System and method for facilitating electronic transfer of funds

• US 20030236726A1
• Filed: 02/05/2003
• Published: 12/25/2003
• Est. Priority Date: 06/21/2002
• Status: Active Grant

• Current Assignee: Standard Chartered UK Holdings Limited (Standard Chartered PLC)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Eckstein, Nina, Mahavan, Ramaswamy, Krishnan, Subramaniam, Fernandez, Joseph, Crespo, Gabriela, Aponte, Steven, Kreiner, George, Couto, Luiz C., Wolfe, Colleen, Almonte, Eddy, Joost, Gordon, Dasari, Nageswararao, McGrath, Arthur, Gilbert, Bill
• Granted Patent: US 7,110,980 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• 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 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A system for facilitating electronic transfer of funds includes a transfer administrator in communication with a transferor institution, one or more intermediary institution, and a transferee institution, the transferor institution having an account at the one or more intermediary institution. The transfer administrator may be configured to receive an incoming payment request designating said transferor institution, a quantity of funds to be transferred, and the transferee institution. The transfer administrator generates and issues a translated payment order based at least in part on the incoming payment request and configured to accomplish a transfer among the transferor institution, the one or more intermediary institution, and the transferee institution. Finally, the transfer administrator may facilitate processing of a balancing payment among the transferor institution, the one or more intermediary institution, and the transferee institution.

Claims

1. A data processing system for facilitating electronic transfer of funds, the data processing system comprising:

a processor for processing digital data;

a memory coupled to said processor for storing digital data;

means, coupled to said memory, for inputting digital data; and

a transfer administrator configured as an application program, said application program stored in said memory and accessible by said processor for directing processing of digital data by said processor;

said transfer administrator configured to perform the steps of;

receiving an incoming payment request designating a transferor institution, a quantity of funds to be transferred, and a transferee institution;

generating a translated payment order based at least in part on said incoming payment request; and

facilitating communication of the translated payment order to a transferee institution, whereby funds are electronically transferred from the transferor institution to the transferee institution.

2. The system of claim 1, wherein said incoming payment request is an exempt payment request.

3. The system of claim 2, wherein said incoming payment request is configured in accordance with a Fedwire funds transfer protocol.

4. The system of claim 1, wherein said translated payment order is a participating payment order.

5. The system of claim 4, wherein said translated payment order is configured in accordance with a SWIFT messaging system.

6. The system of claim 1, wherein said incoming payment request is received directly from said transferor institution.

7. The system of claim 1, wherein said incoming payment request is received from an intermediary institution.

8. The system of claim 1, wherein said transferor institution is in a first nation and wherein said transferee institution is in a second nation distinct from said first nation.

9. The system of claim 1, said transfer administrator further configured to perform the step of acquiring relationship information.

10. The system of claim 9, said relationship information comprising an algorithm for determining fees to be assessed in connection with the electronic transfer of funds.

11. The system of claim 1, wherein said step of issuing said participating payment order for facilitating an electronic funds transfer further comprises the step of initiating payment among an affiliated institution and an intermediary institution in accordance with said exempt payment request and said exempt electronic funds transfer protocol.

12. The system of claim 11, further comprising the step of facilitating the processing of one or more balancing payment among an account of said transferor institution and an account of said intermediary institution.

13. The system of claim 11, said step of issuing comprising debiting an outgoing payment queue of said intermediary institution and crediting an account of said transferee institution.

14. The system of claim 12, said processing comprising debiting an account of said intermediary institution and crediting an account of said transferor institution, said account of said transferor institution configured to accommodate electronic transfer of funds in accordance with a participating electronic funds transfer protocol.

15. The system of claim 11, said transfer administrator further configured to perform the step of debiting a participating demand account of said transferor institution, crediting an outgoing payment queue of an intermediary institution, and crediting a demand account of said transferor institution in accordance with said relationship information, said demand account configured to accommodate electronic transfer of funds in accordance with a participating electronic funds transfer protocol.

16. A system for facilitating electronic transfer of funds, the system comprising:

a transfer administrator in communication with a transferor institution, one or more intermediary institution, and a transferee institution;

said transferor institution having an account at said one or more intermediary institution;

said transfer administrator configured to perform the steps of;

receiving an incoming payment request designating a transferor institution, a quantity of funds to be transferred, and a transferee institution;

generating a translated payment order based at least in part on said incoming payment request; and

facilitating communication of the translated payment order to said transferee institution, whereby funds are electronically transferred from the transferor institution to the transferee institution.