PAYMENT CARD BASED REMITTANCE SYSTEM WITH DELIVERY OF ANTI-MONEY LAUNDERING INFORMATION TO ORIGINATING FINANCIAL INSTITUTION

• US 20080249929A1
• Filed: 08/10/2007
• Published: 10/09/2008
• Est. Priority Date: 04/06/2007
• Status: Active Grant

• Current Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Original Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Inventors: Hill, Dennis J., Killian, Patrick, Lorberg, Dana, Malhotra, Sandeep, Fiebiger, Sara E.
• Granted Patent: US 8,396,793 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: 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 20/403 Solvency checks
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A payment system receives, from a first financial institution, a request for a funds transfer. The request originates from a sender who has an account with the first financial institution. The payment system routes the funds transfer to a second financial institution for the benefit of a recipient. The payment system receives, from the second financial institution, the recipient'"'"'s name and residential address.

Claims

1. A method comprising:

receiving, from a first financial institution, a request for a funds transfer, the request originating from a sender who has an account with the first financial institution, the request indicating that the funds transfer is to be made from said account;

routing the funds transfer to a second financial institution for the benefit of a recipient; and

receiving, from the second financial institution, the recipient'"'"'s name and residential address.

2. The method of claim 1, wherein the request for the funds transfer identifies the recipient by the recipient'"'"'s telephone number.

3. The method of claim 2, wherein the telephone number is a mobile telephone number.

4. The method of claim 1, wherein the request for the funds transfer identifies the recipient by an account number that identifies an account maintained by the second financial institution in the recipient'"'"'s name.

5. The method of claim 4, wherein the account is a payment card account.

6. The method of claim 1, further comprising:

receiving the sender'"'"'s name and residential address from the first financial institution.

7. The method of claim 6, further comprising:

transmitting the sender'"'"'s name and residential address to the second financial institution.

8. The method of claim 7, further comprising:

transmitting the recipient'"'"'s name and residential address to the first financial institution.

9. The method of claim 1, further comprising:

transmitting the recipient'"'"'s name and residential address to the first financial institution.

10. A method of performing a funds transfer transaction, the method comprising:

receiving a request for a funds transfer from a first mobile telephone;

the first mobile telephone having a first telephone number;

the first telephone number associated with a first account holder;

the first account holder having an account at a first financial institution;

the first financial institution storing first identification data in regard to the first account holder;

the first identification data including the name of the first account holder, the residential address of the first account holder, and a record of an identification document that confirms the name and residential address of the first account holder;

the request for funds transfer including routing information indicative of a destination for the funds transfer;

the destination associated with a second account holder;

the second account holder having an account at a second financial institution;

the second financial institution storing second identification data including the name of the second account holder, the residential address of the second account holder, and a record of an identification document that confirms the name and address of the second account holder, the request indicating that the funds transfer is to be made from said account at the first financial institution;

routing the funds transfer to the destination; and

receiving, from the second financial institution, information that includes the name and residential address of the second account holder.

11. The method of claim 10, wherein the routing information includes a telephone number of the second account holder.

12. The method of claim 11, wherein the telephone number is a mobile telephone number.

13. The method of claim 12, wherein the destination is a payment card account of the second account holder.

14. The method of claim 13, wherein the funds transfer is a payment transaction in a payment card system.

15. The method of claim 14, further comprising:

associating a unique transaction number with the funds transfer; and

storing the unique transaction number in association with (a) a payment card account number of the first account holder, and (b) the name and residential address of the second account holder.

16. The method of claim 14, further comprising:

associating a unique transaction number with the funds transfer; and

storing the unique transaction number in association with (a) a payment card account number of the first account holder, and (b) the name and residential address of the first account holder.

17. A method comprising:

receiving, from a first financial institution, a request for a funds transfer, the funds transfer originating from a sender;

transmitting an inquiry to a second financial institution, the sender having an account with the second financial institution;

receiving the sender'"'"'s name and residential address from the second financial institution in response to the inquiry;

receiving, from a third financial institution, the name and residential address of a recipient; and

routing the funds transfer to the third financial institution for the benefit of the recipient.

18. The method of claim 17, wherein the request for the funds transfer identifies the sender only by the sender'"'"'s telephone number.

19. The method of claim 18, wherein the telephone number is a mobile telephone number.

20. The method of claim 17, wherein the request for the funds transfer identifies the sender only by an account number that identifies the sender'"'"'s account with the second financial institution.

21. The method of claim 17, wherein the inquiry identifies the sender only by an account number that identifies the sender'"'"'s account with the second financial institution.

22. The method of claim 17, further comprising:

transmitting the sender'"'"'s name and residential address to the third financial institution.

23. The method of claim 22, further comprising:

transmitting the recipient'"'"'s name and residential address to the second financial institution.

24. The method of claim 17, further comprising:

transmitting the recipient'"'"'s name and residential address to the second financial institution.

25. The method of claim 17, further comprising:

transmitting the sender'"'"'s name and residential address to the first financial institution.

26. The method of claim 25, further comprising:

transmitting the recipient'"'"'s name and residential address to the first financial institution.

27. The method of claim 17, further comprising:

transmitting the recipient'"'"'s name and residential address to the first financial institution.

28. The method of claim 17, wherein the inquiry includes a request that the second financial institution authorize a transaction to fund the funds transfer from the sender'"'"'s account with the second financial institution.

29. An apparatus comprising:

a processor; and

a memory in communication with the processor, the memory storing program instructions, the processor operative with the program instructions to;

receive, from a first financial institution, a request for a funds transfer, the request originating from a sender who has an account with the first financial institution, the request indicating that the funds transfer is to be made from said account;

route the funds transfer to a second financial institution for the benefit of a recipient; and

receive, from the second financial institution, the recipient'"'"'s name and residential address.

30. The apparatus of claim 29, wherein the processor is further operative to:

receive the sender'"'"'s name and residential address from the first financial institution.

31. The apparatus of claim 30, wherein the processor is further operative to:

transmit the sender'"'"'s name and residential address to the second financial institution.

32. The apparatus of claim 29, wherein the processor is further operative to:

transmit the recipient'"'"'s name and residential address to the first financial institution.