Customer-directed, automated process for transferring funds between accounts via a communications network
First Claim
1. A process for transferring funds through a communications network, comprising the steps of:
- receiving first data input with an input terminal and matching said first data with a record of a source account, the record being stored in a first host system and including an indication of a type of currency maintained in the source account;
receiving second data provided with the input terminal, the second data indicating a destination account and verifying the validity of the destination account;
receiving third data provided with the input terminal, the third data corresponding to a requested amount to be transferred from the source account to the destination account, the requested amount being input in a selected format corresponding to the type of currency maintained in one of the source account and the destination account;
calculating a total debit amount to be debited to the source account;
displaying the total debit amount in the selected format and requesting authorization to implement a requested transfer; and
subsequent to receiving authorization to implement the requested transfer, transmitted an electronic message authorizing a credit to the destination account by the requested amount; and
subsequent to receiving authorization to implement the requested transfer, debiting the source account by the total debit amount.
1 Assignment
0 Petitions
Accused Products
Abstract
A system and method for allowing funds to be transferred instantly to an account so that the funds are available to the beneficiary at the time they are sent, based on customer information which can be automatically accessed by the system, rather than needing to be manually entered. Further, the system automatically computes the appropriate exchange rate and any fees to be charged to the account and displays them to the user so that the user may authorize or cancel the transaction. The system also analyzes the parameters of the transfer to assure that the transfer conforms with pertinent government regulations. The system also enables the user to quantify the amount to be transferred in the currency of the originating account or the currency of the receiving account, thereby maximizing the flexibility of the system. The system further is designed so that it can be understood and accessed by individuals having no special expertise in computers, wire transfers and the like. Further, the system is provided with various safeguards to assure that only authorized individuals have access to the accounts and the funds and immediately verifies successful completion or failure to the customer.
-
Citations
20 Claims
-
1. A process for transferring funds through a communications network, comprising the steps of:
-
receiving first data input with an input terminal and matching said first data with a record of a source account, the record being stored in a first host system and including an indication of a type of currency maintained in the source account; receiving second data provided with the input terminal, the second data indicating a destination account and verifying the validity of the destination account; receiving third data provided with the input terminal, the third data corresponding to a requested amount to be transferred from the source account to the destination account, the requested amount being input in a selected format corresponding to the type of currency maintained in one of the source account and the destination account; calculating a total debit amount to be debited to the source account; displaying the total debit amount in the selected format and requesting authorization to implement a requested transfer; and subsequent to receiving authorization to implement the requested transfer, transmitted an electronic message authorizing a credit to the destination account by the requested amount; and subsequent to receiving authorization to implement the requested transfer, debiting the source account by the total debit amount. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
-
-
11. In a system for performing money transfers comprising an input terminal having input means and display means, a first host system which is in communication with said input terminal and which services a source account, and a second host system coupled to said first host system with a communications network, said second host system servicing a destination account, wherein:
-
first data is provided with said input means and is matched with a record of the source account stored in the first host system, the record including an indication of a type of currency maintained in the source account; second data is provided with the input means which is indicative of the destination account and verification of the validity of the destination account; third data is provided with the input means which corresponds to a requested amount to be transferred from the source account to the destination account, the requested amount being input in a selected format corresponding to the type of currency maintained in one of the source account and the destination account; processing means for totaling a total debit amount to be debited to the source account by which said total debit amount is calculated and the display means displays the selected format and a request for authorization to implement a requested transfer; and communication means for transmitting an electronic message to the second host system authorizing a credit to the destination account in the requested amount and a debiting means wherein first host system debits the source account by the total debit mount. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
-
Specification