Prefunding for money transfer send transactions

• US 10,402,795 B2
• Filed: 01/05/2012
• Issued: 09/03/2019
• Est. Priority Date: 01/05/2012
• Status: Active Grant

• Current Assignee: MoneyGram International Incorporated
• Original Assignee: MoneyGram International Incorporated
• Inventors: Nardone, Lorenzo, Buswell, Shaun
• Primary Examiner(s): Liu, I Jung
• Application Number:
  US13/344,175
• Publication Number:
  US 20130179334A1
• Time in Patent Office: 2,798 Days
• CPC Class Codes: G06Q 10/00 Administration; Management
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A computer is configured to facilitate prefunding a number of money transfer transaction fees. Each prefunded money transfer transaction fee is usable to pay for a transaction fee associated with a future money transfer send transaction. The computer is further configured to charge an amount for each prefunded money transfer transaction fee based on the number of money transfer transaction fees prefunded. A server connected to the computer is configured to store information related to the prefunded money transfer transaction fees.

Claims

1. A method for operating a computer system for sending money transfers, the method comprising:

providing, an interface of the computer system, the interface being configured to receive requests to prefund future money transfers and prefund a plurality of money transfer transaction fees;

receiving, via the interface of the computer system, information about the future money transfers including an amount of each of the future money transfers;

receiving a request, via the interface of the computer system, to prefund the future money transfers, wherein the request is received during a transaction separate from each of the future money transfers;

receiving a request, via the interface of the computer system, to prefund the plurality of money transfer transaction fees associated with one or more of the future money transfers, wherein the request is received during a transaction separate from the future money transfers to which the plurality of money transfer transaction fees are to be applied;

receiving, via the interface of the computer system, information representative of send locations and destination locations for each of the future money transfers, and determining an exchange rate for each of the future money transfers based on the received send locations and the received destination locations when a received send location for a future money transfer has a different currency than a received destination location for the future money transfer;

receiving, from the computer system, rules to determine a total discount for the plurality of money transfer transaction fees based on how many of the plurality of money transfer transaction fees are to be prefunded, wherein the total discount comprises (a) a transaction fee discount for prefunding the money transaction fees, wherein the transaction fee discount increases as the plurality of money transfer transaction fees to be prefunded increases by an incremental number up to a maximum discount and (b) a money transfer discount for prefunding the future money transfers, wherein the money transfer discount is added to the transaction fee discount;

calculating, on the computer system, an amount of funds to be charged for the future money transfers and the plurality of money transfer transaction fees based on the amount of each of the future money transfer, how many of the plurality of money transfer transaction fees are to be prefunded, and the total discount;

presenting, on the interface of the computer system, the calculated amount of funds to be charged for the future money transfers and the plurality of money transfer transaction fees, wherein the calculated amount is presented on the interface during a transaction separate from the future money transfers to which the calculated amount of funds are to be applied;

receiving, via the interface of the computer system, information representative of receipt of funds for the future money transfers, wherein the information representative of the receipt of funds is received during a transaction separate from the future money transfers to which the receipt of funds are to be applied;

receiving, via the interface of the computer system, information representative of receipt of funds for the plurality of money transfer transaction fees;

locking, by the computer system, the exchange rates for the future money transfers in response to receiving the funds for the plurality of money transfer transaction fees, wherein the locked exchange rates apply to the prefunded future money transfers to which the plurality of money transfer transaction fees apply;

associating, by the computer system, an expiration date with the locked exchange rate for each of the prefunded future money transfers, wherein an exchange rate associated with a prefunded future money transfer reverts from the locked exchange rate to a current exchange rate after the expiration date;

storing, on the computer system, confirmation information of the prefunded future money transfers and the prefunded money transfer transaction fees;

providing, on the interface of the computer system, the confirmation information of the prefunded future money transfers and the prefunded money transfer transaction fees;

receiving a request, via the interface of the computer system, for a money transfer transaction, wherein the request is received after the transaction that includes storing confirmation information of the prefunded future money transfers and the prefunded money transfer transaction fees;

confirming, by the computer system, the amount of the prefunded money transfer transaction fee is sufficient for the money transfer transaction;

applying, by the computer system, prefunded money transfer funds to (a) the money transfer transaction and (b) a money transfer transaction fee associated with the money transfer transaction;

applying, by the computer system, a locked exchange rate to the money transfer transaction when a date of the received request for the money transfer transaction is on or before the expiration date; and

applying, by the computer system, a current exchange rate to the money transfer transaction when a date of the received request for the money transfer transaction is after the expiration date.

2. The method of claim 1, wherein storing confirmation information of the prefunded money transfers includes storing a send date, a prefunded amount, and recipient information for said each money transfer.

4. The method of claim 1 and further comprising:

presenting prompts on the interface of the computer system, the prompts including a request for customer identification and recipient identification information; and

storing, at the computer system, information received in response to the prompts.

3. A computer system for sending money transfers, the computer system comprising:

an interface configured to;

receive information about future money transfers including an amount of each of the future money transfers;

receive a request to prefund the future money transfers, wherein the request is received during a transaction separate from each of the future money transfers;

receive a request to prefund a plurality of money transfer transaction fees associated with one or more of the future money transfers, wherein the request is received during a transaction separate from the future money transfers to which the plurality of money transfer transaction fees are to be applied;

receive information representative of send locations and destination locations for each of the future money transfers, and determining an exchange rate for each of the future money transfers based on the received send locations and the received destination locations when a received send location for a future money transfer has a different currency than a received destination location for the future money transfer;

a processor configured to;

determine a total discount for the plurality of money transfer transaction fees based on how many of the plurality of money transfer transaction fees are to be prefunded, wherein the total discount comprises (a) a transaction fee discount for prefunding the money transaction fees, wherein the transaction fee discount increases as the plurality of money transfer transaction fees to be prefunded increases by an incremental number up to a maximum discount and (b) a money transfer discount for prefunding the future money transfers, wherein the money transfer discount is added to the transaction fee discount;

calculate on the computer system an amount of funds to be charged for the future money transfers and the plurality of money transfer transaction fees based on the amount of each of the future money transfers, how many of the plurality of money transfer transaction fees are to be prefunded, and the total discount;

send to the interface the calculated amount of funds to be charged for the future money transfers and the plurality of money transfer transaction fees, wherein the calculated amount is presented on the interface during a transaction separate from the future money transfers to which the calculated amount of funds are to be applied;

receive from the interface information representative of receipt of funds for the future money transfers, wherein the information representative of the receipt of funds is received during a transaction separate from the future money transfers to which the receipt of funds are to be applied;

receive from the interface information representative of receipt of funds for the plurality of money transfer transaction fees;

lock the exchange rates for the future money transfers in response to receiving the funds for the plurality of money transfer transaction fees, wherein the locked exchange rates apply to the prefunded future money transfers to which the plurality of money transfer transaction fees apply;

associate an expiration date with the locked exchange rate for each of the prefunded future money transfers, wherein an exchange rate associated with a prefunded future money transfer reverts from the locked exchange rate to a current exchange rate after the expiration date;

store confirmation information of the prefunded future money transfers and the prefunded money transfer transaction fees;

provide to the interface the confirmation information of the prefunded future money transfers and the prefunded money transfer transaction fees;

receive from the interface a request for a money transfer transaction, wherein the request is received after the transaction that includes storing the confirmation information of the prefunded future money transfers and the prefunded money transfer transaction fees;

confirm the amount of the prefunded money transfer transaction fee is sufficient for the money transfer transaction;

apply prefunded money transfer funds to (a) the money transfer transaction and (b) a money transfer transaction fee associated with the money transfer transaction;

apply a locked exchange rate to the money transfer transaction when a date of the received request for the money transfer transaction is on or before the expiration date; and

apply a current exchange rate to the money transfer transaction when a date of the received request for the money transfer transaction is after the expiration date.

5. The computer system of claim 3, wherein the processor is further configured to:

send prompts to the interface, the prompts including a request for customer identification and recipient identification information; and

store at the information received in response to the prompts.

6. The computer system of claim 3, wherein to store the confirmation information, the processor is configured to store a send date, a prefunded amount, and recipient information for each prefunded money transfer.