Inventors:
Joseph A. Giordano - Waxhaw NC, US
Christopher R. Griggs - Hickory NC, US
Hitesh Bajaj - Charlotte NC, US
Douglas G. Brown - Waxhaw NC, US
Jade M. Vo-Dinh - Charlotte NC, US
Assignee:
BANK OF AMERICA CORPORATION - Charlotte NC
International Classification:
G06Q 40/00
Abstract:
Embodiments of the invention provide a system and method for using aliases, such as mobile telephone numbers, email addresses, and social networking identifications, to identify a payment recipient's account involved in a payment transaction. Some embodiments of the method include: (1) receiving a payment request from a payment sender via a communication from a remote device, where the payment request includes an alias, and where the alias is not an account number; (2) using a processor to identify a payment recipient's financial account based at least partially on the alias; and (3) transferring funds from the payment sender's account to the payment recipient's account. Identifying the payment recipient's financial account based on the alias may include accessing a memory device having a data repository stored therein that maps each of a plurality of aliases back to a financial account number, and then using the data repository in combination with the alias to identify the payment recipient's financial account number.