Real-Time Approval of Bank Draft Payments for Money Transfer Transactions
First Claim
1. A method for funding a money transfer transaction, the method comprising:
- establishing a money transfer transaction between a sending party and a receiving party;
receiving account information corresponding to an account of the sending party;
determining whether to accept the bank draft transaction to fund the money transfer transaction prior to clearance of the bank draft transaction; and
funding the money transfer transaction prior to clearance of the bank draft transaction based on said determining.
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0 Petitions
Accused Products
Abstract
Systems and methods which allow for utilizing bank draft payments to contemporaneously fund money transfer transactions while also mitigating for the risk the bank draft payment being returned are provided. One embodiment provides a method for funding a money transfer transaction. The method includes establishing a money transfer transaction between a sending party and a receiving party. Account information corresponding to an account of the sending party is received and a bank draft transaction from the account may be established. With the account information and optionally other transaction information, a determination is made whether to accept the bank draft transaction to fund the money transfer transaction prior to the clearance of the bank draft transaction. In the event that the bank draft transaction is accepted, the money transfer transaction is funded prior to clearance of the bank draft transaction.
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Citations
26 Claims
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1. A method for funding a money transfer transaction, the method comprising:
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establishing a money transfer transaction between a sending party and a receiving party; receiving account information corresponding to an account of the sending party; determining whether to accept the bank draft transaction to fund the money transfer transaction prior to clearance of the bank draft transaction; and funding the money transfer transaction prior to clearance of the bank draft transaction based on said determining. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A method for facilitating a financial payment using a bank draft transaction, the method comprising:
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receiving account information and an amount of payment to be deducted from an account in a bank draft transaction; compiling, by a processing device, information pertaining to the sender and the sender'"'"'s account; and determining whether to accept the bank draft transaction and whether to fund the financial payment prior to clearance of the bank draft transaction based on the compiled information. - View Dependent Claims (11, 12, 13, 14, 15)
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16. A system for facilitating a money transfer, said system comprising:
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a processing device configured to receive information for a money transfer transaction; and a decision engine configured to compile the transaction information and information relating to a payment account, the decision engine configured to analyze information regarding the money transfer transaction and the payment account, the decision engine further configured to make a determination whether to fund the money transfer transaction prior to the clearance of the funds from the payment account based on the analyzed information. - View Dependent Claims (17, 18, 19, 20, 21)
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22. A computer program product having a computer readable medium with logic incorporated thereon which, when executed, performs the steps of:
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establishing a money transfer transaction between a sending party and a receiving party; receiving account information corresponding to an account of the sending party and establishing a bank draft transaction from the account; and determining whether to accept the bank draft transaction to fund the money transfer transaction prior to clearance of the bank draft transaction. - View Dependent Claims (23, 24, 25, 26)
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Specification