METHOD, APPARATUS AND COMPUTER READABLE STORAGE TO EFFECTUATE AN INSTANTANEOUS MONETARY TRANSFER

• US 20140019341A1
• Filed: 04/10/2013
• Published: 01/16/2014
• Est. Priority Date: 04/10/2012
• Status: Active Application

• Current Assignee: American Express Kabbage Incorporated (American Express Company)
• Original Assignee: Kabbage Inc. (American Express Company)
• Inventors: Frohwein, Robert James
• Application Number:
  US13/859,841
• Publication Number:
  US 20140019341A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems

Abstract

A method, apparatus, and computer readable storage to enable fast transfers of funds from a sender to a receiver even though they have bank accounts at different banks A proxy is used that has an account at the receiver'"'"'s bank so that the proxy can request an intrabank transfer to the receiver which would typically be quicker than an interbank transfer. An intermediary is a party that organizes a set of transfers related to the transaction. The proxy can be paid a payment for serving as the proxy by the intermediary, the intermediary also receiving a transfer of funds from the sender.

Claims

1. A computer implemented method, comprising:

receiving an electronic request on a computer communications network from a sender to transfer funds from a sender'"'"'s bank account at a first financial institution to a receiver'"'"'s bank account at a second financial institution, the second financial institution being different than the first financial institution; and

initiating, using an electronic server connected to the computer communications network, an electronic transfer of funds from an intermediary'"'"'s bank account to a proxy'"'"'s bank account, wherein the server also initiates the proxy'"'"'s bank account to fund a transfer to the receiver'"'"'s bank account and the sender'"'"'s bank account to fund a transfer to the intermediary'"'"'s bank account or second intermediary bank account.

2. The method as recited in claim 1, wherein the proxy'"'"'s bank account is at a same financial institution as the receiver'"'"'s bank account.

3. The method as recited in claim 1, wherein the transfer from the proxy'"'"'s bank account to the receiver'"'"'s bank account is performed automatically.

4. The method as recited in claim 1, wherein the transfer from the sender'"'"'s bank account to the intermediary'"'"'s bank account or second intermediary account is performed automatically.

5. The method as recited in claim 1, wherein funds received by the proxy'"'"'s bank account from the intermediary'"'"'s bank account comprises a payment, and funds transferred from the proxy'"'"'s bank account to the receiver'"'"'s bank account do not include the payment.

6. The method as recited in claim 1, wherein funds received by the intermediary'"'"'s bank account from the sender'"'"'s bank account comprises a commission.

7. The method as recited in claim 5, wherein funds received by the intermediary'"'"'s bank account from the sender'"'"'s bank account comprises a commission.

8. The method as recited in claim 6, wherein the commission is greater than the payment and a difference between the commission and the payment is profit made by an intermediary associated with the intermediary'"'"'s bank account.

9. An apparatus to enable a transfer of funds, the apparatus comprising:

a network connection configured to communication across a computer communications network; and

an electronic server connected to the network connection, the server configured to a) receive an electronic request on the computer communications network from a sender to transfer funds from a sender'"'"'s bank account at a first financial institution to a receiver'"'"'s bank account at a second financial institution, the second financial institution being different than the first financial institution;

b) initiate an electronic transfer using the computer communications network of funds from an intermediary'"'"'s bank account to a proxy'"'"'s bank account;

c) initiate the proxy'"'"'s bank account to fund a transfer to the receiver'"'"'s bank account; and

d) initiate the sender'"'"'s bank account to fund a transfer to the intermediary'"'"'s bank account or second intermediary bank account.

10. The apparatus as recited in claim 9, wherein the proxy'"'"'s bank account is at a same financial institution as the receiver'"'"'s bank account.

11. The apparatus as recited in claim 9, wherein the server is further configured such that the transfer from the proxy'"'"'s bank account to the receiver'"'"'s bank account is performed automatically.

12. The apparatus as recited in claim 9, wherein the server is further configured such that the transfer from the sender'"'"'s bank account to the intermediary'"'"'s bank account or second intermediary account is performed automatically.

13. The method as recited in claim 9, wherein the server is further configured such that funds received by the proxy'"'"'s bank account from the intermediary'"'"'s bank account comprises a payment, and funds transferred from the proxy'"'"'s bank account to the receiver'"'"'s bank account do not include the payment.

14. The method as recited in claim 9, wherein the server is further configured such that funds received by the intermediary'"'"'s bank account from the sender'"'"'s bank account comprises a commission.

15. The method as recited in claim 13, wherein the server is further configured such that funds received by the intermediary'"'"'s bank account from the sender'"'"'s bank account comprises a commission.

16. The method as recited in claim 14, wherein the server is further configured such that the commission is greater than the payment and a difference between the commission and the payment is profit made by an intermediary associated with the intermediary'"'"'s bank account.