Methods and systems for coordinating pooled financial transactions

• US 7,225,154 B2
• Filed: 03/17/2003
• Issued: 05/29/2007
• Est. Priority Date: 03/17/2003
• Status: Active Grant

• Current Assignee: Paymap, Inc. (Western Union)
• Original Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Inventors: Hansen, Kurt
• Primary Examiner(s): Patel; Jagdish N.
• Assistant Examiner(s): Alpert; James M.
• Application Number:
  US10/391,502
• Publication Number:
  US 20040199461A1
• Time in Patent Office: 1,534 Days
• Field of Search: None
• 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 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• 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
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass

Abstract

Methods and systems are provided for processing a financial transaction. A set of conditions is received that define circumstances for execution of the financial transaction. Funds are collected for each of a plurality of partial payments prior to satisfaction of the set of conditions, with at least two of the partial payments being collected from different persons. The collected funds are accumulated for support of the financial transaction until satisfaction or failure of the set of conditions.

Claims

1. A method for processing a pooled funds transfer between a plurality of contributor first parties to a different, beneficiary second party, comprising:

providing a network comprising a host system interfaced with a plurality of geographically disperse transaction devices;

receiving at the host system, from at least one of the contributor first parties, a set of conditions that define the circumstances for the execution of the funds transfer to the second beneficiary party;

accumulating funds by accepting partial payments from the contributor first parties, wherein

the partial payments are collected via interactions of the contributor first parties with respective transaction devices, and wherein

the interactions are by at least two different first parties, at two different devices;

at the host system, intermittently receiving and processing updated information relating to whether the set of conditions has been satisfied;

upon determining, by the host system, the satisfaction of the set of conditions, transferring, using the network, at least some of the accumulated funds to the control of the beneficiary second party.

2. The method recited in claim 1 wherein the set of conditions comprises a total transaction amount.

3. The method recited in claim 1 wherein the set of conditions comprises a time limitation.

4. The method recited in claim 1 wherein accumulating funds comprises charging a card account for the amount of at least one of the partial payments.

5. The method recited in claim 1 wherein accumclating funds comprises receiving cash for the amount of at least one of the partial payments.

6. The method recited in claim 1 further comprising providing a notification to at least one of the first parties from the host system that the accumulated funds have been transferred.

7. The method recited in claim 1 further comprising refunding an excess of the accumulated funds to at least one of the first parties with the host system after transferring the at least some of the accumulated funds.

8. The method recited in claim 1 wherein transferring at least some of the accumulated funds comprises performing a currency exchange of the at least some of the accumulated funds.

9. The method recited in claim 1 wherein at least one of the partial payments is received substantially contemporaneously with receiving the set of conditions.

10. The method recited in claim 1 wherein the at least two different contributor first parties, at two devices, are located in different countries.

11. A computer-readable storage medium having a computer-readable program embodied therein for directing operation of a host system including an input device, a communications system, a processor, and a storage device, wherein the computer-readable program includes instructions for operating the host system to process a pooled funds transfer between a plurality of contributor first parties to a different, beneficiary second party, over a network comprised of the host system interfaced with a plurality of geographically disperse transaction devices, in accordance with the following:

receiving from at least one of the contributor first parties, over the communications system, a set of conditions that define the circumstances for the execution of the funds transfer to the second beneficiary party;

accumulating funds, with the processor, by accepting partial payments from the contributor first parties, wherein

the partial payments are collected via interactions of the contributor first parties with respective transaction devices, and wherein

the interactions are by at least two different first parties, at two different devices;

at the host system, using the communication system and the processor, intermittently receiving and processing updated information relating to whether the set of conditions has been satisfied;

upon determining, by the host system using the processor, the satisfaction of the set of conditions, transferring, using the network, at least some of the accumulated funds to the control of the beneficiary second party.

12. The computer-readable storage medium recited in claim 11 wherein the set of conditions comprises a total transaction amount.

13. The computer-readable storage medium recited in claim 11 wherein the set of conditions comprises a time limitation.

14. The computer-readable storage medium recited in claim 11 wherein accumulating funds comprises charging a card account for at least one of the partial payments.

15. The computer-readable storage medium recited in claim 11 wherein accumulating funds comprises receiving cash for at least one of the partial payments.

16. The computer-readable storage medium recited in claim 11 wherein the computer-readable program further includes instructions for providing a notification to at least one of the first parties that the accumulated funds have been transferred.

17. The computer-readable storage medium recited in claim 11 wherein the computer-readable program further includes instructions for refunding an excess of the accumulated funds to at least one of the first parties after transferring the at least some of the accumulated funds.

18. The computer-readable storage medium recited in claim 11 wherein transferring at least some of the accumulated funds comprises performing a currency exchange of the at least some of the accumulated funds.

19. The computer-readable storage medium recited in claim 11 wherein at least one of the partial payments is received substantially contemporaneously with receiving the set of conditions.

20. The computer-readable storage medium recited in claim 11 wherein the at least two different contributor first parties, at two devices, are located in different countries.