Method and System for Cash Remittances Using a Two Country Banking Structure

• US 20070050291A1
• Filed: 08/26/2005
• Published: 03/01/2007
• Est. Priority Date: 08/26/2005
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Rosenberg, Marcos, Tabacinic, Claudia, Cintron, Miguel, Tucker, Faith, Avazian, Thomas, Vergara, Eduardo
• Granted Patent: US 7,797,234 B2
• Time in Patent Office: Days
• US Class Current: 705/42
• 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 20/108 Remote banking, e.g. home banking
• 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 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A bank customer of a first bank in a first country has a bank account. The bank provides a banking service whereby customer is able to send cash to a recipient in a second country via a commingled bank account belonging to a second bank. The cash is provided to the recipient in the currency of the second country by a third party payment agent. To effect a transfer, the bank customer in the first country instructs the first bank to debit his or her account and send cash to a designated recipient. In response, the first bank debits the customer'"'"'s account, sends first payment instructions to the second bank, and transfers funds to a commingled account at the second bank. Funds from this commingled account are used to pay for the cash provided to the recipient. The banking service may be provided free of charge to a banking customer of the first bank.

Claims

1. A method for a banking customer of a first bank in a first country to invoke a banking service of sending cash to a recipient in a second country, the cash being in the currency of the second country, the banking customer having a bank account in the first bank, the method comprising:

designating a recipient of the cash;

specifying a first amount of funds to be provided to the recipient;

allowing the first bank to debit the banking customer'"'"'s bank account for a second amount of funds; and

allowing the first bank to send payment instructions to a second bank in the second country, the payment instructions comprising information sufficient for the second bank to provide said cash to the recipient via a payment agent in the second country.

2. The method according to claim 1, wherein the second bank is an affiliate of the first bank.

3. The method according to claim 1, wherein:

the first amount and the second amount are the same; and

the banking service of sending cash to a recipient in a second country is provided free of charge.

4. The method according to claim 1, further comprising:

transferring an amount of funds equivalent in value to said first amount to a commingled account belonging to said second bank.

5. The method according to claim 4, wherein the commingled account belonging to said second bank is in the first country.

6. The method according to claim 4, wherein the commingled account belonging to said second bank holds funds in the currency of the first country.

7. The method according to claim 1, further comprising:

receiving authorization information from the first bank in response to initiating the process to provide cash; and

sending the authorization information to the recipient.

8. The method according to claim 1, wherein the recipient designated by the sender is selected from a list of potential recipients, the list of potential recipients having previously been assembled by the sender.

9. The method according to claim 1, further comprising, prior to said designating step, assembling a list of potential recipients.

10. The method according to claim 1, wherein the steps of designating and selecting are performed by the sender with the assistance of an associate representing the first bank.

11. The method according to claim 1, wherein the steps of designating and selecting are performed by the sender over the internet, via a secure website of the first bank.

12. A method for a first bank in a first country to provide a banking customer with a banking service of sending cash to a recipient in a second country, the cash being provided in the currency of the second country, the banking customer having a bank account in the first bank, the method comprising:

receiving from the customer, information sufficient to identify the recipient;

receiving from the customer, a first amount that the customer wishes to have sent, in cash, to the recipient;

debiting the bank account of the customer by a second amount;

crediting a commingled account belonging to a second bank with a third amount, the second bank being in a second country; and

sending payment instructions to the second bank, the payment instructions comprising information sufficient for the second bank to provide said cash to the recipient via a payment agent in the second country.

13. The method according to claim 12, wherein the second bank is an affiliate of the first bank.

14. The method according to claim 12, wherein:

the first amount, the second amount and the third amount all have the same value; and

the banking service of sending cash to a recipient in a second country is provided free of charge.

15. The method according to claim 12, wherein the commingled account belonging to said second bank is in the first country.

16. The method according to claim 12, wherein the commingled account belonging to said second bank holds funds in the currency of the first country.

17. The method according to claim 12, wherein the first bank provides authorization information to the customer, the authorization information being necessary for the recipient to receive the cash.

18. The method according to claim 12, wherein the first bank receives notification when the cash has been provided to the recipient.

19. The method according to claim 12, wherein the steps of receiving information sufficient to identify the recipient and receiving the first amount that the customer wishes to have sent, in cash, to the recipient, are received over a telephone.

20. The method according to claim 12, wherein the steps of receiving information sufficient to identify the recipient and receiving the first amount that the customer wishes to have sent, in cash, to the recipient, are received over the internet.

21. A method for a second bank in a second country to provide cash to a recipient within said second country, the cash being provided in the currency of the second country, the method comprising:

receiving, by said second bank, first payment instructions from a first bank located in a first country, the first payment instructions identifying the recipient and a first amount of funds to be provided in cash to the recipient;

receiving, into a commingled account belonging to said second bank, said first amount of funds from a first bank located in a first country, the first bank being affiliated with the second bank; and

sending second payment instructions to a payment agent in the second country, the second payment instructions being at least partially derived from the first payment instructions, and directing the payment agent to provide said first amount of funds, in cash, to said recipient.

22. The method according to claim 21, wherein the second bank is an affiliate of the first bank.

23. The method according to claim 21, wherein:

the cash is provided in conjunction with a banking service offered by the first bank whereby a banking customer of the first bank may send cash to a recipient in second country; and

said banking service of sending cash to a recipient in a second country is provided free of charge.

24. The method according to claim 21, wherein the commingled account belonging to said second bank is in the first country.

25. The method according to claim 21, wherein the commingled account belonging to said second bank holds funds in the currency of the first country.

26. The method according to claim 21, further comprising:

sending the first amount of funds from the bank account to the payment agent, when the second payment instructions are sent.

27. The method according to claim 21, wherein the second bank reformats information in the first payment instructions to create second payment instructions.

28. A cash remittance system that uses a first bank in a first country and a second bank in a second country, the second bank being an affiliate of the first bank, wherein the first bank provides a banking service to its banking customers whereby a banking customer can have funds from his or her bank account delivered, in cash, to a recipient in the second country, via a commingled account belonging to the second bank and with the assistance of a third party payment agent in the second country, the cash being in the currency of the second country;

the system further comprising;

a first bank computer having a transaction database associated therewith, and configured to transfer funds from a banking customer'"'"'s bank account to the commingled account belonging to the second bank, and further configured to send payment instructions to the second bank, the payment instructions comprising information sufficient for the second bank to provide said cash to the recipient via a payment agent in the second country.

29. The cash remittance according to claim 28, further comprising:

a second bank computer configured to receive the payment instructions sent by the first bank and reformat said payment instructions to form further payment instructions.

30. The cash remittance system according to claim 29, wherein the first bank computer and the second bank computer are connected by an internal link.

31. The cash remittance system according to claim 28, further comprising a payment agent computer configured to receive said further payment instructions from the second bank computer and send bills to the first bank computer.