GLOBAL REMITTANCE PLATFORM
First Claim
1. A method for remitting funds from a remitter to a beneficiary, comprising:
- maintaining a database associated with a bank account for a remitter at a bank, the bank associated with an enterprise;
receiving transaction data for a remittance transaction, the transaction associated with providing funds from the remitter to the beneficiary;
retrieving the funds from the bank account of the remitter; and
making the funds available to the beneficiary in the form of cash;
wherein the remittance transaction is not anchored to a particular account of the beneficiary and the beneficiary does not have an account with the enterprise.
1 Assignment
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Accused Products
Abstract
The invention provides a remittance platform in which an enterprise, such as Wells Fargo, serves as a remittance transfer agent, where the remittance function is integrated with a bank. The invention allows access to the remittance program by both account holders with the enterprise and persons who do not have an account with the enterprise. The person accessing the service may pick the remittance service they want and the country they want. However, the service is not anchored to a particular account and can therefore work with both bank partners and non-bank partners and account holders and non-account holders. Further, the system may be private-labeled. Additionally, the invention provides a mechanism that allows one to send money easily to other countries and it allows bank partners to participate in the program easily as well. This is possible because the enterprise provides all of the processing in an integrated fashion.
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Citations
20 Claims
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1. A method for remitting funds from a remitter to a beneficiary, comprising:
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maintaining a database associated with a bank account for a remitter at a bank, the bank associated with an enterprise; receiving transaction data for a remittance transaction, the transaction associated with providing funds from the remitter to the beneficiary; retrieving the funds from the bank account of the remitter; and making the funds available to the beneficiary in the form of cash; wherein the remittance transaction is not anchored to a particular account of the beneficiary and the beneficiary does not have an account with the enterprise. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A method of remitting funds from a remitter to a beneficiary, comprising:
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maintaining a bank account for the remitter, the remitter being a customer of a bank, the bank being associated with an enterprise; providing the remitter with a plurality of options for a remittance transaction to remit the funds, the plurality of options including an account-to-cash remittance transaction; receiving instructions from the remitter relating to the remittance transaction, the instructions including a selection of the account-to-cash option; withdrawing funds from the bank account of the remitter based on the instructions; and transferring the funds to the beneficiary using a computer network; wherein the remittance transaction is not anchored to a particular account of the beneficiary and the beneficiary does not have an account with the enterprise. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A system configured to remit funds from a remitter to a beneficiary, the system being provided by an enterprise, the system comprising:
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a computer-implemented teller configured to receive transaction data for a remittance transaction; a database configured to store the transaction data and account data for bank accounts associated with account holders; and a remittance system coupled to the computer-implemented teller and the database and configured to support a plurality of types of remittance transactions including account to cash transactions; wherein for account-to-cash transactions, the funds are retrieved from one of the bank accounts, the account-to-cash transaction is not anchored to a particular account of the beneficiary, and the beneficiary does not have an account with the enterprise. - View Dependent Claims (16, 17, 18, 19, 20)
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Specification