COMMUNICATION PROTOCOL FOR ELECTRONIC FUNDS TRANSFER SYSTEMS
First Claim
Patent Images
1. A system for converting internationally initiated banking messages into domestic banking transactions comprising:
- (a) a central computer system;
(b) at least one terminal adapted to receive banking messages;
(c) first communications means for exchanging transmitting information between said terminal and said central computer system;
(d) second communication means for receiving information from more than one of said terminals; and
(e) look up means coupled between said central computer system and one or more external databases for converting messaging codes from one banking system into corresponding codes from different banking systems to enable a transfer of funds among accounts including overseas funds accounts and domestic funds accounts;
whereby funds can be transferred between a domestic destination account and both domestic and international accounts.
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Accused Products
Abstract
A method and system for the electronic transfer of funds utilizes a computerized facilitating agent and associated database which contains the addresses and operating protocols of all known accounts. A sender of funds instructs the facilitating agent as to the recipient and recipient'"'"'s destination account and the amount to be transferred. Using the database, the facilitating agent can acquire the address of the recipient destination account and the protocols required for a transfer and effectuates the transfer utilizing available automated clearing house procedures without human intervention.
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Citations
20 Claims
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1. A system for converting internationally initiated banking messages into domestic banking transactions comprising:
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(a) a central computer system; (b) at least one terminal adapted to receive banking messages; (c) first communications means for exchanging transmitting information between said terminal and said central computer system; (d) second communication means for receiving information from more than one of said terminals; and (e) look up means coupled between said central computer system and one or more external databases for converting messaging codes from one banking system into corresponding codes from different banking systems to enable a transfer of funds among accounts including overseas funds accounts and domestic funds accounts; whereby funds can be transferred between a domestic destination account and both domestic and international accounts. - View Dependent Claims (2, 3, 4)
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5. A method for converting internationally initiated banking messages into domestic banking transactions comprising the steps of:
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(a) receiving a banking instruction to transfer funds; (b) looking up account information for the sender of funds; (c) looking up account information for the recipient of funds; and (d) converting messaging codes from the banking method of the sender into corresponding codes from the banking methods of the recipient; (e) receiving an authorization from the sender to proceed; (f) transmitting a message to the institution maintaining the sender'"'"'s funding account to debit funds; (g) transmitting a message to an institution maintaining the recipient'"'"'s destination account to credit funds; whereby a transfer of funds can be effected between accounts and institutions with different transfer protocols whereby a SWIFT messaging code can be converted into a messaging code recognizable to a network from the group including an ACH network, a similar national authorization network and a regional authorization network without requiring human intervention.
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- 6. The method of claim 6 wherein one of the transfer protocols is the SWIFT and another protocol is the ACH and stored data includes a comprehensive listing of financial destination account locations worldwide and payment processing data providing correct codes to use when transferring funds between accounts and institutions with different protocols, including the further step of retrieving the appropriate codes to communicate the transaction to the institution maintaining the recipient'"'"'s destination account.
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10. A method of effectuating funds transfers as between a sender and a recipient'"'"'s account comprising the steps of:
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(a) Contacting a facilitating agent by a potential sender; (b) Identifying to the facilitating agent the potential recipient; (c) Maintaining a data base of addresses of institutions from which funds can be withdrawn and into which funds can be deposited; (d) Having the potential sender notify the potential recipient of the proposed transaction and soliciting destination account account details; (e) Retrieving from the database the address of the destination account of the potential recipient of funds by the facilitating agent; (f) Having the facilitating agent initiate a transfer process upon authorization by the potential sender; and (g) Having the facilitating agent instruct the institution maintaining the potential recipient'"'"'s destination account as to the account to be credited and the amount; (h) Whereby the facilitating agent enables the transfer of sender'"'"'s funds into a recipient'"'"'s destination account.
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11. The method of claim 11, further including the steps of:
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(a) Retrieving from the database the address of the potential source of funds by the facilitating agent; and (b) Having the facilitating agent instruct the source of funds as to the account to be debited and the amount. - View Dependent Claims (12, 13, 14)
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15. A method for converting internationally initiated banking messages into domestic banking transactions comprising the steps of:
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(a) receiving a banking instruction to transfer funds; (b) looking up account information for the sender of funds; (c) looking up account information for the recipient of funds; and (d) converting messaging codes from the banking methods of the sender into corresponding codes from the banking methods of the recipient; (e) receiving an authorization from the sender to proceed; (f) transmitting a message to the sender'"'"'s funding account to debit funds; and (g) transmitting a message to the recipient'"'"'s destination account to credit funds; whereby a transfer of funds can be effected between accounts and institutions with different transfer protocols. - View Dependent Claims (16, 17, 18, 19)
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20. A system for effectuating funds transfers comprising:
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(a) Facilitating means including a computer; (b) Database means for storing destination account address data; and (c) Communication means connected to said facilitating means for exchanging information among potential senders, potential recipients, potential debiting institutions and potential crediting institutions;
whereby said facilitating means receives instructions from potential senders for proposed funds transfers from specified sender'"'"'s account, instructions from potential recipients designating receiver'"'"'s accounts, and, upon confirmation for the transaction from a potential sender, acquires address information of accounts to be debited and credited and supplies the appropriate financial institutions with sender and recipient account information and the amount to be transferred so that a funds transfer can be effectuated.
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Specification