PROVIDING MONEY TRANSFER USING A MONEY TRANSFER PLATFORM

• US 20140156512A1
• Filed: 12/03/2013
• Published: 06/05/2014
• Est. Priority Date: 12/04/2012
• Status: Abandoned Application

• Current Assignee: Pangea Universal Holdings, Inc. (Enova International Incorporated)
• Original Assignee: Pangea Universal Holdings, Inc. (Enova International Incorporated)
• Inventors: Rahman, Rahier, Junginger, Carson
• Application Number:
  US14/095,806
• Publication Number:
  US 20140156512A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/202 Interconnection or interaction of plural electronic cash registers [ECR] or to host computer, e.g. network details, transfer of information from host to ECR or from ECR to ECR
• CPC Class Codes: G06Q 20/326 Payment applications installed on the mobile devices
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes

Abstract

The present disclosure describes methods, systems, and computer program products for providing funds transfer over an existing retail payment system using a money transfer platform. One method includes receiving a funds transfer request associated with a funds pack for transferring funds from a first location to a receiver in a second location, requesting validation of a unique identifier associated with the funds pack from a first-location payment network provider, receiving a validation success notification responsive to the requested validation of a unique identifier from the first payment network provider, generating a termination identifier identifying the funds transfer transaction request, transmitting the termination identifier to the receiver, providing instructions causing funds to be paid to the receiver upon presentation of the termination identifier, and receiving a request for funds from a second-location payment network provider, the request for funds associated with payment of funds based on presentation of the termination identifier.

Claims

1. A method of electronic funds transfer, comprising:

receiving a funds transfer transaction request for transferring funds from a first location to a receiver in a second location, the funds transfer transaction request associated with a funds pack credited with an amount of funds;

requesting, by operation of a computer, validation of a unique identifier associated with the funds pack from a first payment network provider associated with the first location;

receiving, by operation of a computer, a validation success notification responsive to the requested validation of a unique identifier from the first payment network provider;

generating, by operation of a computer, a termination identifier identifying the funds transfer transaction request;

transmitting the termination identifier to the receiver;

providing instructions, by operation of a computer, causing funds to be paid to the receiver upon presentation of the termination identifier; and

receiving a request for funds from a second payment network provider associated with the second location, the request for funds associated with payment of funds based on presentation of the termination identifier.

2. The method of claim 1, further comprising initiating a fund-in process for the funds transfer transaction request using the funds pack.

3. The method of claim 1, further comprising transmitting geographic locations that may be used for a fund-in process using the funds pack.

4. The method of claim 3, wherein a mobile software application initiates a display of the transmitted geographic locations.

5. The method of claim 1, further comprising storing encrypted data generated from the termination identifier and data associated with the funds transfer transaction request.

6. The method of claim 1, further comprising:

receiving the unique identifier associated with the funds pack and an amount of funds to credit to the funds pack; and

storing the unique identifier and the amount of funds to credit to the funds pack to a database.

7. The method of claim 6, further comprising initiating a funds transfer process to transfer a particular amount of credited funds from the first location to the second location.

8. The method of claim 7, further comprising generating instructions to:

convert the particular amount of credited funds into a different currency type; and

credit the different currency type to the second payment network provider.

9. A method of electronic funds transfer, comprising:

receiving an indication of an interest in transferring funds from a sender at a first location to a receiver at a second location;

receiving an indication of an initial funds transfer amount in a first currency for transfer to a receiver at the second location;

receiving a currency exchange rate value for an exchange of a first currency used at the first location and a second currency used at the second location;

converting, using the currency exchange rate, the initial funds transfer amount into a whole value initial funds receiving amount as measured in the second currency;

determining, by a computer, at least one whole value funds receiving amount associated with the initial funds receiving amount, in a whole value amount lower than the initial funds receiving amount or a whole value amount higher than the initial funds receiving amount, as measured in the second currency; and

initiating a display of the whole value initial funds receiving amount and the whole value funds receiving amount.

10. The method of claim 9, further comprising initiating a request for the currency exchange rate value between funds for the first location and the second location.

11. The method of claim 9, further comprising:

determining, by a computer, two whole value funds receiving amounts associated with the whole value initial funds receiving amount, one whole value funds receiving amount lower than the whole value initial funds receiving amount and one whole value funds receiving amount higher than the whole value initial funds receiving amount, as measured in the second currency; and

initiating a display of the whole value initial funds receiving amount and the two whole value funds receiving amounts.

12. The method of claim 11, further comprising:

receiving withdrawal denominations associated with automatic teller machines proximate to the receiver; and

using the withdrawal denominations to determine the two whole value funds receiving amounts.

13. The method of claim 11, further comprising initiating a display of a funds transfer history received from a money transfer platform (MTP) transfer service.

14. The method of claim 11, further comprising transmitting a funds transfer transaction request to a MTP transfer service, the funds transfer transaction request associated with a funds pack credited with an amount of funds for transfer from the first location to the receiver.

15. The method of claim 11, further comprising initiating a display of geographic locations available for the receiver to receive funds near the second location.

16. The method of claim 11, further comprising initiating a display of geographic locations available for the sender to provide funds to be transferred near the first location.

17. The method of claim 9, further comprising initiating a funds transfer transaction request for transferring funds from the first location to the receiver.

18. The method of claim 9, wherein the first currency is different than the second currency.

19. The method of claim 9, wherein the first location is in a country that is different than the country in which the second location is located.

20. The method of claim 9, further comprising receiving an indication of the currency to be used as the second currency transferred to the receiver at the second location.

21. The method of claim 9, wherein fees charged for the electronic funds transfer are subtracted from the initial funds transfer amount prior to converting currencies.

22. The method of claim 9, wherein fees charged for the electronic funds transfer are obtained by providing the sender an exchange rate different than an exchange rate received by an entity facilitating the electronic funds transfer.

23. The method of claim 9, wherein fees charged for the electronic funds transfer are denominated in the first currency.

24. A method of electronic funds transfer, comprising:

receiving an automatic identification and data capture (AIDC) code from a point-of-sale (POS), the AIDC code comprising a particular product identifier, transfer amount, and a unique transfer identifier;

transmitting the AIDC code to a money transfer platform (MTP) transfer service;

receiving an activation response from the MTP transfer service, the activation response responsive to the MTP transfer service;

validating, by a computer, the identified transfer;

activating the transfer; and

alerting a receiver uniquely identified by the unique transfer identifier; and

transmitting an activation response to the POS.

25. The method of claim 24, wherein the AIDC code includes one of a linear code or a matrix code.

26. The method of claim 24, wherein the receiver is uniquely identified by at least one of a telephone number, an address, a government issued identifier, or an employer issued identifier.

27. The method of claim 24, further comprising the POS requesting and receiving the transfer amount responsive to receiving the AIDC code.

28. The method of claim 27, wherein the POS receives the AIDC code from a mobile computing device.

29. The method of claim 27, further comprising the POS processing the received AIDC code.

30. The method of claim 24, wherein the MTP transfer service exposes an application programming interface (API) for receiving a request containing the AIDC code.