ITEM-SPECIFIC MONEY TRANSFER METHODS AND SYSTEMS

• US 20110246328A1
• Filed: 03/30/2010
• Published: 10/06/2011
• Est. Priority Date: 03/30/2010
• Status: Active Grant

• Current Assignee: Western Union
• Original Assignee: Western Union
• Inventors: Paintin, Scott, Dunwoody, Kimberly
• Granted Patent: US 8,788,408 B2
• Time in Patent Office: Days
• US Class Current: 705/27.1
• 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 20/385 using an alias or single-use codes
• 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 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/0629 for generating comparisons
• CPC Class Codes: G06Q 30/0631 Item recommendations
• CPC Class Codes: G06Q 30/0641 Shopping interfaces
• CPC Class Codes: G06Q 40/123 Tax preparation or submission

Abstract

The invention provides various systems and methods for implementing item-specific money transfers. The method includes receiving identification of an item, determining a vendor and a price of the item, and receiving, from a receiver, a money transfer request for an amount of the price of the item. The money transfer request identifies a sender. The method further includes sending the money transfer request to the sender, receiving, from the sender, authorization for a money transfer in an amount of the price of the item. The authorization includes an indication that funds from the money transfer are restricted for use only for the item.

Claims

1. A method of implementing item-specific money transfers, the method comprising:

receiving, by a money transfer processing system, identification of an item;

determining, by the money transfer processing system, at least one vendor and at least one price of the item or a substitute for the item;

receiving, by the money transfer processing system, from a receiver, a money transfer request for an amount of the price of the item or a substitute for the item, wherein the money transfer request identifies a sender;

sending, by the money transfer processing system, the money transfer request to the sender;

receiving, by the money transfer processing system, from the sender, authorization for a money transfer in an amount of the price of the item or a substitute for the item, wherein the authorization includes an indication that funds from the money transfer are restricted for use only for the item or a substitute for the item;

pre-staging, by the money transfer processing system, the money transfer;

binding, by the money transfer processing system, the funds of the money transfer to only be available for payment to the vendor for the item or a substitute for the item; and

sending, by the money transfer processing system, to the vender of the item or a substitute for the item, the money transfer for payment of the item or a substitute for the item.

2. A method of implementing item-specific money transfers as in claim 1, wherein identification of the item or a substitute for the item further comprises one or more of the following:

photographing the item or a substitute for the item, scanning a barcode from the item or a substitute for the item, entering a universal product code (UPC), and entering an identification number associated with the item or a substitute for the item into an interface.

3. A method of implementing item-specific money transfers as in claim 2, wherein the interface comprises a kiosk.

4. A method of implementing item-specific money transfers as in claim 2, further comprising:

sending a photograph of the item or a substitute for the item to the money transfer processing system;

determining that no match of the item or a substitute for the item is found; and

in response to no match of the item or a substitute for the item being found, identifying one or more related items.

5. A method of implementing item-specific money transfers as in claim 1, further comprising providing a price comparison interface to the sender, the receiver, and/or vendor.

6. A method of implementing item-specific money transfers as in claim 5, wherein the price comparison interface is configured to search a database of items and/or substitutes for the items for the identified item or a substitute for the item, and display price comparisons for the identified item or a substitute for the item from other vendors.

7. A method of implementing item-specific money transfers as in claim 6, receiving, from the sender or the receiver, a selection of the item or a substitute for the item from one of the other vendors.

8. A method of implementing item-specific money transfers as in claim 7, in response to the selection, adjusting the amount of the money transfer to the price of the item or a substitute for the item from the one of the other vendors.

9. A method of implementing item-specific money transfers as in claim 1, wherein the item or a substitute for the item comprises a charitable donation.

10. A method of implementing item-specific money transfers as in claim 9, further comprising in response to the item or a substitute for the item comprising a charitable donation, sending to the sender a tax statement related to the charitable donation.

11. A method of implementing item-specific money transfers as in claim 2, wherein the restricted use of the funds is restricted based in part on the Universal Product Code (UPC) associated with the item or a substitute for the item.

12. A method of implementing item-specific money transfers as in claim 11, wherein the funds from the money transfer are sent to a mobile wallet of the receiver.

13. A method of implementing item-specific money transfers as in claim 12, wherein the funds in the mobile wallet are restricted to purchase the item or a substitute for the item associated with the UPC.

14. A method of generating an item-specific money transfer identifier, the method comprising:

receiving, by a money transfer system, from a first sender, identification of an item or a substitute for the item for purchase, a geographical location of the item or a substitute for the item, and a money transfer request for an amount of the item or a substitute for the item;

pre-staging, by the money transfer system, a money transfer for the amount of the item or a substitute for the item;

generating, by the money transfer system, an identifier for the money transfer, wherein the identifier comprises at least one of an item identifier identifying the item or a substitute for the item, a location identifier identifying the geographical location, and a first funding identifier;

securely sending the identifier to a receiver;

receiving, by the money transfer system, from the receiver the identifier; and

in response to receiving the identifier from the receiver, providing the receiver with funds from the money transfer.

15. A method of generating an item-specific money transfer identifier as in claim 14, further comprising prior to providing the receiver with funds from the money transfer, comparing the receiver'"'"'s location with the location identifier from the money transfer identifier to determine if the receiver'"'"'s location matches the location identified by the location identifier.

16. A method of generating an item-specific money transfer identifier as in claim 15, further comprising:

in response to the receiver location matching the location identified by the location identifier, providing the funds from the money transfer to the receiver; and

in response to the receiver'"'"'s location not matching the location identified by the location identifier, denying the funds from the money transfer to the receiver.

17. A method of generating an item-specific money transfer identifier as in claim 14, further comprising receiving, by the money transfer system, from a second sender of a plurality of senders, a money transfer request associated with the money transfer identifier.

18. A method of generating an item-specific money transfer identifier as in claim 17, wherein the money transfer identifier comprises the first funding identifier and a second funding identifier, wherein the second funding identifier comprises the money transfer from the second sender.

19. A method of generating an item-specific money transfer identifier as in claim 14, wherein the securely sending of the money transfer identifier to the receiver comprises sending the money transfer identifier via at least one of near-field communication, text message, e-mail, and telephone call.

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

receive identification of an item or a substitute for the item;

determine a vendor and a price of the item or a substitute for the item;

receive, from a receiver, a money transfer request for an amount of the price of the item or a substitute for the item, wherein the money transfer request identifies a sender;

send the money transfer request to the sender;

receive, from the sender, authorization for a money transfer in an amount of the price of the item or a substitute for the item, wherein the authorization includes an indication that funds from the money transfer are restricted for use only for the item or a substitute for the item;

pre-stage the money transfer;

bind the funds of the money transfer to only be available for payment to the vendor for the item or a substitute for the item; and

send, to the vendor of the item or a substitute for the item, the money transfer for payment of the item or a substitute for the item.