System and method for transferring funds

• US 7,356,505 B2
• Filed: 06/06/2001
• Issued: 04/08/2008
• Est. Priority Date: 06/06/2000
• Status: Expired due to Fees

• Current Assignee: Universal Transactions Systems Limited
• Original Assignee: Universal Transactions Systems Limited
• Inventors: March, Albert D.
• Primary Examiner(s): Abdi; Kambiz
• Assistant Examiner(s): LIVERSEDGE, JENNIFER L
• Application Number:
  US09/874,042
• Publication Number:
  US 20020016763A1
• Time in Patent Office: 2,498 Days
• Field of Search: 705/9, 705/39
• US Class Current: 705/39
• 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 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/3433 the counter having monetary units
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/202 Depositing operations within ATMs depositing in general G07D11/00
• CPC Class Codes: G07F 7/02 by keys or other credit registering devices

Abstract

A system and method for electronic transfer of cash or cash equivalent between a sender and a recipient includes an initiating regional office for initiating the transfer and which receives an amount of money to be electronically transferred from the sender and a verification ID protocol from the sender, an initiating authorization center for storing the amount and the verification ID protocol in an account database, a dispensing authorization center for communicating with initiating authorization center and a dispensing regional office. When the recipient provides the verification ID protocol to the dispensing regional office, a financial card is issued to the recipient containing funds equivalent to the amount initially prescribed by the sender. The system provides the sender with the ability to provide the receiver (at a remote geographical location) with a secure, anonymous, ATM compatible financial card having a particular preset monetary value even in the case where the recipient does not possess proper identification documents.

Claims

1. A financial transaction system for automated electronic transfer of funds comprising:

an initiating regional office configured to automatically;

receive a transfer request comprising an amount of funds and a verification ID protocol, comprising a question and answer combination, from a sender;

receive a predetermined amount of funds from the sender from a financial card and hold the funds for the recipient; and

send an initiating data packet comprising the verification ID protocol, the amount of funds, an initiating security ID, an initiating transit ID and a dispensing transit ID, to an initiating authorization center;

the initiating authorization center configured to automatically;

receive the initiating data packet from the initiating regional office;

confirm the authenticity of the initiating security ID; and

if authentic, send an authorization data packet, comprising the verification ID protocol, the amount of funds, an authorization security ID, the initiating transit ID and the dispensing transit ID to a dispensing authorization centre based on the dispensing transit ID;

the dispensing authorization center configured to automatically;

receive the authorization data packet from the initiating authorization center;

verify the authenticity of the authorization security ID; and

if authentic, send a dispensing data packet, comprising the verification ID protocol, the amount of funds, a dispensing security ID, the initiating transit ID and the dispensing transit ID to a dispensing regional office; and

the dispensing regional office configured to automatically;

receive the dispensing data packet from the dispensing authorization center;

verify the authenticity of the dispensing security ID; and

if authentic, wait for a recipient to attend at the dispensing regional office;

when a recipient attends, conduct the verification ID protocol to confirm that the recipient is the correct recipient;

if confirmed, send a confirmation data packet, comprising the verification ID protocol, the amount of funds, a confirmation security ID, the initiating transit ID and the dispensing transit ID to the initiating regional office based on the initiating transit ID, wherein, based on the confirmation data packet, the initiating regional office transfers the predetermined amount of funds from the sender;

dispense the predetermined amount of funds to the recipient via an anonymous financial card, wherein the financial card comprises a processor, a memory, a GPS receiver chip, an LCD screen and at least one button for input of information to the financial card; and

activate the predetermined amount of funds on the financial card based on the entry of a PIN number by the recipient.

2. The financial system of claim 1, wherein said financial card is a credit card.

3. The financial system of claim 1, wherein said financial card is a debit card.

4. The financial system of claim 1, wherein said financial card is a smart card.

5. The financial system of claim 1, wherein said financial card is a stored value card.

6. The financial system of claim 1, wherein the initiating regional office is further configured to automatically receive a transaction fee from the sender.

7. A method for automated electronic transfer of funds comprising:

at an initiating regional office, automatically;

receiving a transfer request comprising an amount of funds and a verification ID protocol, comprising a question and answer combination, from a sender;

receiving a predetermined amount of funds from the sender from a financial card and holding the funds for the recipient; and

sending an initiating data packet comprising the verification ID protocol, the amount of funds, an initiating security ID, an initiating transit ID and a dispensing transit ID, to an initiating authorization center;

at the initiating authorization center, automatically;

receiving the initiating data packet from the initiating regional office;

confirming the authenticity of the initiating security ID; and

if authentic, sending an authorization data packet, comprising the verification ID protocol, the amount of funds, an authorization security ID, the initiating transit ID and the dispensing transit ID to a dispensing authorization centre based on the dispensing transit ID;

at the dispensing authorization center, automatically;

receiving the authorization data packet from the initiating authorization center;

verifying the authenticity of the authorization security ID; and

if authentic, sending a dispensing data packet, comprising the verification ID protocol, the amount of funds, a dispensing security ID, the initiating transit ID and the dispensing transit ID to a dispensing regional office; and

at the dispensing regional office, automatically;

receiving the dispensing data packet from the dispensing authorization center;

verifying the authenticity of the dispensing security ID; and

if authentic, waiting for a recipient to attend at the dispensing regional office;

when a recipient attends, conducting the verification ID protocol to confirm that the recipient is the correct recipient;

if confirmed, sending a confirmation data packet, comprising the verification ID protocol, the amount of funds, a confirmation security ID, the initiating transit ID and the dispensing transit ID to the initiating regional office based on the initiating transit ID, wherein, based on the confirmation data packet, the initiating regional office releases the predetermined amount of funds from the sender;

dispensing the predetermined amount of funds to the recipient via an anonymous financial card, wherein the financial card comprises a processor, a memory, a GPS receiver chip, an LCD screen and at least one button for input of information to the financial card; and

activating the predetermined amount of funds on the financial card based on the entry of a PIN number by the recipient.

8. The method of claim 7, further comprising receiving information from said sender specifying a physical location for recipient to attend.

9. The method of claim 7, further comprising the step of dispensing said financial card to the recipient through an ATM.

10. The method of claim 7, further comprising, at the initiating regional office, automatically receiving a transaction fee from the sender.

11. A financial transaction system for automated electronic transfer of funds comprising:

an initiating regional office configured to automatically;

receive a transfer request comprising an amount of funds and a verification ID protocol, comprising a question and answer combination, from a sender;

receive a predetermined amount of funds from the sender from a financial card and hold the funds for the recipient; and

send an initiating data packet comprising the verification ID protocol, the amount of funds, an initiating security ID, an initiating transit ID and a dispensing transit ID, to an initiating authorization center;

the initiating authorization center configured to automatically;

receive the initiating data packet from the initiating regional office;

confirm the authenticity of the initiating security ID; and

if authentic, send an authorization data packet, comprising the verification ID protocol, the amount of funds, an authorization security ID, the initiating transit ID and the dispensing transit ID to a dispensing authorization centre based on the dispensing transit ID;

the dispensing authorization center configured to automatically;

receive the authorization data packet from the initiating authorization center;

verify the authenticity of the authorization security ID; and

if authentic, send a dispensing data packet, comprising the verification ID protocol, the amount of funds, a dispensing security ID, and the initiating transit ID to a dispensing regional office; and

the dispensing regional office configured to automatically;

receive the dispensing data packet from the dispensing authorization center;

verify the authenticity of the dispensing security ID; and

if authentic, wait for a recipient to attend at the dispensing regional office;

when a recipient attends, conduct the verification ID protocol to confirm that the recipient is the correct recipient;

if confirmed, send a confirmation data packet, comprising a confirmation security ID to the initiating regional office based on the initiating transit ID,

wherein, based on the confirmation data packet, the initiating regional office transfers the predetermined amount of funds from the sender;

dispense the predetermined amount of funds to the recipient via an anonymous financial card wherein the financial card comprises a tracking device, a display, and at least one input for inputting information to the financial card.

12. The financial system of claim 11, wherein the dispensing regional office is also configured to automatically activate the predetermined amount of funds on the financial card based on entry of an access code by the recipient.

13. The financial system of claim 11, wherein the tracking device is a GPS receiver chip.

14. The financial system of claim 11, wherein the display is an LCD screen.

15. The financial system of claim 11, wherein the input comprises at least one button.