Least Cost Routing of Fund Transfer Transactions
First Claim
Patent Images
1. A computer-implemented method, comprising:
- receiving a fund transfer transaction at a computer network, where the fund transfer transaction includes electronic payee information configured to enable identification of a payee of a transfer of funds from a payor'"'"'s account to the payee, and where the fund transfer transaction does not indicate a delivery mechanism for the transfer of funds;
determining if the payee has an account with the financial institution by at least comparing the electronic payee information to a customer-payee collection stored in memory on the computer network, where the customer-payee collection contains identifiers of customers of the financial institution that are payees;
if a first criteria is satisfied, electronically transferring the funds from the payor'"'"'s account to the payee'"'"'s account and associating electronic payor information with the fund transfer transaction to enable the payee to identify the payor, where the first criteria includes whether the payor'"'"'s account and the payee'"'"'s account are with the financial institution; and
if the first criteria is not satisfied, selecting an appropriate delivery mechanism configured to receive the fund transfer transaction for processing, and sending the fund transfer transaction to the appropriate delivery mechanism.
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Accused Products
Abstract
Aspects of the disclosure relate to enhancing the transfer of funds involving particular payee-payors. Users sometimes desire to remotely transfer funds from their account (i.e., payor account) to a payee, but are ambivalent as to the delivery mechanism their financial institution uses to perform the transfer. Systems and methods are disclosed that relate to using a routing engine to assist in transferring funds in an enhanced manner.
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Citations
20 Claims
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1. A computer-implemented method, comprising:
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receiving a fund transfer transaction at a computer network, where the fund transfer transaction includes electronic payee information configured to enable identification of a payee of a transfer of funds from a payor'"'"'s account to the payee, and where the fund transfer transaction does not indicate a delivery mechanism for the transfer of funds; determining if the payee has an account with the financial institution by at least comparing the electronic payee information to a customer-payee collection stored in memory on the computer network, where the customer-payee collection contains identifiers of customers of the financial institution that are payees; if a first criteria is satisfied, electronically transferring the funds from the payor'"'"'s account to the payee'"'"'s account and associating electronic payor information with the fund transfer transaction to enable the payee to identify the payor, where the first criteria includes whether the payor'"'"'s account and the payee'"'"'s account are with the financial institution; and if the first criteria is not satisfied, selecting an appropriate delivery mechanism configured to receive the fund transfer transaction for processing, and sending the fund transfer transaction to the appropriate delivery mechanism. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. An apparatus comprising:
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a processor for executing computer-executable instructions; a memory storing computer-executable instructions that when executed cause the processor to perform a method comprising; processing a fund transfer transaction received at a computer network of a financial institution, where the fund transfer transaction does not indicate a delivery mechanism for a transfer of a payor'"'"'s funds; determining if a payee of the fund transfer transaction has an account with the financial institution by at least comparing payee information of the fund transfer transaction to a customer-payee collection, where the customer-payee collection contains identifiers of customers of the financial institution that are payees; if the payor'"'"'s account and the payee'"'"'s account are with the financial institution, electronically transferring the funds from the payor'"'"'s account to the payee'"'"'s account and associating electronic payor information with the fund transfer transaction; and if the payor'"'"'s account and the payee'"'"'s account are not both with the financial institution, selecting an appropriate delivery mechanism configured to receive the fund transfer transaction, and sending the fund transfer transaction to the appropriate delivery mechanism; and a communications module for at least receiving and sending fund transfer transactions. - View Dependent Claims (13, 14, 15, 16)
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17. A computer-readable medium storing computer-executable instructions that, when executed, cause a processor to perform a method comprising:
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processing a fund transfer transaction received at a financial institution, where the fund transfer transaction does not indicate a delivery mechanism for a transfer of a payor'"'"'s funds; determining if a payee of the fund transfer transaction has an account with the financial institution by at least comparing payee information of the fund transfer transaction to a customer-payee collection, where the customer-payee collection contains identifiers of customers of the financial institution that are payees; if the payor'"'"'s account and the payee'"'"'s account are with the financial institution, electronically transferring the funds from the payor'"'"'s account to the payee'"'"'s account and associating electronic payor information with the fund transfer transaction; if the payor'"'"'s account and the payee'"'"'s account are not both with the financial institution, selecting an appropriate delivery mechanism configured to receive the fund transfer transaction, and sending the fund transfer transaction to the appropriate delivery mechanism; performing a plurality of regulatory checks on the fund transfer transaction, where the plurality of regulatory checks are configured to detect money laundering activity; and if a regulatory check of the plurality of regulatory checks fails, then aborting the fund transfer transaction and reporting the fund transfer transaction. - View Dependent Claims (18, 19, 20)
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Specification