REMITTANCE SYSTEM WITH IMPROVED SERVICE FOR UNBANKED INDIVIDUALS

• US 20120116970A1
• Filed: 11/05/2010
• Published: 05/10/2012
• Est. Priority Date: 11/05/2010
• Status: Active Grant

• Current Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Original Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Inventors: Wiesman, Mark, Hagmeier, Shawn, Espinoza, César, Cintron, Miguel
• Granted Patent: US 8,706,633 B2
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/34 using cards, e.g. integrated circuit [IC] cards or magnetic cards
• 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

Abstract

A service provider computer receives a request for a transfer of funds from a sender to a recipient. The service provider computer makes a data record about the transaction available to a receiving financial institution. The receiving financial institution receives a visit from the recipient, issues a new payment card account to the recipient, and communicates the account number for the new account to the service provider computer. The service provider computer initiates a payment transaction in a payment card system to route the requested funds transfer from a payment card account belonging to the sender to the newly issued payment card account for the recipient.

Claims

1. A method comprising:

receiving, at a service provider computer, a request for a transfer of funds from a sender to a recipient;

making a data record in the service provider computer available to a receiving financial institution (FI), the data record indicative of the requested transfer of funds;

receiving in the service provider computer, from the receiving FI, recipient account information, the recipient account information indicative of a payment card account number that identifies a payment card account issued by the receiving FI to the recipient after the data record was accessed by the receiving FI; and

initiating, by the service provider computer, in a payment card system, a payment transaction to consummate the requested transfer of funds, the payment transaction identifying the payment card account issued to the recipient as a target for the funds transfer.

2. The method of claim 1, further comprising:

sending, from the service provider computer to a sending computer generated by a sending financial institution, a message to indicate to the sending computer that the recipient account information is to be associated with a user profile that belongs to the sender, the sending FI having issued a payment card account to the sender.

3. The method of claim 1, further comprising:

the service provider computer associating the recipient account information with a user profile that belongs to the sender.

4. The method of claim 1, further comprising:

sending an authorization request from the service provider computer to a sending financial institution, the sending FI having issued a payment card account to the sender, the authorization request being sent prior to said step of making the data record available, the authorization request for holding funds in the payment card account issued to the sender to cover the requested transfer of funds.

5. The method of claim 1, wherein the service provider computer receives the request for the transfer of funds from a payment services provider.

6. The method of claim 1, wherein the request for the transfer of funds includes a payment card account number that identifies a payment card account that belongs to the sender.

7. The method of claim 1, wherein the payment card account identified by the recipient account information does not exist at a time when the request for transfer of funds is received by the service provider computer.

8. The method of claim 1, wherein the requested transfer of funds is charged to the sender'"'"'s account only upon consummation of the transfer.

9. A method comprising:

receiving, in a receiving FI (financial institution) computer, transaction information indicative of a proposed funds transfer, the receiving FI computer receiving the transaction information from a service provider computer;

issuing, by the receiving FI computer, a payment card account to a recipient of the proposed funds transfer, the payment card account identified by a payment card account number;

transmitting the payment card account number from the receiving FI computer to the service provider computer; and

receiving the funds transfer in the receiving FI computer, the funds transfer targeted to the payment card account that was issued to the recipient.

10. The method of claim 9, wherein the transaction information includes at least one of a transaction identification code and the name of the recipient;

the method further comprising;

receiving the transaction identification code from the recipient at the receiving FI.

11. The method of claim 9, further comprising:

issuing, by the receiving FI, a debit or prepaid payment card to the recipient.

12. The method of claim 9, further comprising:

delivering cash to the recipient from the receiving FI.

13. The method of claim 9, wherein:

the receiving FI receives, from the recipient, information that verifies the recipient'"'"'s identity.

14. The method of claim 9, wherein the funds transfer is implemented via a payment transaction in a payment card system.

15. A method comprising:

operating a receiving FI (financial institution) computer to handle a first funds transfer transaction to benefit a recipient, the first funds transfer transaction including the steps of;

accessing, by the receiving FI computer, transaction data indicative of the first funds transfer transaction;

issuing a payment card account to the recipient, the payment card account identified by a payment card account number;

transmitting the payment card account number from the receiving FI computer to a service provider computer so that the service provider computer can initiate a first payment transaction in a payment card system, the first payment transaction having the issued payment card account as a target; and

receiving the first payment transaction at the receiving FI on behalf of the recipient; and

receiving a second payment transaction at the receiving FI on behalf of the recipient, the second payment transaction occurring after the first payment transaction, the second payment transaction implemented in the payment card system and having the payment card account as a target.

16. The method of claim 15, further comprising:

receiving a transaction identification code from the recipient; and

using, by the receiving FI computer, the transaction identification code to access the transaction data.

17. The method of claim 15, wherein the first and second payment transactions are routed in the payment card system from a payment card account that belongs to a sender to the payment card account issued to the recipient.

18. The method of claim 15, further comprising:

issuing, by the receiving FI, a debit or prepaid payment card to the recipient.

19. The method of claim 15, further comprising:

delivering cash to the recipient from the receiving FI.

20. The method of claim 15, wherein:

the receiving FI receives, from the recipient, information that verifies the recipient'"'"'s identity.