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1. (WO2002007059) WEB-BASED ACCOUNT MANAGEMENT

Pub. No.:    WO/2002/007059    International Application No.:    PCT/US2001/041335
Publication Date: Jan 24, 2002 International Filing Date: Jul 11, 2001
IPC: G06Q 30/00
G06Q 40/00
Applicants: EDEPOSIT CORPORATION
Inventors: UNDERSTEIN, Norman
Title: WEB-BASED ACCOUNT MANAGEMENT
Abstract:
A system and method for qualifying a participant over a global network for an auction or other e-commerce transaction helps to significantly reduce or eliminate Internet commerce fraud. An auction site, for example, enlists the system to maintain funding accounts for prospective participants. When a bid is placed of a transaction is entered (S1), the funds are reserved in the funding account including funds for a deposit if required (S2). In the case of an auction, in the event that a bidder is not the high bidder, the reserved funds are released (S12). At completion of the transaction, the funds may be transferred from the funding account to the seller, and the holds are released (S14). A balance in the funding account can be established according to funds deposited in the account in an interest-bearing account or via a line of credit issued from a bank card issuing company or the like.