METHODS AND SYSTEMS FOR EXECUTING A PLURALITY OF MONEY TRANSFERS HAVING A FLUCTUATING PARAMETER

• US 20110066548A1
• Filed: 12/15/2009
• Published: 03/17/2011
• Est. Priority Date: 08/28/2007
• Status: Active Grant

• Current Assignee: Western Union
• Original Assignee: Western Union
• Inventors: Rodin, Michael F.
• Granted Patent: US 8,738,518 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 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Systems and methods are provided for executing a plurality of money transfers, at least one term of which is dependent on the value of a fluctuating parameter, for example a currency exchange rate or the amount of a transaction service fee. The customer may stage a first money transfer at a money-transfer system and a first value of the fluctuating parameter may be determined by a host processor. The first money transfer may then be executed by the money-transfer system using the first value of the fluctuating parameter and a unique lock-in value identifier may be stored in the host processor'"'"'s memory that associates the first value of the fluctuating parameter with the customer.

Claims

1. A method for executing a plurality of money transfers, the method comprising:

providing a money-transfer system comprising a host processing system having a host processor with associated memory, wherein the money transfer system is operated by a service provider;

receiving from a customer at the money-transfer system information related to a first money transfer to be executed by the service provider, wherein at least one term of the money transfer is dependent on the value of a fluctuating parameter;

determining a first value of the fluctuating parameter at a first point in time;

executing, by the host processing system, the first money transfer using the first value of the fluctuating parameter;

receiving, at the host processing system from the customer, a unique lock-in value identifier;

storing, by the host processing system, in the memory of the host processing system the customer provided unique lock-in value identifier that associates the first value of the fluctuating parameter with the customer;

receiving from the same customer at the money-transfer system information related to a second money transfer to be executed by the service provider, wherein at least one of the terms of the second money transfer is dependent on the value of the fluctuating parameter;

determining, by the host processing system, a second value of the fluctuating parameter at a second point in time when making the second money transfer;

retrieving, by the host processing system, the first value of the fluctuating parameter from the host processor'"'"'s memory using the customer provided lock-in value identifier; and

executing, by the host processing system, the second money transfer with the money-transfer system using the value of the fluctuating parameter.

2. A method as recited in claim 1, further comprising determining, by the host processing system, whether the first value or the second value of the fluctuating parameter is more favorable to the customer for executing the second money transfer.

3. A method as recited in claim 2, further comprising executing, by the host processing system, the second money transfer with the money-transfer system using the more favorable value of the fluctuating parameter, wherein the risk of loss associated with using the more favorable value of the fluctuating parameter is assumed by the service provider.

4. A method as recited in claim 1, further comprising configuring the host processing system to associate a unique repeat customer identifier with the customer and to use the repeat customer identifier to determine that the second money transfer customer is the same as the first money transfer customer.

5. A method as recited in claim 4, further comprising configuring the host processing system to associate the repeat customer identifier with the lock-in value identifier when the lock-in value identifier is stored in the host processor'"'"'s memory, and to use the repeat customer identifier to retrieve the lock-in value identifier.

6. A method as recited in claim 1, further comprising notifying the customer of the amount of benefit realized by using the more favorable value of the fluctuating parameter to execute the second money transfer.

7. A method as recited in claim 1, wherein the fluctuating parameter is the exchange rate between a first currency in which funds are provided by the customer and a second currency in which funds are received at a receiving destination, a service fee charged to the customer for executing a money transfer, or the currency spread between the wholesale exchange rate paid by the service provider and the retail exchange rate the service provider offers to customers.

8. A method as recited in claim 1, wherein the receiving from the customer at the money-transfer system the information related to a first money transfer to be executed by the service provider, comprises receiving the information from a mobile device of the customer.

9. A method as recited in claim 8, wherein the mobile device comprises one or more of the following:

a cellular device, a personal digital assistant (PDA), a cellular telephone, a mobile telephone, and a portable computer.

10. A method as recited in claim 1, wherein the receiving of the money-transfer system information, comprises receiving the information via one or more of the following:

a cellular device, a mobile device, a voice response unit (VRU), an interactive voice response (IVR) system, a telephone, a short message system (SMS) text, and an email.

11. A method as recited in claim 1, wherein the unique lock-in value identifier received from the customer comprises one or more of the following:

a cellular telephone number, a mobile telephone number, a land-line telephone number, a street address, an email address, a loyalty program number, a username/password combination, the customer'"'"'s social security number, the customer'"'"'s biometric information, the customer'"'"'s fingerprint, and the customer'"'"'s ID for the money transfer system.

12. A system for executing a plurality of money transfers through a service provider, the system comprising:

one or more terminal devices adapted to input money transfer information regarding a customer and/or to receive the transferred funds at a receiving destination;

a host processor with associated memory adapted to process the money transfer and money transfer information; and

a money-transfer network adapted to provide a communications interface between the terminal devices and the host processor, wherein the host processor is configured to;

receive from a customer at the money-transfer system information related to a first money transfer to be executed by the service provider, wherein at least one term of the money transfer is dependent on the value of a fluctuating parameter;

determine a first value of the fluctuating parameter at a first point in time;

execute the first money transfer using the first value of the fluctuating parameter;

receive, from the customer, a unique lock-in value identifier;

store in the memory of the host processing system the customer provided unique lock-in value identifier that associates the first value of the fluctuating parameter with the customer;

receive from the same customer at the money-transfer system information related to a second money transfer to be executed by the service provider, wherein at least one of the terms of the second money transfer is dependent on the value of the fluctuating parameter;

determine a second value of the fluctuating parameter at a second point in time when making the second money transfer;

retrieve the first value of the fluctuating parameter from the host processor'"'"'s memory using the customer provided lock-in value identifier; and

execute the second money transfer with the money-transfer system using the value of the fluctuating parameter.

13. A system as recited in claim 12, wherein the host processor is further configured to:

associate a unique repeat customer identifier with the lock-in value identifier when the lock-in value identifier is stored in the host processor'"'"'s memory; and

search the customer information related to the second money transfer for the repeat customer identifier to determine that the second money transfer customer is the same as the first money transfer customer.

14. A system as recited in claim 13, wherein the host processor is further configured to use the repeat customer identifier to retrieve the lock-in value identifier.

15. A system as recited in claim 12, wherein the fluctuating parameter is the exchange rate between a first currency in which funds are provided by the customer and a second currency in which funds are received, a service fee charged to the customer for executing the money transfer, or the currency spread between the wholesale exchange rate paid by the service provider and the retail exchange rate the service provider offers to customers.

16. A system as recited in claim 12, wherein the one or more terminal devices comprise a mobile device.

17. A system as recited in claim 16, wherein the mobile device comprises one or more of the following:

a cellular device, a personal digital assistant (PDA), a cellular telephone, a mobile telephone, and a portable computer.

18. A system as recited in claim 12, wherein the unique lock-in value identifier received from the customer comprises one or more of the following:

a cellular telephone number, a mobile telephone number, a land-line telephone number, a street address, an email address, a loyalty program number, a username/password combination, the customer'"'"'s social security number, the customer'"'"'s biometric information, the customer'"'"'s fingerprint, and the customer'"'"'s ID for the money transfer system.

19. A machine-readable medium having sets of instructions which, when executed by a machine, cause the machine to:

receive from a customer at a money-transfer system information related to a first money transfer to be executed by a service provider, wherein at least one term of the money transfer is dependent on a value of a fluctuating parameter;

determine a first value of the fluctuating parameter at a first point in time;

execute the first money transfer using the first value of the fluctuating parameter;

receive, from the customer, a unique lock-in value identifier;

store in a memory of a host processing system the customer provided unique lock-in value identifier that associates the first value of the fluctuating parameter with the customer;

receive from the same customer at the money-transfer system information related to a second money transfer to be executed by the service provider, wherein at least one of the terms of the second money transfer is dependent on the value of the fluctuating parameter;

determine a second value of the fluctuating parameter at a second point in time when making the second money transfer;

retrieve the first value of the fluctuating parameter from the host processor'"'"'s memory using the customer provided lock-in value identifier; and

execute the second money transfer with the money-transfer system using the value of the fluctuating parameter.

20. A machine-readable medium as recited in claim 19, wherein the sets of instructions when further executed by the machine, cause the machine to:

determine whether the first value or the second value of the fluctuating parameter is more favorable to the customer for executing the second money transfer; and

execute the second money transfer with the money-transfer system using the more favorable value of the fluctuating parameter, wherein the risk of loss associated with using the more favorable value of the fluctuating parameter is assumed by the service provider.

21. A machine-readable medium as recited in claim 19, wherein the unique lock-in value identifier received from the customer comprises one or more of the following:

a cellular telephone number, a mobile telephone number, a land-line telephone number, a street address, an email address, a loyalty program number, a username/password combination, the customer'"'"'s social security number, the customer'"'"'s biometric information, the customer'"'"'s fingerprint, and the customer'"'"'s ID for the money transfer system.