Systems and methods for price matching on funds transfers

• US 6,908,031 B2
• Filed: 11/07/2002
• Issued: 06/21/2005
• Est. Priority Date: 10/26/1999
• Status: Expired due to Term

• Current Assignee: Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Seifert, Dean A., Stoutenburg, Earney E.
• Primary Examiner(s): St Cyr, Daniel
• Application Number:
  US10/290,041
• Publication Number:
  US 20030126067A1
• Time in Patent Office: 957 Days
• Field of Search: 235/379, 235/380, 235/382, 705/35, 705/39, 705/40, 705/64
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/201 Accessories of ATMs

Abstract

Systems and methods for performing financial transfers. In some instances, the methods include providing a staged transaction system that includes at least two stages. Quotes are accessed for the first and for the second stage of the transaction. One quote associated with a stage of the transaction is selected and used to consummate the financial transfer. Other methods include marketing financial transfer transactions. Such marketing can include providing a flexible rating mechanism; monitoring a financial transaction market; and fixing a rate based at least in part on monitoring the financial transaction market where the flexible rating mechanism provides access to the fixed rate.

Claims

1. A method for performing a value transfer, the method comprising:

providing a staged transaction system, wherein the staged transaction system includes at least a first stage and a second stage;

accessing a first quote associated with the first stage;

providing an identification code in association with the first stage;

receiving a request to perform the second stage, wherein the request includes the identification code;

accessing a second quote associated with the second stage, after the accessing of the first quote, and associating the second quote with the identification code; and

selecting one of the first quote and the second quote, wherein the selected quote is used to consummate the value transfer.

2. The method of claim 1, the method further comprising:

providing the first quote.

3. The method of claim 1, wherein the selected quote is the lower of the first quote and the second quote.

4. The method of claim 1, wherein using the selected quote comprises:

adding the quote to an amount of the value transfer.

5. The method of claim 4, wherein consummating the value transfer includes receiving funds associated with the value transfer.

6. The method of claim 1, the method further comprising:

storing information associated with the first stage, wherein the information includes the amount to be transferred in association with the value transfer, the first quote, and the identification code.

7. The method of claim 6, wherein receiving the request to perform the second stage comprises entering the identification code via a transaction fulfillment device.

8. The method of claim 1, wherein selecting one of the first quote and the second quote comprises comparing the first quote and the second quote.

9. The method of claim 1 wherein using the selected quote to consummate the value transfer is associated with the second stage.

10. The method of claim 1 wherein the identification code comprises an alphanumeric string of characters.

11. The method of claim 1 wherein the identification code comprises a user name and a date combined into a single character string.

12. The method of claim 1 wherein the staged transaction system further includes a third stage, and the method further includes:

receiving a request to perform the third stage, wherein the request includes the identification code;

accessing a third quote associated with the third stage, after the accessing of the first and second quotes; and

selecting one of the first, second and third quotes to consummate the value transfer.

13. A method for performing a money transfer send transaction, the method comprising:

receiving a request for a send transaction;

providing a first quote associated with the send transaction;

receiving a request to consummate the send transaction;

accessing a second quote after receiving the request to consummate the send transaction, wherein the accessing of the second quote occurs after the providing of the first quote; and

selecting one of the first quote and the second quote, wherein the selected quote is used to consummate the send transaction.

14. The method of claim 13, wherein the request for the send transaction is received from a sender location.

15. The method of claim 13, wherein the request for the send transaction is received from a kiosk.

16. The method of claim 13, wherein the request to consummate the send transaction is received from an agent location.

17. The method of claim 13, the method further comprising:

providing an identification code in response to the request for the send transaction, wherein the identification code is received as part of the request to consummate the send transaction.

18. The method of claim 17, the method further comprising:

storing information associated with the request for the send transaction, wherein the information includes the amount to be transferred in association with the send transaction, the first quote, and the identification code.

19. The method of claim 17, wherein receiving the request to consummate the send transaction comprises entering the identification code via a transaction fulfillment device.

20. The method of claim 13, wherein selecting one of the first quote and the second quote comprises comparing the first quote and the second quote.

21. The method of claim 13 wherein the accessing the second quote is in response to the request to consummate the send transaction.

22. A system for providing financial transactions, the system comprising:

a computer including a processor and a computer readable medium, wherein the computer readable medium comprises instructions executable by the processor to;

receive a request for a transaction;

access a first quote in relation to the transaction;

receive a request to consummate the transaction; and

thereafter access a second quote in relation to the request to consummate the transaction.

23. The system of claim 22, wherein the instructions are further executable to:

providing an identification code in response to the request for the transaction.

24. The system of claim 23 wherein the computer readable medium further comprises instructions executable by the processor to associate the identification code with the first quote and with the second quote.

25. The system of claim 23, wherein the instructions are further executable for:

storing information associated with the request for the transaction, wherein the information includes the amount to be transferred in association with the transaction, the first quote, and the identification code.

26. A method for marketing financial transfer transactions, the method comprising:

providing a flexible rating mechanism;

monitoring a financial transaction market;

providing a first quote of a rate at a first time, and providing a second quote of the rate at a second time, and wherein the first quote and the second quote are both associated with a same identification code; and

fixing the rate based at least in part on monitoring the financial transaction market, wherein the flexible rating mechanism provides access to the fixed rate.

27. The method of claim 26, wherein the financial transfer transaction is a money transfer.

28. The method of claim 26, wherein fixing the rate includes setting a rate for performing the financial transfer transaction, and wherein the fixed rate is based at least in part on identifying a type of sender.

29. The method of claim 28, wherein identifying the type of sender includes characterizing the frequency at which the sender performs financial transfer transactions.

30. The method of claim 26, wherein monitoring the financial transaction market includes monitoring one or more of the following characteristics:

monitoring a transaction cost associated with a similar financial transfer transaction product; and

monitoring a volume of financial transactions serviced by a transaction processor.

31. The method of claim 30, wherein monitoring the volume of financial transactions serviced by a transaction processor includes monitoring one or more of the following:

a net volume, wherein the net volume is the volume of the value of transaction fees associated with financial transfer transactions;

a gross volume, wherein the gross volume is the volume of the value of financial transfer transactions including a value transferred and an associated transaction fee;

a net time volume, wherein the net time volume is the volume of the value of transaction fees during a period of time;

a gross time volume, wherein the gross time volume is the volume of the value of financial transfer transactions during a period of time;

a net location volume, wherein the net location volume is the volume of the value of transaction fees at a location; and

a gross location volume, wherein the gross location volume is the volume of the value of financial transfer transactions at a location.