SYSTEM AND METHOD FOR TRANSFERRING FUNDS

• US 20080210752A1
• Filed: 04/04/2008
• Published: 09/04/2008
• Est. Priority Date: 06/06/2000
• Status: Abandoned Application

• Current Assignee: Universal Transactions Systems Limited
• Original Assignee: Universal Transactions Systems Limited
• Inventors: March, Albert D.
• Application Number:
  US12/062,624
• Publication Number:
  US 20080210752A1
• Time in Patent Office: Days
• US Class Current: 235/379
• 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 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/3433 the counter having monetary units
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/202 Depositing operations within ATMs depositing in general G07D11/00
• CPC Class Codes: G07F 7/02 by keys or other credit registering devices

Abstract

A system and method for electronic transfer of cash or cash equivalent between a sender and a recipient includes an initiating regional office for initiating the transfer and which receives an amount of money to be electronically transferred from the sender and a verification ID protocol from the sender, an initiating authorization center for storing the amount and the verification ID protocol in an account database, a dispensing authorization center for communicating with initiating authorization center and a dispensing regional office. When the recipient provides the verification ID protocol to the dispensing regional office, a financial card is issued to the recipient containing funds equivalent to the amount initially prescribed by the sender. The system provides the sender with the ability to provide the receiver (at a remote geographical location) with a secure, anonymous, ATM compatible financial card having a particular preset monetary value even in the case where the recipient does not possess proper identification documents.

Claims

1. A financial transaction system for automated electronic transfer of funds comprising:

(a) a receiving center for receiving a transfer request from a sender for a predetermined amount of funds;

(b) a dispensing center linked to said receiving center for dispensing said predetermined amount of funds to the recipient; and

(c) a financial card containing the predetermined amount of funds provided by the dispensing center to the recipient.

2. The financial transaction system of claim 1, further comprising an authorization center linked to said receiving center for authorizing the transfer.

3. The financial transaction system of claim 2, wherein said authorization center is linked to said receiving center and said dispensing center over a communications network.

4. The financial transaction system of claim 3, wherein said communications network is an automated teller machine (ATM) network.

5. The financial transaction system claim 2, wherein authorization center includes an account database for storing transactional information associated with the use of said financial card.

6. The financial system of claim 1, wherein the sender is coupled to said receiving center through an ATM network.

7. The financial system of claim 1, wherein the sender is coupled to said receiving center through a personal computer with a graphical user interface.

8. The financial system of claim 1, wherein the sender is coupled to said receiving center through a touch-tone telephone with a voice response unit.

9. The financial system of claim 1, wherein said receiving center includes a financial card reader.

10. The financial system of claim 1, wherein said financial card is a credit card.

11. The financial system of claim 1, wherein said financial card is a debit card.

12. The financial system of claim 1, wherein said financial card is a smart card.

13. The financial system of claim 1, wherein said smart card is a stored value card.

14. The financial system of claim 1, wherein said receiving center further comprises a cash acceptance mechanism.

15. The financial system of claim 1, wherein said financial card contains a GPS receiver.

16. A method for transferring funds comprising:

(a) receiving from a sender a request to transfer a predetermined amount of funds;

(b) generating a financial card containing the predetermined amount of funds; and

(c) dispensing the financial card to a recipient.

17. The method of claim 16, further comprising the step of receiving a sender verification ID protocol from the sender, receiving a recipient verification ID protocol, and confirming that the recipient verification ID protocol corresponds to the sender verification ID protocol before step (b).

18. The method of claim 16, further comprising the step of receiving financial information from said sender specifying the location of said amount of funds.

19. The method of claim 16, further comprising the step of allowing the recipient to provide a verification PIN number to secure said financial card.

20. A financial transaction system for automated electronic transfer of funds comprising:

(a) means for a receiving a transfer request from a sender for a predetermined amount of funds;

(b) means linked to said receiving center for dispensing said predetermined amount of funds to the recipient; and

(c) a financial card containing the predetermined amount of funds provided by the dispensing center to the recipient.