Systems and methods for fund transfers

• US 10,430,788 B2
• Filed: 08/06/2015
• Issued: 10/01/2019
• Est. Priority Date: 08/06/2015
• Status: Active Grant

• Current Assignee: Green Dot Corporation
• Original Assignee: Green Dot Corporation
• Inventors: Driggs, Gary Taylor, Gullett, David, Mao, Helena, Park, Calvin, Ramamurthy, Vijay, Wang, Jeffrey
• Primary Examiner(s): Masud, Rokib
• Application Number:
  US14/820,333
• Publication Number:
  US 20170039551A1
• Time in Patent Office: 1,517 Days
• Field of Search: 705 17, 705 26
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/387 Payment using discounts or coupons relating to marketing G06Q30/02

Abstract

Turning now to the drawings, systems and methods for transferring funds in accordance with embodiments of the invention are illustrated. In one embodiment, a method for conducting peer-to-peer transfers includes obtaining a cash-out request data using a fund transfer server system, wherein the cash-out request data includes target account data and fund data, the target account data includes metadata identifying a consumer account and specifies an account to which funds will be provided, and the fund data describes the funds to be provided in response to redeeming the cash-out request, generating a cash-out code based on cash-out request data using the fund transfer server system, providing the cash-out code using the fund transfer server system, obtaining cash-out code redemption data using the fund transfer server system, wherein the cash-out code redemption data identifies the provided cash-out code, and transmitting a request to provide the funds described by the fund data.

Claims

1. A method for conducting peer-to-peer transfers, comprising:

obtaining a cash-out request data using a fund transfer server system,

wherein the fund transfer server system comprises a processor and a memory coupled to the processor;

generating a cash-out code based on the cash-out request data using the fund transfer server system,

wherein the cash-out request data comprises fund data and target account data,

wherein the fund data comprises identification data associated with the cash-out request data and metadata describing funds to be provided in response to redeeming a cash-out request, and

wherein the target account data comprises metadata identifying a consumer account and specifies an account to which funds will be provided;

providing the cash-out code to a client device associated with the target account data using the fund transfer server system;

obtaining cash-out code redemption data from the client device associated with the target account data using the fund transfer server system, wherein the cash-out code redemption data identifies the provided cash-out code;

verifying the cash-out request data using the fund transfer server system, wherein the verification is based on the cash-out code identified by the cash-out request data, wherein the cash-out code includes the fund data and target account data; and

transmitting a request to provide the funds described by the fund data using the fund transfer server system.

2. The method of claim 1, further comprising:

obtaining cash-in request data using the fund transfer server system, where the cash-in request data comprises metadata identifying a target account and fund data describing the funds associated with the cash-in request;

transmitting the funds to an internal funding account using the fund transfer server system; and

generating the cash-out request data based on the cash-in request data using the fund transfer server system.

3. The method of claim 1, further comprising:

obtaining verification data using the fund transfer server system, wherein verification data comprises a set of verification factors;

generating a set of scores based on the set of verification factors using the fund transfer server system; and

wherein the verifying step is further based on the set of scores using the fund transfer server system.

4. The method of claim 3, further comprising performing fraud detection by:

obtaining verification data using the fund transfer server system, wherein the verification data comprises a set of fraud detection factors;

generating a set of scores based on the set of fraud detection factors using the fund transfer server system;

calculating a fraud score based on the set of scores using the fund transfer server system; and

determining if the cash-out code is fraudulent by comparing the fraud score to a threshold score using the fund transfer server system.

5. The method of claim 1, further comprising identifying the target account by:

querying a generated code database based on the cash-out code using the fund transfer server system;

retrieving metadata associated with the cash-out code from a generated code database using the fund transfer server system; and

comparing the retrieved metadata with the cash-out code redemption data using the fund transfer server system.

6. The method of claim 1, further comprising transmitting notification data to the client device using the fund transfer server system, wherein the notification data can be utilized to display details regarding the cash-out request data using the client device.

7. The method of claim 6, wherein the client device is associated with the identified consumer account.

8. The method of claim 1, further comprising displaying the cash-out code using the client device associated with the consumer account.

9. The method of claim 8, wherein:

the displayed cash-out code is provided to a point of sale terminal using the client device; and

the cash-out code causes the point of sale terminal to provide the funds identified in the cash-out code to be provided by the point of sale terminal in response to the presentation of the cash-out code.

10. The method of claim 9, wherein:

the cash-out code further comprises metadata identifying when the cash-out code is displayed and a time period in which the cash-out code is valid; and

when the cash-out code is provided to the point of sale terminal within the time period, providing the funds using the point of sale terminal.

11. A fund transfer server system, comprising:

a processor; and

a memory coupled to the processor and storing a fund transfer application;

wherein the fund transfer application directs the processor to;

obtain a cash-out request data;

generate a cash-out code based on the cash-out request data, wherein the cash-out request data comprises fund data and target account data, wherein the fund data comprises identification data,

associated with the cash-out request data and metadata describing funds to be provided in response to redeeming a cash-out request, and

wherein the target account data comprises metadata identifying a consumer account and specifies an account to which funds will be provided;

provide the cash-out code to a client device associated with the target account data;

obtain cash-out code redemption data from the client device associated with the target account data, wherein the cash-out code redemption data identifies the provided cash-out code;

verify the cash-out request data using the fund transfer server system, wherein the verification is based on the cash-out code identified by the cash-out request data, wherein the cash-out code includes the fund data and target account data; and

transmit a request to provide the funds described by the fund data.

12. The fund transfer server system of claim 11, wherein the fund transfer application further directs the processor to:

obtain cash-in request data comprising metadata identifying a target account and fund data describing the funds associated with the cash-in request;

transmit the funds to an internal funding account; and

generate the cash-out request data based on the cash-in request data.

13. The fund transfer server system of claim 11, wherein the transfer application further directs the processor to:

obtain verification data comprising a set of verification factors;

generate a set of scores based on the set of verification factors; and

wherein the verifying step is further based on the set of scores.

14. The fund transfer server system of claim 13, wherein the fund transfer application further directs the processor to perform fraud detection by:

obtaining verification data comprising a set of fraud detection factors;

generating a set of scores based on the set of fraud detection factors;

calculating a fraud score based on the set of scores; and

determining if the cash-out code is fraudulent by comparing the fraud score to a threshold score.

15. The fund transfer server system of claim 11, wherein the fund transfer application further directs the processor to identify the target account by:

querying a generated code database based on the cash-out code;

retrieving metadata associated with the cash-out code from a generated code database; and

comparing the retrieved metadata with the cash-out code redemption data.

16. The fund transfer server system of claim 11, wherein:

the fund transfer application further directs the processor to transmit notification data to a client device; and

the notification data can be utilized to display details regarding the cash-out request data using the client device.

17. The fund transfer server system of claim 16, wherein the client device is associated with the identified consumer account.

18. The fund transfer server system of claim 11, wherein the fund transfer application further directs the processor to display the cash-out code using a client device associated with the consumer account.

19. The fund transfer server system of claim 18, wherein:

the displayed cash-out code is provided to a point of sale terminal using the client device; and

the cash-out code causes the point of sale terminal to provide the funds identified in the cash-out code to be provided by the point of sale terminal in response to the presentation of the cash-out code.

20. The fund transfer server system of claim 19, wherein:

the cash-out code further comprises metadata identifying when the cash-out code is displayed and a time period in which the cash-out code is valid; and

when the cash-out code is provided to the point of sale terminal within the time period, providing the funds using the point of sale terminal.