MONEY TRANSFER SYSTEM USING PRE-FUNDED ESCROW
First Claim
1. A computerized method of performing a money transfer transaction, the method comprising:
- (a) staging a money transfer transaction in a database;
(b) receiving presentment data, via an application programming interface, indicating that a sender has provided an initiation payment at a point-of-service;
(c) providing a computerized notification to a money transmitter, instructing the money transmitter to provide a fulfillment payment to a recipient; and
(d) providing a computerized notification to an escrow service, instructing the escrow service to provide a funding payment to the money transmitter.
6 Assignments
0 Petitions
Accused Products
Abstract
Disclosed herein are systems and method for facilitating money transfer transactions between a sender and a recipient. In general, the systems and methods include: (a) a point-of-service terminal (POS) receiving an initiation payment from a sender; (b) a pre-funded account that receives replenish payments from the POS; (c) a money transmitter terminal that receives a funding payment from the pre-funded account, and provides a fulfillment payment to a recipient; and (d) a centralized service provider linking the POS, the pre-funded account, and the money transmitter. In operation, the centralized service provider (1) receives presentment data, from the POS, indicating that the sender has provided the initiation payment at the POS, (2) provides a computerized notification to the money transmitter, instructing the money transmitter to provide the fulfillment payment to the recipient, and (3) facilitates the replenishment of the pre-funded account.
38 Citations
27 Claims
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1. A computerized method of performing a money transfer transaction, the method comprising:
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(a) staging a money transfer transaction in a database; (b) receiving presentment data, via an application programming interface, indicating that a sender has provided an initiation payment at a point-of-service; (c) providing a computerized notification to a money transmitter, instructing the money transmitter to provide a fulfillment payment to a recipient; and (d) providing a computerized notification to an escrow service, instructing the escrow service to provide a funding payment to the money transmitter. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 12, 13, 14, 15, 16, 17)
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10. A computer-readable storage medium, comprising:
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instructions executable by at least one processing device that, when executed, cause the processing device to (a) stage a money transfer transaction in a database; (b) receive presentment data, via an application programming interface, indicating that a sender has provided an initiation payment at a point-of-service; (c) send a computerized notification to a money transmitter, instructing the money transmitter to provide a fulfillment payment to a recipient; and (d) send a computerized notification to an escrow service, instructing the escrow service to provide a funding payment to the money transmitter. - View Dependent Claims (11)
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18. A system for conducting a money transfer transaction, comprising:
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a point-of-service terminal receiving an initiation payment from a sender; a pre-funded escrow account linked to the point-of-service terminal and receiving replenish payments from the point-of-service terminal; a money transmitter terminal linked to the escrow account to receive a funding payment from the escrow account and to provide a fulfillment payment to a recipient; and a centralized service provider linked to the point-of-service terminal, the pre-funded escrow, and the money transmitter, wherein the centralized service provider (a) receives presentment data, via an application programming interface, indicating that the sender has provided the initiation payment at the point-of-service terminal, (b) provides a computerized notification to the money transmitter, instructing the money transmitter to provide the fulfillment payment to the recipient, and (c) provides a computerized notification to the escrow account, instructing the escrow account to provide the funding payment to the money transmitter. - View Dependent Claims (19, 20)
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21. A computerized method of performing a money transfer transaction, the method comprising:
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(a) staging a money transfer transaction in a database; (b) receiving presentment data, via an application programming interface, indicating that a sender has provided an initiation payment at a point-of-service; (c) providing a computerized notification to a money transmitter, instructing the money transmitter to provide a fulfillment payment to a recipient from a pre-funded account; and (d) settling the money transfer transaction by providing a replenish payment to the pre-funded account. - View Dependent Claims (22, 23, 24, 25, 26, 27)
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Specification