US 11,704,668 B1
Funds transfer authentication
Mohammed Arif, Raichur (IN); Sajeev Philip, Bangalore (IN); Shanmukeswara Rao Donkada, Hyderabad (IN); Ramanathan Ramanathan, Bellevue, WA (US); Jayasree Iyer, Bengaluru (IN); Mathewbabu Edappilly Antony, Bangalore (IN); Rameshchandra Bhaskar Ketharaju, Hyderabad (IN); Amit Tripathi, Bangalore (IN); Arun Raj, Bangalore (IN); and Poornima Mahabeleshwarappa, Bangalore (IN)
Assigned to Wells Fargo Bank, N.A., San Francisco, CA (US)
Filed by Wells Fargo Bank, N.A., San Francisco, CA (US)
Filed on Jan. 20, 2022, as Appl. No. 17/579,978.
Application 17/579,978 is a continuation of application No. 16/170,930, filed on Oct. 25, 2018, granted, now 11,263,631.
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 20/40 (2012.01); G06Q 20/32 (2012.01); G06Q 50/00 (2012.01)
CPC G06Q 20/4014 (2013.01) [G06Q 20/3223 (2013.01); G06Q 50/01 (2013.01)] 14 Claims
OG exemplary drawing
 
1. A method, comprising:
receiving, by a financial institution system, a transfer request to electronically transfer funds from a payer to a payee, wherein the transfer request identifies the payer, the payee, and an amount to transfer;
authenticating the payer and the payee, the authenticating comprising:
opening a communication session between the payer and the payee, wherein the communication session connects a payer device and a payee device, wherein opening the communication session comprises:
confirming, by the financial institution system, that the payer and the payee are associated on a social network platform before opening the communication session,
connecting the payer and the payee on the communication session over the social network platform based on the confirmation,
generating and sending, by the financial institution system, a time-limited payee one time passcode (OTP) to the payee over a messaging service of the social network platform, wherein the time-limited payee OTP includes a first time limit,
receiving, by the financial institution system, the time-limited payee OTP within the first time limit from the payee device, wherein the payee is authenticated upon receiving the time-limited payee OTP from the payee device,
generating and sending a time-limited payer OTP from the financial institution system to the payer over the messaging service of the social network platform, and
receiving the time-limited payer OTP within a second time limit from the payer device, wherein the time-limited payer OTP and the time-limited payee OTP are sent simultaneously to the payer and the payee;
electronically transferring the funds from the payer to the payee based on receiving the time-limited payee OTP from the payee device; and
updating a distributed ledger to reflect the transfer of the funds from the payer to the payee.