Method and system for performing money transfer transactions

• US 7,654,449 B2
• Filed: 02/29/2008
• Issued: 02/02/2010
• Est. Priority Date: 10/26/1999
• Status: Expired due to Fees

• Current Assignee: Western Union
• Original Assignee: Western Union
• Inventors: Seifert, Dean A., Stoutenburg, Earney E.
• Primary Examiner(s): St. Cyr; Daniel
• Application Number:
  US12/040,104
• Publication Number:
  US 20080215487A1
• Time in Patent Office: 704 Days
• Field of Search: 235/379, 235/380, 235/382, 235/472.02, 705/35, 705/39, 705/40
• 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 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/201 Accessories of ATMs
• CPC Class Codes: G07F 19/203 Dispensing operations within ATMs dispensing in general G07D11/00

Abstract

A method of performing a send money transfer transaction through a financial services institution includes storing transaction details on a data base, wherein the transaction details include a desired amount of money to be sent; establishing a code that corresponds to the transaction details stored on the data base; entering the code into an electronic transaction fulfillment device in communication with the data base to retrieve the transaction details from the data base; and determining a collect amount based on the transaction details. A system for performing a send money transfer transaction is also disclosed.

Claims

1. A method for transferring funds, the method comprising:

receiving at least one transaction detail as provided through a transaction staging device that is used to stage a send transaction;

storing the at least one transaction detail on a database;

storing a code for subsequent use by a sender during the send transaction, wherein the code is associated with the at least one transaction detail and is capable of being used to identify the send transaction;

receiving an entry comprising the code from a transaction fulfillment device during the send transaction;

validating the entry; and

upon validation of the entry, allowing the send transaction to be fulfilled.

2. The method of claim 1, wherein the code comprises at least one of the sender name, a recipient name, alpha-numeric characters, a sound, an image, a bar code, a symbol, a voice print, a fingerprint, a retinal image, a facial image, and an anatomical image.

3. The method of claim 1, wherein the code is capable of being printed using at least one of an optical character recognition font and magnetic ink.

4. The method of claim 1, wherein the code is capable of being encoded on a card.

5. The method of claim 1, wherein the code is not provided by or to the recipient for use by the recipient during the send transaction.

6. The method of claim 1, further comprising:

receiving information from a sender card;

based at least in part on receiving information from the sender card, retrieving at least one prior transaction detail; and

updating as necessary the at least one prior transaction detail to correspond with the at least one current transaction detail.

7. The method of claim 6, wherein the at least one transaction detail comprises at least one of a potential recipient name, a recipient address, a recipient telephone number, a sender name, a sender address, a sender telephone number, and a desired amount of money to be sent by the sender.

8. The method of claim 1, wherein the transaction staging device comprises at least one of a pay telephone, a cellular telephone, a home telephone, a computer capable of accessing a host computer, a computer capable of accessing the Internet, a kiosk and an ATM.

9. The method of claim 1, wherein the transaction fulfillment device comprises at least one of a pay telephone, a cellular telephone, a home telephone, a computer capable of accessing a host computer, a computer capable of accessing the Internet, a kiosk and an ATM.

10. The method of claim 1, wherein allowing the send transaction to be fulfilled comprises:

providing authorization to the transaction fulfillment device to fulfill the send transaction.

11. A method for transferring funds, the method comprising:

receiving, at a financial services institution, at least one transaction detail provided by a sender through a transaction staging device that provides the sender access to the financial services institution;

storing the at least one transaction detail on a database of the financial services institution;

providing to the sender, via the financial services institution, a code that corresponds to the at least one transaction detail stored on the database, wherein the code is provided for subsequent use by the sender during a send transaction;

receiving an entry, provided by the sender and comprising the code, from an electronic transaction fulfillment device in communication with the database during the send transaction;

validating the entry at the database; and

upon validation of the entry at the database, allowing the money transfer send transaction to be fulfilled.

12. The method of claim 11, wherein the code is not provided by or to the recipient for use by the recipient during the send transaction.

13. The method of claim 11, wherein the transaction staging device comprises at least one of a pay telephone, a cellular telephone, a home telephone, a computer capable of accessing a host computer, a computer capable of accessing the Internet, a kiosk and an ATM.

14. The method of claim 11, wherein the transaction fulfillment device comprises at least one of a pay telephone, a cellular telephone, a home telephone, a computer capable of accessing a host computer, a computer capable of accessing the Internet, a kiosk and an ATM.

15. The method of claim 11, further comprising providing the sender a transaction amount with the code and storing the transaction amount on the database as part of the at least one transaction detail.

16. The method of claim 11, wherein allowing the money transfer send transaction to be fulfilled comprises:

providing authorization to the transaction fulfillment device to fulfill the send transaction.

17. A method for transferring funds comprising:

receiving at least one send transaction detail from a sender via a telephone located at a kiosk;

storing the at least one send transaction detail on a database;

storing on the database a code for subsequent use by the sender during the send transaction, wherein the code corresponds to the at least one send transaction detail stored on the database and is capable of being used to identity the send transaction on the database;

receiving an entry, provided by the sender and comprising the code, from the kiosk in communication with the database during the send transaction;

validating the entry;

upon validation of the entry, authorizing fulfillment of the send transaction.

18. The method of claim 17, wherein the kiosk includes at least one of a touchscreen, keypad or keyboard for receiving the entry provided by the sender.

19. The method of claim 17, wherein the code is not provided by or to the recipient for use by the recipient during the send transaction.

20. The method of claim 17, further comprising providing the sender the code for subsequent use by the sender during the send transaction.

21. The method of claim 17, wherein the code is capable of being encoded on a card.

22. The method of claim 17, further comprising:

receiving the code from a card provided to the sender at the kiosk, wherein the code is pre-printed or pre-encoded on the card; and

correlating the code with the at least one send transaction detail stored on the database.