RECEIVER DRIVEN MONEY TRANSFER ALERT SYSTEM

• US 20120030098A1
• Filed: 07/28/2010
• Published: 02/02/2012
• Est. Priority Date: 07/28/2010
• Status: Active Grant

• Current Assignee: Western Union
• Original Assignee: Western Union
• Inventors: Bulawa, Kurt, Michelsen, Michael, Demark, Michele, Owen, David A.
• Granted Patent: US 8,510,188 B2
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• 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 20/401 Transaction verification

Abstract

A method for performing a money transfer initiated by a receiver of the money transfer, wherein the method includes receiving a money transfer initiation request from the receiver and the money transfer initiation request includes an amount of funds to be transferred, receiver information, and sender information. The method also includes staging a money transfer transaction after receiving the money transfer initiation request, wherein the money transfer transaction is pending an authorization by the sender to fund the money transfer. The method further includes providing the sender with a notification of the money transfer transaction, receiving the authorization to fund the money transfer transaction, and executing the money transfer to transfer the funds from the sender to the receiver.

Claims

1. A method for performing a money transfer at a money transfer host system, wherein the money transfer is initiated by a receiver of the money transfer, the method comprising:

receiving a money transfer initiation request, wherein the money transfer initiation request comprises;

an amount of funds to be transferred to the receiver,

receiver information, wherein the receiver information;

identifies the receiver, and

identifies an account to which the funds will be transferred, and sender information, wherein the sender information;

identifies a sender, and

identifies a communication address associated with the sender;

staging a money transfer transaction after receiving the money transfer initiation request, wherein the money transfer transaction is pending an authorization by the sender to fund the money transfer;

providing the sender with a notification of the money transfer transaction via the communication address, wherein the notification indicates;

the amount of funds to be transferred, and

at least a portion of the receiver information,

receiving the authorization to fund the money transfer transaction; and

executing the money transfer to transfer the funds from the sender to the receiver.

2. The method for performing a money transfer according to claim 1, the method further comprising:

generating a transaction identifier for the money transfer transaction;

providing the transaction identifier to either or both the sender and the receiver; and

wherein receiving the authorization comprises receiving the transaction identifier from the sender.

3. The method for performing a money transfer according to claim 1, the method further comprising:

receiving a funds designation from the receiver, wherein the fund designation provides instructions for allocating the funds of the money transfer;

receiving the funds from the sender; and

automatically allocating the funds in accordance with the funds designation.

4. The method for performing a money transfer according to claim 3, wherein the funds designation comprises indicia on a wireless device associated with the receiver, the indicia associating a payment with a sender from among a plurality of senders such that:

upon selection of the indicia, the money transfer initiation request is generated on the wireless device and provided to the money transfer host system, and

the funds are automatically applied to pay toward the payment.

5. The method for performing a money transfer according to claim 3, wherein the funds designation is stored on a magnetic stripe of a presentation instrument associated with the receiver, and wherein when the receiver uses the presentation instrument for one or more payments:

the money transfer initiation request is automatically generated and provided to the money transfer host system for a pre-designated sender, and

the funds are automatically applied to pay the one or more payments.

6. The method for performing a money transfer according to claim 1, wherein the notification comprises a payment facilitator that enables the sender to provide the authorization to fund the money transfer by sending the payment facilitator to the money transfer host system, wherein the payment facilitator comprises one or more of the following:

a transaction identifier generated by the money transfer host system, and

a hyperlink in an email.

7. The method for performing a money transfer according to claim 1, wherein the money transfer initiation request further comprises an instruction for the sender to either provide the entire amount of funds or provide a specified portion of the amount of funds.

8. The method for performing a money transfer according to claim 1, wherein receiving the authorization from the sender comprises account information for an account from which the funds will be provided for the money transfer.

9. The method for performing a money transfer according to claim 8, wherein the account information is selected from the group consisting of:

a bank account,

a M-wallet account,

cash provided to an agent of the money transfer host system,

a credit card account,

a prepaid account,

a prepaid card,

an ACH transaction,

a E-wallet, and

a loyalty point account.

10. The method for performing a money transfer according to claim 1, wherein the sender information comprises first sender information for a first sender and wherein:

the money transfer initiation request comprises;

second sender information, wherein the second sender information;

identifies a second sender, and

identifies a second communication address associated with the second sender;

the amount of funds to be transferred to the receiver is a total amount of funds to be received from either or both the first sender and the second sender;

providing the notification of the money transfer transaction comprises providing the second sender with the notification via the second communication address;

receiving the authorization to fund the money transfer transaction comprises receiving an authorization from either or both the first sender and the second sender to fund at least a portion of the money transfer transaction; and

the method further comprises;

receiving funds from the either or both the first sender and the second sender to fund at least a portion of the money transfer transaction; and

executing a money transfer to transfer the funds from either or both the first sender and the second sender to the receiver.

11. The method for performing a money transfer according to claim 10, further comprising:

applying the funds towards the total amount of funds; and

providing the first sender and the second sender with an indication of the applied funds in relation to the total amount of funds requested.

12. The method for performing a money transfer according to claim 1, wherein staging the money transfer transaction further comprises:

based on the receiver information and the sender information, ensuring that the money transfer complies with at least one money transfer regulation prior to receiving the authorization from the sender.

13. The method for performing a money transfer according to claim 1, wherein:

the sender and the receiver are enrolled in a money transfer initiation service, and

the money transfer initiation service provides one or more of the following services;

automatic money transfer initiation requests and staging for the receiver;

one or more automatic reminders to the sender to provide funds for the money transfer transaction;

automatic notification to the sender that the receiver is requesting funds; and

pre-approved funding of the money transfer transaction.

14. The method for performing a money transfer according to claim 1, wherein:

the receiver is a merchant and the sender is a customer of the merchant;

the money transfer initiation request comprises a payment notice from the merchant for one or more of a good and a service rendered; and

the method further comprises;

receiving the payment notice;

extracting the sender information from the payment notice;

staging the money transfer transaction after receiving the payment notice;

providing the notification to the customer, wherein the notification comprises the payment notice;

receiving the authorization from the customer to provide funds, wherein the funds pay for the one or more good and service rendered; and

executing the money transfer to transfer the funds from the customer to the merchant to pay for the one or more good and service rendered.

15. The method for performing a money transfer according to claim 1, further comprising:

storing the receiver information and the sender information on a magnetic stripe of a presentation instrument, wherein the money transfer initiation request is provided to the money transfer host system upon the receiver;

presenting the presentation instrument to a magnetic stripe reading device; and

providing the amount of funds to be transferred to the receiver.

16. The method for performing a money transfer according to claim 1, wherein the communication address comprises one or more of the following:

an email address;

a physical address associated with the sender;

an IP address;

a telephone number; and

a number of a wireless device.

17. A system for performing a money transfer initiated by the receiver of the money transfer, the system comprising:

a communication interface configured to provide communication between the system and the receiver and between the system and a sender of the funds;

a memory component configured to store instructions; and

a processor communicatively coupled with the memory component, the processor configured to receive the instructions from the memory component, wherein the instructions direct the processor to enable the system to perform the following operations;

receive from the receiver via the communication interface, a money transfer initiation request, wherein the money transfer initiation request comprises;

an amount of funds to be transferred to the receiver,

receiver information, wherein the receiver information;

identifies the receiver, and

identifies an account to which the funds will be transferred, and

sender information, wherein the sender information;

identifies a sender, and

identifies a communication address associated with the sender;

stage a money transfer transaction after receiving the money transfer initiation request, wherein the money transfer transaction is pending an authorization by the sender to fund the money transfer;

provide the sender with a notification of the money transfer transaction via the communication address, wherein the notification indicates;

the amount of funds to be transferred, and

at least a portion of the receiver information,

receive from the sender via the communication interface, the authorization to fund the money transfer transaction; and

execute the money transfer to transfer the funds from the sender to the receiver.

18. A method for performing a money transfer initiated by a receiver on a wireless device, the method comprising:

providing a transfer application to the wireless device from a host computer system, wherein the transfer application is configured to;

communicate with a contact list associated with the wireless device,

identify a sender of the funds from the contact list, and

obtain sender information associated with the sender from the contact list;

receiving a money transfer request at the host system, wherein the money transfer request is generated by the wireless device, and wherein the money transfer request comprises;

an amount of funds to transfer to the receiver,

receiver information, wherein the receiver information;

identifies the receiver, and

identifies an account to which the funds will be transferred, and the sender information, wherein the sender information;

identifies the sender, and

identifies a communication address associated with the sender;

staging a money transfer transaction after receiving the money transfer request, wherein the money transfer transaction is pending an authorization by the sender to fund the money transfer;

providing the sender with a notification of the money transfer transaction via the communication address, wherein the notification indicates;

the amount of funds to be transferred, and

at least a portion of the receiver information, receiving the authorization to fund the money transfer transaction; and

executing the money transfer to transfer the funds from the sender to the receiver.

19. The method for performing a money transfer according to claim 18, wherein:

providing the sender with the notification comprises sending the notification to a wireless device associated with the sender, wherein the wireless device is configured with the transfer application; and

receiving the authorization comprises receiving the authorization from the wireless device associated with the sender.

20. The method for performing a money transfer according to claim 18, wherein the transfer application is also configured to obtain sender information from a source other than the contact list associated with the wireless device.