N TO N MONEY TRANSFERS

• US 20150371209A1
• Filed: 06/17/2015
• Published: 12/24/2015
• Est. Priority Date: 07/22/2010
• Status: Active Grant

• Current Assignee: Western Union
• Original Assignee: Western Union
• Inventors: Owen, David A., Michelsen, Michael, Bulawa, Kurt, Demark, Michele
• Granted Patent: US 10,354,245 B2
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/29 characterised by micropayments
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

Various methods, systems, and devices are described for performing money transfers to one or more payees from one or more payors using a money transfer system. A party, such as a payor, a payee, or a third party may create a set of payee rules. The same or a different party may also create a set of payor rules. The payee rules may comprise conditions which, when satisfied, permit a payee to receive funds from a funds pool. The payor rules may comprise conditions which, when satisfied, permit a payor to provide funds to the funds pool. The money transfer system may determine whether requests from a payor and a payee comply with the payor rules and the payee rules, respectively. Based on the determination, the payor and/or payee may be permitted to complete their requested transaction, or their transaction may be denied.

Claims

1. A money transfer system for performing a plurality of money transfers between a plurality of payors and a plurality of payees, the system comprising:

a plurality of payee computing devices, each said payee computing device including a processing unit, a memory communicatively connected with and readable by the processing unit, and one or more input devices allowing a corresponding payee to request and receive funds from a funds pool;

a plurality of payor computing devices, each said payor computing device including a processing unit, a memory communicatively connected with and readable by the processing unit, and one or more input devices allowing a corresponding payor to provide funds into the funds pool;

a rules database configured to store a set of payee rules and a set of payor rules; and

a money transfer server comprising;

a processing unit including one or more processors

a memory communicatively connected with and readable by the processing unit, the memory containing instructions that, when executed by the processing unit, cause the processing unit to;

receive a set of payee rules from a master party, wherein the set of payee rules identifies the plurality of payees, circumstances in which each payee of the plurality of payees is permitted to receive funds from the funds pool, and circumstances that define an amount of funds that each payee of the plurality of payees is permitted to receive from the funds pool;

store the set of payee rules;

receive a set of payor rules from the master party, wherein the set of payor rules identifies the plurality of payors, circumstances in which each payor of the plurality of payors is permitted to provide funds to the funds pool;

store the set of payor rules;

receive, from a first payor computing device, a first request from a first payor to provide a first amount of funds into the funds pool;

determine that the first request complies with the set of payor rules;

receive the first amount of funds from the first payor, wherein the first amount of funds are received following the determination that the first request complies with the set of payor rules;

receive, from a first payee computing device, a second request from a first payee for a second amount of funds from the funds pool;

determine that the second request complies with the set of payee rules; and

provide the second amount of funds to the first payee from the funds pool.

2. The money transfer system of claim 1, wherein the payee rules further comprise a rule that prevents the plurality of payees from receiving funds until a minimum total amount of funds has been provided by the plurality of payors into the funds pool.

3. The money transfer system of claim 1, the memory of the money transfer server containing further instructions that, when executed by the processing unit, cause the processing unit to:

receive, from the first payor computing device, a third request to provide a third amount of funds to the funds pool;

determine that the third request does not comply with the set of payor rules; and

based on the determination, reject the third request from the first payor computing device to provide funds into the funds pool.

4. The money transfer system of claim 1, the memory of the money transfer server containing further instructions that, when executed by the processing unit, cause the processing unit to:

receive, from the first payee computing device, a third request for a third amount of funds from the funds pool;

determine that the third request does not comply with the set of payee rules; and

based on the determination, rejecting the third request from the first payee for the third amount of funds from the funds pool.

5. The money transfer system of claim 1, the memory of the money transfer server containing further instructions that, when executed by the processing unit, cause the processing unit to:

receive, from a second payee computing device, a third request from a second payee for funds from the funds pool;

determine a third amount of funds to provide to the second payee, wherein the third amount of funds is determined as a percentage of the second amount of funds provided to the first payee; and

provide the determined third amount of funds to the second payee from the funds pool.

6. The money transfer system of claim 1, the memory of the money transfer server containing further instructions that, when executed by the processing unit, cause the processing unit to:

receive, from a second payor computing device, a third request from a second payor to provide a funds into the funds pool;

determine a third amount of funds to be provided by the second payor, wherein the third amount of funds is determined as a percentage of the first amount of funds provided to the first payor; and

receive the determined third amount of funds from the second payor, wherein the third amount of funds are received following the determination that the third request complies with the set of payor rules.

7. The money transfer system of claim 1, wherein the set of payee rules includes a requirement that the plurality of payees receive funds in a predefined chronological order of payees.

8. The money transfer system of claim 1, wherein the set of payor rules includes a requirement that the payors provide funds into the funds pool in a predefined chronological order of payors.

9. The money transfer system of claim 1, wherein the master party is a payor of the plurality of payors.

10. The money transfer system of claim 1, wherein the master party is a payee of the plurality of payees.

11. A method for performing money transfers using a money transfer system, the method comprising:

receiving, by the money transfer system, a set of payee rules from a master party, wherein;

the set of payee rules identifies one or more payees;

the set of payee rules identifies circumstances in which each payee of the one or more payees is permitted to receive funds from a funds pool; and

the set of payee rules identifies circumstances that define an amount of funds that each payee of the one or more payees is permitted to receive from the funds pool;

storing, by the money transfer system, the set of payee rules;

receiving, by the money transfer system, a set of payor rules from the master party, wherein;

the set of payor rules identifies one or more payors; and

the set of payor rules identifies circumstances in which each payor of the one or more payors is permitted to provide funds to the funds pool;

storing, by the money transfer system, the set of payor rules;

receiving, by the money transfer system and from a first payor of the one or more payors, a first request to provide a first amount of funds into the funds pool;

determining, by the money transfer system, the first request complies with the set of payor rules;

receiving, by the money transfer system, the first amount of funds from the first payor, wherein the first amount of funds are received following the determination that the first request complies with the set of payor rules;

receiving, by the money transfer system and from a first payee of the one or more payees, a second request for a second amount of funds from the funds pool;

determining, by the money transfer system, the second request complies with the set of payee rules; and

providing, by the money transfer system, the second amount of funds to the first payee from the funds pool.

12. The method of claim 11, wherein the one or more payees includes a plurality of payees and wherein the one or more payors includes a plurality of payors.

13. The method of claim 11, wherein the master party is a payor of the one or more payors.

14. The method of claim 11, wherein the master party is a payee of the one or more payees.

15. The method of claim 11, further comprising:

receiving, by the money transfer system and from the first payor, a third request to provide a third amount of funds to the funds pool;

determining, by the money transfer system, that the third request does not comply with the set of payor rules; and

based on the determination, rejecting the third request from the first payor to provide funds into the funds pool.

16. The method of claim 11, further comprising:

receiving, by the money transfer system and from the first payee, a third request for a third amount of funds from the funds pool;

determining, by the money transfer system, that the third request does not comply with the set of payee rules; and

based on the determination, rejecting the third request from the first payee for the third amount of funds from the funds pool.

17. The method of claim 11, further comprising:

receiving, by the money transfer system and from a second payee of the one or more payees, a third request for funds from the funds pool;

determining, by the money transfer system, a third amount of funds to provide to the second payee, wherein the third amount of funds is determined as a percentage of the second amount of funds provided to the first payee; and

providing, by the money transfer system, the determined third amount of funds to the second payee from the funds pool.

18. The method of claim 11, further comprising:

receiving, by the money transfer system and from a second payor of the one or more payor, a third request to provide a funds into the funds pool;

determining, by the money transfer system, a third amount of funds to be provided by the second payor, wherein the third amount of funds is determined as a percentage of the first amount of funds provided to the first payor; and

receiving, by the money transfer system, the determined third amount of funds from the second payor, wherein the third amount of funds are received following the determination that the third request complies with the set of payor rules.

19. The method of claim 11, wherein the set of payee rules includes a requirement that the payees receive funds in a predefined chronological order of payees.

20. The method of claim 11, wherein the set of payor rules includes a requirement that the payors provide funds into the funds pool in a predefined chronological order of payors.