System and method for rapidly and securely transferring funds electronically between two points

• US 20020195486A1
• Filed: 08/26/2002
• Published: 12/26/2002
• Est. Priority Date: 08/04/1999
• Status: Abandoned Application

• Current Assignee: RapidMoney Corp.
• Original Assignee: RapidMoney Corp.
• Inventors: Casey, Michael, Erb, Guy F., Schick, John, Thams, Kurt
• Application Number:
  US10/227,705
• Publication Number:
  US 20020195486A1
• Time in Patent Office: Days
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems

Abstract

A system and method for rapidly and securely transferring funds electronically between two points comprises a server coupled to a network. The server contains software that receives an initiation funds transfer request from a first terminal via a network; generates a transaction number; stores the transaction number and data associated with the initiation funds transfer request in a memory location of the server; sends the transaction number to the first terminal via the network; receives a completion funds transfer request from a second terminal via the network; confirms that the completion funds transfer request is valid; updates the memory location to indicate that the funds transfer is complete; and sends a confirmation notice, which includes an amount of funds to dispense, to the second terminal via the network.

Claims

1. A method for electronically transferring a value of funds from a first location to a second location, comprising:

receiving an initiation funds transfer request from a first terminal via a network;

generating a transaction number;

storing the transaction number and data associated with the initiation funds transfer request in a memory location of a server;

sending the transaction number via the network to the first terminal;

receiving a completion funds transfer request from a second terminal via the network;

confirming that the completion funds transfer request is valid;

sending a confirmation notice, which includes an amount of funds to dispense, via the network to the second terminal;

transferring the funds to the second terminal; and

updating the memory location to indicate that the funds transfer is complete.

2. The method of claim 1 wherein the network is the internet.

3. The method of claim 2 wherein the initiation funds transfer request comprises a transfer-card ID, a machine ID, an agency ID, an amount of money collected, and a recipient'"'"'s country.

4. The method of claim 3 further comprising the steps of:

determining if a currency conversion calculation is required in order to complete the funds transfer; and

calculating a currency conversion if required.

5. The method of claim 4 wherein the initiation funds transfer request further comprises an agent ID and an agent PIN.

6. The method of claim 5 wherein the step of confirming comprises determining if the transfer-card ID is valid and if the agent ID and agent PIN match records stored in the server.

7. The method of claim 6 wherein the completion funds transfer request comprises the transaction number and the transfer-card ID.

8. A computer-readable medium for storing instructions for enabling a computer to electronically transfer a value of funds from a first location to a second location, comprising:

receiving an initiation funds transfer request from a first terminal via a network;

generating a transaction number;

storing the transaction number and data associated with the initiation funds transfer request in a memory location of a server;

sending the transaction number via the network to the first terminal;

receiving a completion funds transfer request from a second terminal via the network;

confirming that the completion funds transfer request is valid;

sending a confirmation notice, which includes an amount of funds to dispense, via the network to the second terminal;

transferring the funds to the second terminal; and

updating the memory location to indicate that the funds transfer is complete.

9. The computer-readable medium of claim 8 wherein the network is the Internet.

10. The computer-readable medium of claim 9 wherein the initiation funds transfer request comprises a transfer-card ID, a machine ID, an agency ID, an amount of money collected, and a recipient'"'"'s country.

11. The computer-readable medium of claim 10 further comprising:

determining if a currency conversion calculation is required in order to complete the funds transfer; and

calculating a currency conversion if required.

12. The computer-readable medium of claim 11 wherein the initiation funds transfer request further comprises an agent ID and an agent PIN.

13. The computer-readable medium of claim 11 wherein the step of confirming comprises determining if the transfer-card ID is valid and if the agent ID and agent PIN match records stored in the server.

14. The computer-readable medium of claim 13 wherein the completion funds transfer request comprises the transaction number and the transfer-card ID.

16. The electronic funds transfer system of claim 15 wherein the currency conversion data module is automatically updated on a predetermined basis by accessing currency tables on the Internet.

17. The electronic funds transfer system of claim 16 wherein the funds transfer module further stores transaction completion data in the transaction data module.

18. The electronic funds transfer system of claim 17 wherein the network is the Internet.

15. An electronic funds transfer system for transferring funds between a first and a second location, comprising:

a funds transfer module for

receiving an initiation funds transfer request from the first location via a network,

receiving a completion funds transfer request from the second location via the network, and

processing the funds transfer between the first location and the second location;

an account data module for storing account information for use in verifying that an initiation funds transfer request is valid;

a transaction data module for storing received initiation funds transfer requests and received completion funds transfer requests; and

a currency conversion data module for use in converting currencies when the first location and the second location use different currencies.