Automated transfer with stored value

• US 20030130948A1
• Filed: 01/02/2003
• Published: 07/10/2003
• Est. Priority Date: 10/26/2001
• Status: Active Grant

• Current Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Abelman, Henry M., Karas, Peter M., Algiene, Kenneth
• Granted Patent: US 8,244,632 B2
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• 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 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

According to the invention, a method for automatically transferring an incoming payment to a handler is disclosed. In one step, the incoming payment associated with a payee is received. A first predetermined rule that applies to the incoming payment is determined. The first predetermined rule is applied to the incoming payment. It is determined if a second predetermined rule applies to the incoming payment. The second predetermined rule is applied to the incoming payment based upon the second-listed determining step.

Claims

1. A method for automatically transferring an incoming payment to a handler, the method comprising steps of:

receiving the incoming payment associated with a payee;

determining that a first predetermined rule applies to the incoming payment;

applying the first predetermined rule to the incoming payment;

determining if a second predetermined rule applies to the incoming payment; and

applying the second predetermined rule to the incoming payment based, at least in part, upon the second-listed determining step.

2. The method for automatically transferring the incoming payment to the handler as recited in claim 1, wherein at least one of the first predetermined rule and the second predetermined rule apply to at least one of:

a source or sources of the incoming payment,

a day of week of the incoming payment,

a time of day of the incoming payment, and

an amount of the incoming payment.

3. The method for automatically transferring the incoming payment to the handler as recited in claim 1, further comprising a step of determining if the incoming payment has been depleted, where application of the second-listed applying step is based, at least in part, upon the third-listed determining step.

4. The method for automatically transferring the incoming payment to the handler as recited in claim 1, wherein the first-listed applying step comprises steps of:

determining a source identifier for the incoming payment;

correlating the first predetermined rule with the source identifier of the incoming payment; and

routing at least some of the incoming payment away from a destination of the incoming payment according to the first predetermined rule, wherein the destination is where the incoming payment would go if there were no predetermined rules that applied to the incoming payment.

5. The method for automatically transferring the incoming payment to the handler as recited in claim 1, further comprising a step of determining if the first predetermined rule has expired due to a monetary cap or temporal event.

6. The method for automatically transferring the incoming payment to the handler as recited in claim 1, further comprising a step of determining a trigger condition for expiration of the first predetermined rule, wherein the trigger condition includes at least one of the following:

a total amount being collected by the first predetermined rule meeting a threshold, and

a period of time expiring.

7. The method for automatically transferring the incoming payment to the handler as recited in claim 1, further comprising a step of electronically notifying the payee of:

at least one of the incoming payment, the first-listed applying step and the second-listed applying step, wherein the electronic notification includes at least one of;

a web page, an instant message, an e-mail message, a pager message, and a wireless phone message.

8. The method for automatically transferring the incoming payment to the handler as recited in claim 1, wherein the first-listed applying step comprises a step of routing at least a portion of the incoming payment to the handler, wherein:

the handler is specified by one of;

the payee, a payor and a third party, and

the third party specification of the handler cannot be modified by the payee.

9. The method for automatically transferring the incoming payment to the handler as recited in claim 1, wherein the first-listed applying step comprises a step of routing at least a portion of the incoming payment to the handler, wherein the handler includes at least one of a bank, a credit card company, a debit card company, a retail location, a stored value fund, an airline mileage program, a gift certificate issuer, an electronic gift certificate issuer, and a money order issuer.

10. The method for automatically transferring the incoming payment to the handler as recited in claim 1, wherein the incoming payment corresponds to at least one of:

currency, monetary value, airline mileage, promotional program points, gift certificate credit, and commodities.

11. The method for automatically transferring the incoming payment to the handler as recited in claim 1, wherein the first-listed applying step comprises at least one of the following steps:

transferring at least a portion of the incoming payment with a bank account;

transferring at least a portion of the incoming payment with a credit card or debit card;

transferring at least a portion of the incoming payment in a check or money order;

transferring at least a portion of the incoming payment to another'"'"'s stored value fund;

transferring at least a portion of the incoming payment to a retail location chosen by the user;

transferring a telegram or a greeting card with a check or money order for at least a portion of the incoming payment; and

transferring an electronic greeting card with an electronic payment notification for at least a portion of the incoming payment embedded therewith.

12. The method for automatically transferring the incoming payment to the handler as recited in claim 1, further comprising a step of storing a residue from the incoming payment in a stored value fund of the payee once all rules applicable to the incoming payment have been applied.

13. A computer-readable medium having computer-executable instructions for performing the computer-implementable method for automatically transferring the incoming payment to the handler of claim 1.

14. A method for automatically processing an incoming payment, the method comprising steps of:

receiving the incoming payment associated with a payee;

determining that a first predetermined rule applies to the incoming payment;

applying the first predetermined rule to the incoming payment;

determining that a second predetermined rule applies to the incoming payment; and

applying the second predetermined rule to the incoming payment.

15. The method for automatically processing the incoming payment as recited in claim 14, further comprising a step of determining a first rank for the first predetermined rule and a second rank of the second predetermined rule, wherein the second-listed applying step is performed before the first-listed applying step based upon the third-listed determining step.

16. The method for automatically processing the incoming payment as recited in claim 14, wherein at least one of the first predetermined rule and the second predetermined rule apply to at least one of:

a source or sources of the incoming payment,

a day of week of the incoming payment,

a time of day of the incoming payment, and

an amount of the incoming payment.

17. The method for automatically processing the incoming payment as recited in claim 14, wherein the first-listed applying step comprises steps of:

determining a source identifier for the incoming payment;

correlating the first predetermined rule with the source identifier of the incoming payment; and

routing at least some of the incoming payment away from a destination of the incoming payment according to the first predetermined rule, wherein the destination is where the incoming payment would go if there were no predetermined rules that applied to the incoming payment.

18. A method for automatically processing an incoming payment, the method comprising steps of:

receiving the incoming payment associated with a payee;

sorting a plurality of rules to determine a subset of the plurality which apply to the incoming payment; and

applying the subset of the plurality to divert at least part of the incoming payment away from a destination that would be used in the absence of the subset of the plurality.

19. The method for automatically processing the incoming payment as recited in claim 18, wherein at least one of the subset of the plurality apply to at least one of:

a source or sources of the incoming payment,

a day of week of the incoming payment,

a time of day of the incoming payment, and

an amount of the incoming payment.

20. The method for automatically processing the incoming payment as recited in claim 18, wherein the applying step comprises steps of:

determining a source identifier for the incoming payment; and

correlating at least one of the subset of the plurality with the source identifier of the incoming payment.

21. The method for automatically processing the incoming payment as recited in claim 18, wherein the applying step comprises applying the subset of the plurality in succession according to a rank for each of the subset of the plurality.