Centralized Account Payment Model is a popular payment system on the internet. In this both the payer (buyer) and the payee (merchant) hold accounts at the same centralized on-line financial institution. Over 20 payment systems use this approach e.g., PayPal, E-gold, Billpoint, Cybergold, Yahoo! Pay Direct, Amazon.com Payments etc.
On-line opening/funding of one’s account is done in a centralized bank using credit/debit card or prepaid cards. To make payment an account holder is authenticated using an account identifier and a password, account identifier of the payee and the payment amount. All communication between the user and the bank is protected using SSL (Secure Socket Layer), which is an encryption based protocol.
The chosen account identifier or the account ID is the one which is unique within the system against which the funds are lying in the online bank. Normally, the unique email addresses of the users are chosen as account identifiers. Payees are notified by email of the payment which they can confirm by viewing their account using SSL. A payee must open an account with the online centralized bank to receive the amount in case there is no such account already. In some payment systems which use this approach a question may be sent to the payee to verify his identity where the payer is not sure of that. For instance, Yahoo Paydirect allows a payer-specified question to be sent to the so called email of the payee. If the payer accepts the answer as proof of the correct identity of the payee the money is transferred otherwise the transaction is cancelled. The centralized bank (depending upon its policy) charges a transaction fees either from the payer, or payee or both on funding an account or withdrawing funds from an account or receiving payments by the payee/merchant. This payment model requires that all participants must have their account with the same central payment system/bank. Note that the payee can eventually withdraw the money received in his account in the centralized bank through Automated Clearing House (ACH).
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