Computerized money transfer system and method

• US 20030074310A1
• Filed: 10/15/2001
• Published: 04/17/2003
• Est. Priority Date: 10/15/2001
• Status: Active Grant

• Current Assignee: Chequepoint Franchise Corp.
• Original Assignee: Chequepoint Franchise Corp.
• Inventors: Grovit, Stefan Carim Ismail, Vichhi, Neel, Grovit, Felix
• Granted Patent: US 9,076,134 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• 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
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/18 involving self-service terminals [SST], vending machines, kiosks or multimedia terminals
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A computerized money transfer system implements a money transfer service for trasferring money from a sending entity to at least one receiving entity. A plurality of agent terminals operable by agents of the money transfer service are interconnected by a communications network. A money transfer control system is connected to the communications network for controlling the implementation of the money transfer service. The money transfer control system includes an agent account data store storing account data for each agent and a transaction data store storing transaction data for transactions by agents implementing money transfers from a sending entity to at least one receiving entity. When data is input to an agent terminal by a sending agent instigating a money transfer requested by a sending entity to at least one receiving entity, the data is transmitted to the money transfer control system. The input data identifies the sending and receiving entities, sending agent and at least one receiving agent that is to remit the money transferred thereto to the or each receiving entity. The money transfer control system records the input data in the transaction data store as a transaction from a sending agent to at least one receiving agent for a sending entity and at least one receiving entity and updates the agent account data in the agent account data store for the sending and receiving agents.

Claims

1. A computerized money transfer system implementing a money transfer service for transferring money from a sending entity to at least one receiving entity, the system comprising:

a plurality of agent terminals operable by agents of the money transfer service, said agent terminals being interconnected by a communications network;

a money transfer control system connected to the communications network for controlling the implementation of the money transfer service, the money transfer control system including an agent account data store storing account data for each agent, and a transaction data store storing transaction data for transactions by agents implementing money transfers from a sending entity to at least one receiving entity;

wherein a said agent terminal is adapted to be responsive to data, input by a sending agent instigating a money transfer requested by a sending entity to at least one receiving entity, to transmit the input data to the money transfer control system;

wherein the input data identifies the sending and receiving entities, the sending agent, and at least one receiving agent that is to remit the money transferred thereto to the or each receiving entity; and

wherein the money transfer control system is adapted to record the input data in said transaction data store as a transaction from a sending agent to at least one receiving agent for a sending entity and at least one receiving entity, and to update the agent account data in the agent account data store for the sending and receiving agents.

2. A computerized money transfer system according to claim 1, wherein the money transfer requested is from a sending currency to a receiving currency, said money transfer control system includes an exchange rate data store storing exchange rate data, said agents account data store stores account data for each agent in a local currency for the agent, and said money transfer control system is adapted to use the exchange rate data in said exchange rate data store to convert currency values for transactions to determine an amount in the receiving currency based on an amount in the sending currency, to store the amounts as part of the transaction stored in said transaction data store, and to update the agent account data in the agent account data store for the agents in the local currencies based on the exchange rate data.

3. A computerized money transfer system according to claim 1, wherein said money transfer control system includes a transaction monitoring means for monitoring transactions, for sending a request for further information from the sending entity to the agent terminal operated by the sending agent if the transaction fits a predetermined criteria, for receiving the further information from the agent terminal, and for associating the further information with the transaction in the transaction data store.

4. A computerized money transfer system according to claim 3, wherein said money transfer control system includes a first transaction control means to control the transaction on the basis of a comparison of the returned further information and predetermined criteria.

5. A computerized money transfer system according to claim 4, wherein said first transaction control system is adapted to determine if the received further information matches a predetermined criteria, and if so, to block the money transfer and to transmit a message to the agent terminal operated by the sending agent to inform the sending agent that the money transfer has been blocked.

6. A computerized money transfer system according to claim 1, wherein said money transfer control system includes a second transaction control means to control the transaction by comparing the transaction to predetermined criteria.

7. A computerized money transfer system according to claim 6, wherein said second transaction control means is adapted to control the transaction by comparing the transaction to money laundering compliance regulatory data representing money laundering compliance regulations, and to block the transaction if the comparison determines that the transaction contravenes the money laundering compliance regulations.

8. A computerized money transfer system according to claim 1, wherein said money transfer control system includes a third transaction control means to control the transaction by reference to the transaction and account data in said account data store for the sending agent.

9. A computerized money transfer system according to claim 1, wherein said money transfer control system includes an interface to allow agents operating agent terminals to be registered as a master agent and other agents to be registered as sub agents, and is adapted to link the account data in the account data store for the sub agents to the master agent.

10. A computerized money transfer system according to claim 9, wherein at least one agent terminal operated by an agent registered as a master agent includes a domain money transfer control system to control the implementation of the money transfer service between agents in a set of agent terminals operated by agents registered as sub agents of the master agent, and

said at least one agent terminal including a domain agent account data store storing account data for the set of agents, and a domain transaction data store storing transaction data for transactions between agents in the set of agents.

11. A computerized money transfer system according to claim 1, wherein said money transfer control system is adapted to receive input data from an agent terminal identifying a sending entity and a plurality of receiving entities, and to store transaction data in the transaction data store as a single sending transaction indexed for the sending entity and as a plurality of receiving transactions indexed for each receiving entity.

12. A computerized money transfer system according to claim 1, wherein said money transfer control system is adapted to receive input data from an agent terminal identifying a sending entity, a sending agent, a plurality of receiving entities and a plurality of receiving agents, and to store transaction data in the transaction data store as a single sending transaction indexed for the sending agent and as a plurality of receiving transactions indexed for each receiving agent.

13. A computerized money transfer system according to claim 1, wherein said money transfer control system is implemented as a web service over an Internet Protocol network, and each said agent terminals implements a web browser application to communicate with said money transfer control system.

14. A computerized money transfer system according to claim 1, wherein said money transfer control system includes an administration interface to allow agents to access respective agent account data in said agent account data store and transaction data in said transaction data store.

15. A computerized money transfer system according to claim 1, wherein said money transfer control system includes account netting off means for allowing agents to determine a nett off of their accounts in the accounts data store against any other agent.

16. A computerized money transfer system according to claim 1, wherein at least one agent terminal includes a sending entity recognition device for automatically inputting data identifying a sending entity.

17. A computerized money transfer control system for connection to a plurality of agent terminals over a communications network for controlling the implementation of a money transfer service for transferring money from a sending entity to at least one receiving entity, said agent terminals being interconnected by the communications network and being operable by agents to instigate a money transfer requested by a sending entity to at least one receiving entity, the system comprising:

an agent account data store storing account data for each agent;

a transaction data store storing transaction data for transactions by agents implementing money transfers from a sending entity to at least one receiving entity;

receiving means for receiving data from a said agent terminal, wherein the input data identifies the sending and receiving entities, the sending agent, and at least one receiving agent that is to remit the money transferred thereto to the or each receiving entity;

recording means for recording the input data in said transaction data store as a transaction from a sending agent to at least one receiving agent for a sending entity and at least one receiving entity; and

account data update means for updating the agent account data in the agent account data store for the sending and receiving agents on the basis of the transaction.

18. A computerized money transfer control system according to claim 17, wherein the money transfer requested is from a sending currency to a receiving currency,

said computerized money transfer control system includes an exchange rate data store storing exchange rate data,

said agents account data store stores account data for each agent in a local currency for the agent, and

said computerized money transfer control system includes currency conversion means for using the exchange rate data in said exchange rate data store to convert currency values for transactions to determine an amount in the receiving currency based on an amount in the sending currency, and for storing the amounts as part of the transaction stored in said transaction data store, and

said account data update means is adapted to update the agent account data in the agent account data store for the agents in the local currencies based on the exchange rate data.

19. A computerized money transfer control system according to claim 17, including a transaction monitoring means for monitoring transactions, for sending a request for further information from the sending entity to the agent terminal operated by the sending agent if the transaction fits a predetermined criteria, for receiving the further information from the agent terminal, and for associating the further information with the transaction in the transaction data store.

20. A computerized money transfer control system according to claim 19, including first transaction control means to control the transaction on the basis of a comparison of the returned further information and predetermined criteria.

21. A computerized money transfer control system according to claim 20, wherein said first transaction control system is adapted to determine if the received further information matches a predetermined criteria, and if so, to block the money transfer and to transmit a message to the agent terminal operated by the sending agent to inform the sending agent that the money transfer has been blocked.

22. A computerized money transfer control system according to claim 17, including second transaction control means to control the transaction by comparing the transaction to predetermined criteria.

23. A computerized money transfer control system according to claim 22, wherein said second transaction control means is adapted to control the transaction by comparing the transaction to money laundering compliance regulatory data representing money laundering compliance regulations, and to block the transaction if the comparison determines that the transaction contravenes the money laundering compliance regulations.

24. A computerized money transfer control system according to claim 17, including third transaction control means to control the transaction by reference to the transaction and account data in said account data store for the sending agent.

25. A computerized money transfer control system according to claim 17, including an interface to allow agents operating agent terminals to be registered as a master agent and other agents to be registered as sub agents, wherein said account data update means is adapted to link the account data in the account data store for the sub agents to the master agent.

26. A computerized money transfer control system according to claim 17, wherein said receiving means is adapted to receive input data from an agent terminal identifying a sending entity and a plurality of receiving entities, and said recording means is adapted to store transaction data in the transaction data store as a single sending transaction indexed for the sending entity and as a plurality of receiving transactions indexed for each receiving entity.

27. A computerized money transfer control system according to claim 17, wherein said receiving means is adapted to receive input data from an agent terminal identifying a sending entity, a sending agent, a plurality of receiving entities and a plurality of receiving agents, and said recording means is adapted to store transaction data in the transaction data store as a single sending transaction indexed for the sending agent and as a plurality of receiving transactions indexed for each receiving agent.

28. A computerized money transfer control system according to claim 17, implemented as a web service over an Internet Protocol network, and each said agent terminals implements a web browser application to communicate with said money transfer control system.

29. A computerized money transfer control system according to claim 17, including an administration interface to allow agents to access respective agent account data in said agent account data store and transaction data in said transaction data store.

30. A computerized money transfer control system according to claim 17, including account netting off means for allowing agents to determine a nett off of their accounts in the accounts data store against any other agent.

31. An agent terminal for use with the computerized money transfer control system according to claim 17, the agent terminal operated by an agent registered as a master agent, the agent terminal comprising:

a domain money transfer control system to control the implementation of the money transfer service between agents in a set of agent terminals operated by agents registered as sub agents of the master agent;

a domain agent account data store storing account data for the set of agents; and

a domain transaction data store storing transaction data for transactions between agents in the set of agents.

46. A method of operating an agent terminal for use with the computerized money transfer control system according to claim 17, the agent terminal operated by an agent registered as a master agent, the method comprising:

implementing a domain money transfer control system to control the implementation of the money transfer service between agents in a set of agent terminals operated by agents registered as sub agents of the master agent;

storing account data for the set of agents; and

storing transaction data for transactions between agents in the set of agents.

32. A method of controlling the implementation of a money transfer service for transferring money from a sending entity to at least one receiving entity using a computerized money transfer control system connected to a plurality of agent terminals over a communications network, said agent terminals being interconnected by the communications network and being operable by agents to instigate a money transfer requested by a sending entity to at least one receiving entity, the method comprising:

storing account data for each agent in an agent account data store;

receiving data from a said agent terminal, wherein the data identifies the sending and receiving entities, the sending agent, and at least one receiving agent that is to remit the money transferred thereto to the or each receiving entity;

recording the input data in a transaction data store as a transaction from a sending agent to at least one receiving agent for a sending entity and at least one receiving entity; and

updating the agent account data in the agent account data store for the sending and receiving agents on the basis of the transaction.

33. A method according to claim 32, wherein

the money transfer requested is from a sending currency to a receiving currency.

said agents account data store stores account data for each agent in a local currency for the agent, and the method includes

using the exchange rate data in an exchange rate data store to convert currency values for transactions to determine an amount in the receiving currency based on an amount in the sending currency,

storing the amounts as part of the transaction stored in said transaction data store, and

updating the agent account data in the agent account data store for the agents in the local currencies based on the exchange rate data.

34. A method according to claim 32, including monitoring transactions, sending a request for further information from the sending entity to the agent terminal operated by the sending agent if the transaction fits a predetermined criteria, receiving the further information from the agent terminal, and associating the further information with the transaction in the transaction data store.

35. A method according to claim 34, including controlling the transaction on the basis of a comparison of the returned further information and predetermined criteria.

36. A method according to claim 35, wherein the transaction is controlled by determining if the received further information matches a predetermined criteria, and if so, blocking the money transfer and transmitting a message to the agent terminal operated by the sending agent to inform the sending agent that the money transfer has been blocked.

37. A method according to claim 32, including controlling the transaction by comparing the transaction to predetermined criteria.

38. A method according to claim 37, wherein the transaction is controlled by comparing the transaction to money laundering compliance regulatory data representing money laundering compliance regulations, and blocking the transaction if the comparison determines that the transaction contravenes the money laundering compliance regulations.

39. A method according to claim 32, including controlling the transaction by reference to the transaction and account data in said account data store for the sending agent.

40. A method according to claim 32, including providing an interface to allow agents operating agent terminals to be registered as a master agent and other agents to be registered as sub agents, and linking the account data in the account data store for the sub agents to the master agent.

41. A method according to claim 32, wherein said received input data from an agent terminal identifies a sending entity and a plurality of receiving entities, and the transaction data is stored in the transaction data store as a single sending transaction indexed for the sending entity and as a plurality of receiving transactions indexed for each receiving entity.

42. A method according to claim 32, wherein said received input data from an agent terminal identifies a sending entity, a sending agent, a plurality of receiving entities and a plurality of receiving agents, and the transaction data is stored in the transaction data store as a single sending transaction indexed for the sending agent and as a plurality of receiving transactions indexed for each receiving agent.

43. A method according to claim 32, including providing an interface as a web service over an Internet Protocol network., wherein each said agent terminals implements a web browser application to communicate with said money transfer control system.

44. A method according to claim 32, including providing an administration interface to allow agents to access respective agent account data in said agent account data store and transaction data in said transaction data store.

45. A method according to claim 32, including providing an interface to allow agents to determine a nett off of their accounts in the accounts data store against any other agent.

47. A computerized money transfer control system for connection to a plurality of agent terminals over a communications network for controlling the implementation of a money transfer service for transferring money from a sending entity to at least one receiving entity, said agent terminals being interconnected by the communications network and being operable by agents to instigate a money transfer requested by a sending entity to at least one receiving entity, the system comprising:

an agent account data store storing account data for each agent;

program memory storing processor implementable instructions;

a processor for implementing the instructions stored in the program memory;

wherein the processor implementable instructions comprise instructions for controlling the processor to implement the method of any one of claims 32 to 45.

66. A carrier medium carrying computer readable code for implementation by a computer to carry out the method of any one of claims 32 to 46, or 56 to 59.

48. A computerized money transfer system implementing a money transfer service for transferring money from a sender to a plurality of receivers, the system comprising:

a plurality of terminals interconnected by a communications network;

a money transfer control system connected to the communications network for controlling the implementation of the money transfer service, the money transfer control system including a transaction data store storing transaction data for transactions implementing money transfers from a sender to the receivers;

wherein a said terminal is adapted to be responsive to data, input to instigate a money transfer from a sender to at least one receiver, to transmit the input data to the money transfer control system;

wherein the input data identifies the sender and receivers; and

wherein the money transfer control system is adapted to record the input data in said transaction data store as a transaction from a sender to the plurality of receivers, to apportion the transaction to each said receiver, and to send data identifying the apportionment for respective receivers to at least one terminal to enable the completion of the money transfer to the respective receivers.

49. A computerized money transfer system according to claim 48, wherein said money transfer control system is adapted to store the input data as a single transaction indexed by the sender.

50. A computerized money transfer system according to claim 49, wherein a said terminal is adapted to receive the input data as data representing a single transaction, and said money transfer control system is adapted to store the input data as a plurality of associated transactions associated by the sender and indexed by the receiver.

51. A computerized money transfer system according to claim 48, wherein the senders comprise agents of the money transfer system acting on instruction from sending entities, or the senders comprise sending entities;

and the receivers comprise agents of the money transfer system empowered to remit the transferred money to the receiving entities, or the receivers comprise receiving entities.

52. A computerized money transfer control system for connection to a plurality of terminals over a communications network for controlling the implementation of a money transfer service for transferring money from a sender to a plurality of receivers, said terminals being interconnected by the communications network and being operable to instigate a money transfer from a sender to a plurality of receivers, the system comprising:

a transaction data store storing transaction data for transactions implementing money transfers from a sender to the receivers;

receiving means for receiving data from a terminal to instigate a money transfer from a sender to a plurality of receivers, wherein the received data identifies the sender and receiver; and

transaction processing means to record the received data in said transaction data store as a transaction from a sender to the plurality of receivers, to apportion the transaction to each said receiver, and to send data identifying the apportionment for respective receiver to at least one terminal to enable the completion of the money transfer to the respective receiver.

53. A computerized money transfer control system according to claim 52, wherein said transaction processing means is adapted to store the input data as a single transaction indexed by the sender.

54. A computerized money transfer control system according to claim 53, wherein said receiving means is adapted to receive the input data as data representing a single transaction, and said transaction processing means is adapted to store the input data as a plurality of associated transactions associated by the sender and indexed by the receiver.

55. A computerized money transfer control system according to claim 52, wherein the senders comprise agents of the money transfer system acting on instruction from sending entities, or the senders comprise sending entities;

and the receivers comprise agents of the money transfer system empowered to remit the transferred money to the receiving entities, or the receivers comprise receiving entities.

56. A method of controlling the implementation of a money transfer service for transferring money from a sender to a plurality of receivers using a computerized money transfer control system connected to a plurality of terminals over a communications network, said terminals being interconnected by the communications network and being operable to instigate a money transfer from a sender to a plurality of receivers, the method comprising:

receiving data from a terminal to instigate a money transfer from a sender to a plurality of receivers, wherein the received data identifies the sender and receiver;

recording the received data in a transaction data store as a transaction from a sender to the plurality of receivers;

apportioning the transaction to each said receiver; and

sending data identifying the apportionment for respective receiver to at least one terminal to enable the completion of the money transfer to the respective receiver.

57. A method according to claim 56, wherein the input data is stored as a single transaction indexed by the sender.

58. A method according to claim 57, wherein the input data is received as data representing a single transaction, and the input data is stored as a plurality of associated transactions associated by the sender and indexed by the receiver.

59. A method according to claim 56, wherein the senders comprise agents of the money transfer system acting on instruction from sending entities, or the senders comprise sending entities;

and the receivers comprise agents of the money transfer system empowered to remit the transferred money to the receiving entities, or the receivers comprise receiving entities.

60. A computerized money transfer control system for connection to a plurality of terminals over a communications network for controlling the implementation of a money transfer service for transferring money from a sender to a plurality of receivers, said terminals being interconnected by the communications network and being operable to instigate a money transfer from a sender to a plurality of receivers, the system comprising:

program memory storing processor implementable instructions;

a processor for implementing the instructions stored in the program memory;

wherein the processor implementable instructions comprise instructions for controlling the processor to implement the method of any one of claims 56 to 59.

61. A computerized hub and spoke money transfer system implementing a money transfer service for transferring money from a sender to at least one receiver, the system comprising:

a plurality of agent terminals operable by agents of the money transfer service, said agent terminals being interconnected by a communications network;

a hub money transfer control system connected to the communications network for controlling the implementation of the money transfer service between unrelated agents, and including a transaction data store storing transaction data for transactions between unrelated agents implementing money transfers from a sender to at least one receiver, and an agent data store containing agent relationships identifying a hierarchy of parent and daughter agents;

wherein at least one agent terminal operable by a parent agent comprises a spoke money transfer control system for controlling the implementation of the money transfer service for money transfers between related agents;

a local transaction data store storing transaction data for transactions between related agents implementing money transfers from a sender to at least one receiver; and

an agent data store containing agent relationships identifying a hierarchy of parent and daughter agents;

wherein a said terminal is adapted to be responsive to data, input by a sending agent instigating a money transfer at the request of a sender to at least one receiver and identifying the sender and receiver, the sending agent, and at least one receiving agent that is to remit the money transferred thereto to the or each receiver, and to transmit the input data;

to the hub money transfer control system if a receiving agent identified in the data is not related to the sending agent;

wherein the hub money transfer control system is adapted to record the input data in said transaction data store as a transaction from a sending agent to at least one receiving agent for a sender and at least one receiver, and to transmit information on the transaction to the or each agent terminal operated by the or each receiving agent;

or

to a said spoke money transfer control system if a receiving agent identified in the data is related to the sending agent;

wherein the spoke money transfer control system is adapted to record the input data in said local transaction data store as a transaction from a sending agent to at least one receiving agent for a sender and at least one receiver, and to transmit information on the transaction to the or each agent terminal operated by the or each receiving agent.

62. A computerized hub and spoke money transfer system according to claim 61, wherein said hub money transfer control system includes transaction data synchronization means for synchronizing the transaction data in the transaction data store in the hub money transfer control system and the transaction data store in the spoke money transfer control system.

63. A computerized hub money transfer system for use in the computerized hub and spoke money transfer system of claim 61 for controlling the implementation of the money transfer service between unrelated agents, the system comprising:

a transaction data store storing transaction data for transactions between unrelated agents implementing money transfers from a sender to at least one receiver;

an agent data store containing agent relationships identifying a hierarchy of parent and daughter agents;

receiving means for receiving data, input by a sending agent at a sending terminal instigating a money transfer at the request of a sender to at least one receiver and identifying the sender and receiver, the sending agent, and at least one receiving agent that is to remit the money transferred thereto to the or each receiver;

transaction processing means for recording the input data in said transaction data store as a transaction from a sending agent to at least one receiving agent for a sender and at least one receiver, and to send information on the transaction to the or each receiving agent, and for transmitting information on the transaction to the or each agent terminal operated by the or each receiving agent.

64. A computerized hub money transfer system according to claim 63, including transaction data synchronization means for synchronizing the transaction data in the transaction data store in the hub money transfer control system and the transaction data store in the spoke money transfer control system.

65. A hub and spoke money transfer system implementing a money transfer service for transferring money from a sender to at least one receiver, the system comprising:

a plurality of money transfer agent terminals operable by money transfer agents;

a hub money transfer controller for controlling the transfer of money between unrelated agents;

at least one spoke money transfer controller for controlling the transfer of money between related agents;

wherein the agent terminals, the spoke money transfer controller and the hub money transfer controller communicate over a communications network.