INSTANT AVAILABILITY OF ELECTRONICALLY TRANSFERRED FUNDS
First Claim
1. An automated method of determining whether to release funds from a funding entry before the funding entry clears, the method comprising:
- receiving, from a device associated with a user, a transaction request associated with the funding entry;
calculating, using a processor, a risk using details from a user profile of the user by computing a risk score indicating a perceived risk involved with releasing funds before the funding entry clears; and
based on the risk score exceeding a transfer threshold, making funds of the funding entry available before the funding entry clears.
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Accused Products
Abstract
A system and method for making proceeds of an ACH (Automated Clearinghouse) transaction available to a user before the transaction is completed. The system may be part of an on-line system or traditional merchant configured to facilitate payments or fund transfers from users. A user requests the transfer of funds to an entity (e.g., another user, a merchant, the user'"'"'s account with the system) via an ACH entry. The system calculates a risk associated with the user, while considering various data (e.g., number of previous ACH entries, how many failed, how many succeeded, amount of the transfer). If the risk is low enough, the ACH entry is initiated and the desired funds are released for the transfer even before the ACH entry clears. The ACH entry may be presented as a default choice for funding the transfer.
63 Citations
20 Claims
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1. An automated method of determining whether to release funds from a funding entry before the funding entry clears, the method comprising:
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receiving, from a device associated with a user, a transaction request associated with the funding entry; calculating, using a processor, a risk using details from a user profile of the user by computing a risk score indicating a perceived risk involved with releasing funds before the funding entry clears; and based on the risk score exceeding a transfer threshold, making funds of the funding entry available before the funding entry clears. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A system for determining whether to release funds from a funding entry before the funding entry clears, the system comprising:
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a request module configured to receive, from a device associated with a user, a transaction request associated with the funding entry; a risk calculator configured to calculate, using the processor, a risk using details from a user profile of the user by computing a risk score indicating a perceived risk involved with releasing funds before the funding entry clears; and a transfer module configured to make funds of the funding entry available before the funding entry clears based on the risk score exceeding a transfer threshold. - View Dependent Claims (15, 16)
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17. A non-transitory machine-readable medium storing instructions that, when executed by a processor of a machine, cause the machine to perform operations to determine whether to release funds from a funding entry before the funding entry clears, the operations comprising:
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receiving, from a device associated with a user, a transaction request associated with the funding entry; calculating, using a processor, a risk using details from a user profile of the user by computing a risk score indicating a perceived risk involved with releasing funds before the funding entry clears; and based on the risk score exceeding a transfer threshold, making funds of the funding entry available before the funding entry clears. - View Dependent Claims (18, 19, 20)
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Specification