System and method for transferring money

• US 20050209958A1
• Filed: 03/17/2004
• Published: 09/22/2005
• Est. Priority Date: 03/17/2004
• Status: Active Grant

• Current Assignee: Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Michelsen, Michael J., Rex, Deborah, Sayor, Tom
• Granted Patent: US 7,711,638 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/203 Dispensing operations within ATMs dispensing in general G07D11/00

Abstract

A system and method for facilitating money transfer from a primary account holder to one or more partner accounts. The primary account holder uses a self-service terminal, which displays information on each of several related partner accounts. The displayed partner account information permits the selection of the partner account into which money is to be transferred.

Claims

1. A system for transferring money between a sender and a recipient, comprising:

an initiating terminal for initiating the transfer of money;

a database for storing account information of senders and recipients, and for relating account information of a sender to account information of one or more associated recipients so that, in response to a request at the initiating terminal from the sender, account information for the associated recipients may be provided to the initiating terminal in order to facilitate the transfer of money from the sender to one or more of the associated recipients.

2. The system of claim 1, further comprising:

a database management system in communication with the initiating terminal, for managing sender and recipient accounts at the database;

wherein at least some of the sender and related recipient accounts are debit accounts, and wherein the transfer of money may be made by transferring money from an account of the sender to an account of the recipients.

3. The system of claim 2, further comprising:

a dispensing terminal where transferred money may be received by a recipient;

wherein the database management system is in communication with the initiating terminal and the dispensing terminal.

4. The system of claim 3, wherein at least one of the initiating and dispensing terminals is a self-service terminal.

5. The system of claim 4, wherein the self-service terminal is an ATM.

6. The system of claim 3, wherein at least one of the initiating and dispensing terminals is a terminal operated by a money transfer agent.

7. The system of claim 3, wherein the initiating and dispensing terminals may be the same terminal.

8. The system of claim 3, wherein the initialing and dispensing terminals may be different terminals.

9. A system for transferring money from an originator to a beneficiary, comprising:

a network of terminals, including an initiating terminal for initiating a money transfer and a dispensing terminal for dispensing transferred money;

a database in communication with the initiating and dispensing terminals, for storing account information of an originator and account information of beneficiaries, and for relating account information of the originator to account information of one or more predetermined beneficiaries; and

a database management system for managing the originator and beneficiary accounts, and in response to a request at the initiating terminal to transfer money from the originator, for automatically accessing the database for account information of the predetermined beneficiaries, so that account information on each predetermined beneficiary may be provided to the initiating terminal in order to facilitate the transfer of money from the originator to one of the predetermined beneficiaries.

10. A system for crediting funds from one person to another, comprising:

terminal means for initiating the transfer of money;

data base means for storing account information of senders and recipients, and for relating account information of a sender to account information of one or more selected recipients; and

database management means in communication with the terminal means, for managing sender and recipient accounts, and in response to a request at the terminal means to transfer money from the sender, for automatically accessing account information for the selected recipients at the database means, so that account information for the selected recipients may be provided to the terminal means in order to facilitate the transfer of money from the sender to one or more of the selected recipients.

11. A method for displaying data at a terminal in connection with transferring money from the debit account of a sender to a recipient, the method comprising:

associating a debit account of the sender with one or more recipients, the associated recipients being those to whom the sender may transfer money; and

after entry of sender account information at the terminal, displaying information on each of the associated recipients, so that the recipient to receive the money transfer may be selected based on the displayed information.

12. The method of claim 11, wherein the debit account information of the sender is associated with debit account information of the associated recipients, and wherein the displayed information on each of the associated recipients is the account information of those recipients.

13. The method of claim 12, wherein the recipient account information displayed is an account number.

14. The method of claim 12, wherein the recipient account information displayed is the name of the recipient.

15. The method of claim 11, wherein the money transfer is made from the account of the sender to an account of the selected recipient.

16. The method of claim 11, wherein the money transfer is made from the account of the sender and is wired to a destination associated with the recipient.

17. A method for transferring money from a sender to a recipient, comprising:

establishing an account and account information for each sender and each recipient;

for a specific sender, establishing one or more recipients to whom money may be transferred by the specific sender;

in response to entering account information for the specific sender at an initiating terminal, providing account information for the established recipients at the initiating terminal, in order for the sender to designate one or more recipients to whom money may be transferred; and

transferring money to the account of the recipient designated by the sender.

18. The method of claim 17, further comprising:

storing the account information for each sender and each recipient in a database connected to the initiating terminal, wherein the account information of the specific sender is related to the account information of the established recipients within the database;

wherein the step of providing account information for the established recipients at the initiating terminal comprises;

retrieving the stored account information of the established recipients from the database; and

providing the retrieved account information to the initiating terminal.

19. The method of claim 17, wherein the initiating terminal is a self-service terminal.

20. The method of claim 19, wherein the self-service terminal is an ATM.

21. The method of claim 17, wherein the initiating terminal is an agent operated terminal.

22. The method of claim 17, wherein the accounts established for the sender and the recipient are debit accounts.

23. The method of claim 22, wherein the initiating terminal is a self-service terminal and wherein the sender account information is entered at the self-service terminal by providing a debit account card to a card reader at the self-service terminal.

24. The method of claim 22, further comprising:

dispensing part or all of the transferred money from the account of the designated recipient at a dispensing terminal.

25. The method of claim 24, wherein the dispensing terminal is a self-service terminal.

26. The method of claim 25, wherein the self-service terminal is an ATM.

27. The method of claim 24, wherein the dispensing terminal is a self-service terminal and wherein the transferred money is dispensed at the self-service terminal in response to providing a debit account card to a card reader at the self-service terminal.

28. The method of claim 22, wherein the dispensing terminal is an agent operated terminal.

29. The method of claim 17, wherein account established for each recipient is a gift card account, and wherein the method further comprises:

providing a gift card to each recipient that may be used to conduct transactions against the gift card account.

30. The method of claim 17, wherein the step of establishing one or more recipients comprises establishing a first group of selected recipients and a second group of selected recipients, and wherein the method further comprises:

displaying the first group and the second group of recipients at the initiating terminal.

31. A method for transferring money from a sender at an initiating terminal to a recipient at a dispensing terminal, comprising:

predetermining one or more recipients to whom money may be transferred, and establishing an account for each of the predetermined recipients;

storing account information for each of the predetermined recipients;

requesting the transfer of money at the initiating terminal;

accessing the stored account information for each of the predetermined recipients and providing that account information at the initiating terminal in order for the sender to select one or more recipients to whom money is to be transferred;

transferring money to the selected recipients by posting a credit to the account of the selected recipients; and

retrieving the transferred money from the account of the selected recipients at one or more of the dispensing terminals.

32. A method for conducting transactions at a financial terminal, wherein the transactions include transferring money from senders to recipients, the method comprising:

establishing an account for each sender and an account for each recipient;

storing account information for each sender and recipient;

for a specific sender, establishing recipients to whom money may be transferred by the specific sender;

requesting transfer of money by the specific sender at a terminal;

providing account information for each of the established recipients at the terminal, in order for the sender to select the established recipient to whom money may be transferred; and

transferring money from the account of the sender to the account of the recipient selected by the sender.

33. The method of claim 32, wherein the transactions further include depositing money in the account of the sender, wherein a fee is charged for conducting at least some transactions, and wherein the fee charged for transferring money is higher than the fee charged for depositing money.

34. The method of claim 32, wherein account information for a recipient may include destination information for wiring money to that recipient, and wherein the step of transferring money comprises electronically transmitting the transferred money to a location specified by the destination information.