Person-to-Person Funds Transfer

• US 20100174646A1
• Filed: 01/07/2009
• Published: 07/08/2010
• Est. Priority Date: 01/07/2009
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Wick, Wanda P., Cole, Kevin
• Granted Patent: US 8,073,770 B2
• Time in Patent Office: Days
• US Class Current: 705/43
• 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 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• 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
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Systems and methods are illustrated for performing a person-to-person funds transfer. A person-to-person funds transfer process may be divided into a funds transfer initiation process to receive the funds to be transferred and recipient information from a sender and a funds retrieval process to provide the funds to a recipient. The funds transfer initiation process may include a customizable authentication step that provides the sender an opportunity to determine the level of authentication. The funds transfer retrieval process may include determining whether the recipient is authenticated based on the authentication level chosen by the sender.

Claims

1. A method for initiating a person-to-person funds transfer at an ATM without the assistance of one or more human agents comprising:

receiving a request to initiate a person-to-person funds transfer;

receiving a phone number associated with a recipient of the funds transfer;

receiving a transfer funds amount to be transferred to the recipient;

displaying a total funds amount corresponding to the transfer funds amount, wherein the total funds amount is the transfer funds amount combined with a predetermined fee;

receiving funds totaling the total funds amount;

generating a recipient code;

updating a database to reflect the total funds amount received, the phone number associated with the recipient, and the recipient code; and

sending a text message to the phone number, wherein the text message includes the recipient code.

2. The method of claim 1, wherein receiving the funds comprises receiving physical cash.

3. The method of claim 1, wherein receiving the funds comprises receiving authorization to deduct the total funds amount from a sender'"'"'s account.

4. The method of claim 1, further comprising receiving one or more authentication selections, wherein the one or more authentication selections need to be met by the recipient before dispensing the transfer funds amount to the recipient.

5. The method of claim 4, further comprising suggesting one or more authentication selections, wherein the one or more authentication selections suggested is based on the transfer funds amount.

6. The method of claim 4, wherein the one or more authentication selections comprises a customizable question, wherein the recipient must provide a correct answer to the customizable question before being authenticated.

7. The method of claim 4, wherein the one or more authentication selections comprises voice print authentication, further wherein the voice print authentication includes verifying the voice print of the recipient at the time the recipient attempts funds retrieval with a stored voice print of the recipient.

8. The method of claim 7, wherein verifying the voice print of the recipient comprises:

establishing a phone conversation with the recipient;

conferencing in a sender of the funds transfer to the phone conversation with the recipient;

recording a voice sample of the recipient during the phone conversation; and

receiving confirmation of the voice sample from the sender.

9. The method of claim 4, wherein the one or more authentication selection includes requiring a recipient to bring a RFID tag within proximity to a RFID reader.

10. The method of claim 1, wherein receiving the phone number associated with the recipient further comprises verifying with a third party that the phone number is associated with one of the recipient'"'"'s last name and address.

11. The method of claim 1, further comprising:

determining that the recipient fails to retrieve the funds;

sending a text message to the sender;

receiving an option of how to proceed with the person-to-person funds transfer; and

updating a database storing the person-to-person funds transfer with the received option.

12. The method of claim 11, wherein the option received is to cancel the funds transfer and allow the sender to retrieve the funds.

13. The method of claim 11, wherein the option received is to modify the authentication option originally selected.

14. A method for retrieving funds to complete a person-to-person funds transfer at an ATM without the assistance of one or more agents comprising:

receiving from a recipient a request to retrieve funds based on a retrieval code;

receiving the retrieval code;

identifying an amount of funds to be dispensed based on the retrieval code;

dispensing the funds; and

updating a record associated with the retrieval code to indicate that the funds was withdrawn.

15. The method of claim 14 further including authenticating the recipient before dispensing the funds.

16. The method of claim 15, wherein authenticating the recipient includes receiving a correct answer to a sender-customizable question.

17. The method of claim 15, wherein authenticating the recipient comprises:

requesting a voice print from the recipient;

recording the voice print;

comparing the voice print with a previously recorded voice print; and

authenticating the recipient if the two voice prints match.

18. The method of claim 15, wherein authenticating the recipient comprises reading a RFID tag and confirming a piece of information read from the RFID tag matches stored recipient identification information.

19. A system for performing a person-to-person funds transfer process without the assistance of one or more agents comprising:

a first apparatus for initializing a person-to-person funds transfer; and

a second apparatus for retrieving an amount of funds transferred, wherein the person-to-person funds transfer process comprises initializing the person-to-person funds transfer and retrieving the amount of funds transferred.

20. The system of claim 19 wherein the first apparatus comprises:

a processor;

memory comprising instructions that when executed by the processor performs;

receiving a request to initiate a person-to-person funds transfer;

receiving a transfer funds amount to be transferred to the recipient;

displaying a total funds amount corresponding to the transfer funds amount, wherein the total funds amount is the transfer funds amount combined with a predetermined fee;

receiving funds totaling the total funds amount;

generating a recipient code;

updating a database to reflect the total funds amount received, the phone number associated with the recipient, and the recipient code; and

sending a text message to the phone number, wherein the text message includes the recipient code.

21. The system of claim 19 wherein the second apparatus comprises:

a processor;

memory comprising instructions that when executed by the processor performs;

receiving from a recipient a request to retrieve funds based on a retrieval code;

receiving the retrieval code;

determining whether the retrieval code matches the recipient code;

identifying an amount of funds to be dispensed based on the retrieval code;

dispensing the funds; and

updating a record associated with the retrieval code to indicate that the funds were withdrawn.