balances in the purchaser's accounts. The purchaser selects the appropriate account, and the transaction system executes an electronic transfer request to transfer the funds from the selected account to the vendor's bank account and provides a payment confirmation to the vendor. Throughout this process, the vendor has no access to the purchaser's banking information.

Abstract: An electronic transaction system interacts directly with the purchaser's bank accounts to effect funds transfers from a purchaser's bank account to a vendor's bank account. The transaction system is enabled when the purchaser selects this payment option on the vendor's website. The system receives an identification of the vendor, and the amount to be transferred, and proceeds to prompt the purchaser for the purchaser's bank access information. With this information, the system accesses the purchaser's bank account(s) and displays the accounts that are eligible for the contemplated transaction. When the purchaser selects the appropriate account, an electronic transfer request is generated to effect the transfer from the purchaser's selected account to the vendor's bank account. The provider of the transaction system does not maintain financial accounts for either the purchaser or the vendor, and thus the overhead required to operate this transaction system is minimal.