Methods and systems for transferring funds

• US 7,780,075 B2
• Filed: 01/19/2007
• Issued: 08/24/2010
• Est. Priority Date: 06/08/2001
• Status: Active Grant

• Current Assignee: Continental Exchange Solutions, Inc. (Euronet Worldwide Incorporated)
• Original Assignee: Continental Exchange Solutions, Inc. (Euronet Worldwide Incorporated)
• Inventors: Cooper, Wayne P., Brown, Patrick C., Jones, Clyde Dennis
• Primary Examiner(s): Le; Thien Minh
• Assistant Examiner(s): Taylor; April A
• Application Number:
  US11/625,019
• Publication Number:
  US 20070187484A1
• Time in Patent Office: 1,313 Days
• Field of Search: 235379-381, 705/17, 705/38, 705/39, 705/41
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G07F 19/00 Complete banking systems; Coded card-freed arrangements adapted for dispensing or receiving monies or the like and posting such transactions to existing accounts, e.g. automatic teller machines data processing equipment for bank accounting G06Q40/02

Abstract

Methods and systems for transferring funds are disclosed that utilize a transfer card issued to a sender that enables the sender to transfer funds at independent host locations. The transfer card may be encoded with information about the sender and the intended receiver so that transfer forms are not required for each transaction. The receiver obtains the finds via a distribution center, wherein the personal identity of the receiver is verified before the funds are distributed.

Claims

1. A method of electronically transferring funds, the method comprising:

receiving a transfer request that includes transfer information associated with personal information and including an amount to be transferred, the request being received at a central processing center from a host system,

wherein the transfer request was initiated in conjunction with a purchase of unrelated goods and/or services;

sending a status response from the central processing center to the independent host system;

receiving a distribution confirmation at the central processing center from a distribution center; and

updating information maintained at the central processing center based upon said distribution confirmation.

2. The method according to claim 1, wherein the transfer request receiving step includes receiving a transfer request sent from the host system, sending the transfer request from the host system including swiping a magnetic stripe from a transfer card identifying a sender.

3. The method according to claim 1, wherein the transfer request receiving step includes receiving a transfer request sent from the host system sending the transfer request from the host system including swiping a magnetic stripe from a transfer card identifying a sender and at least one receiver.

4. The method according to claim 1, wherein the transfer request receiving step includes receiving a transfer request sent from the host system, sending the transfer request from the host system including scanning a bar code from a transfer card identifying a sender.

5. The method according to claim 1, wherein the transfer request receiving step includes receiving a transfer request sent from the host system, sending the transfer request from the host system including scanning a bar code from a transfer card identifying a sender and at least one receiver.

6. The method according to claim 1, wherein the status response sending step includes sending a pending status response and waiting for either a request for completion or a request for cancellation from the host system.

7. The method according to claim 1, wherein the transfer request receiving step includes receiving a transfer request sent from the host system, sending the transfer request from the host system including receiving cash at the host system from a sender, the cash including an amount to be transferred to at least one receiver and a transaction fee.

8. The method according to claim 1, wherein the status response sending step includes sending a transaction code corresponding to the transfer request.

9. The method according to claim 1, wherein the status response sending step includes sending a transaction code to the host system, the transaction code being sent to the host system for printing on a receipt that also includes an amount to be transferred.

10. The method according to claim 1, wherein said distribution confirmation is obtainable without access to the central processing center.

11. The method according to claim 1, wherein the transfer request receiving step includes receiving a transfer request indicating at least one receiver that is selected from the group consisting of an individual, business, virtual account, and bank account.

12. The method according to claim 1, wherein the transfer request receiving step includes receiving a transfer request indicating that the funds are to be transferred for at least one of the reasons selected from the group consisting of purchasing minutes for a prepaid telephone card, adding funds to cash card, adding funds to an online money transfer system account, paying a bill of a sender and/or a receiver, adding funds to a bank account of a sender and/or a receiver, and sending funds to an individual.

13. The method according to claim 1, wherein the transfer request receiving step includes receiving a transfer request sent from the host system, sending the transfer request from the host system including entering the transfer information via a kiosk and/or an automated voice response unit.

14. The method according to claim 1, wherein the transfer request receiving step includes receiving transfer information via a private network and/or direct line.

15. A method of electronically transferring funds by way of a host system, the method comprising:

receiving a transfer request at a central processing center from a host system, the host system having sent the transfer request in response to receiving a request from a sender via a source that personally identifies the sender, the transfer request comprising transfer information that at least indicates a monetary amount to be received by a receiver, wherein the transfer request was initiated in conjunction with a purchase of unrelated goods and/or services;

sending a status response from the central processing center to the host system that at least indicates that funds may be transferred by the sender to the receiver;

sending, from the central processing center to a distribution center, personal information of the receiver and transfer information corresponding with the transfer information sent from the sender; and

receiving confirmation at the central processing center that the transfer information and personal identity of the receiver were verified at the distribution center.

16. The method according to claim 15, wherein the transfer request receiving step includes receiving a transfer request sent from the host system, sending the transfer request from the host system including associating the personal identification of the sender from a magnetic stripe on a transfer card.

17. The method according to claim 15, wherein the transfer request receiving step includes receiving a transfer request sent from the host system, sending the transfer request from the host system including receiving the request from the sender via a source that personally identifies the sender and the receiver.

18. The method according to claim 15, wherein the transfer request receiving step includes receiving a transfer request sent from the host system, sending the transfer request from the host system including associating the personal identification of the sender from a bar code on a transfer card.

19. The method according to claim 15, further comprising transferring cash to personnel of the host system in an amount that includes the cash amount to be received by the receiver and a transaction fee.

20. The method according to claim 15, wherein the status response sending step includes sending a transaction code to the host system that must be received from the receiver and confirmed before distributing funds from the distribution center to the receiver.

21. The method of claim 15, wherein said verification at the distribution center does not require access to the central processing center.

22. The method according to claim 15, wherein the transfer request receiving step includes receiving a transfer request indicating at least one receiver that is selected from the group consisting of an individual, business, virtual account, and bank account.

23. The method according to claim 15, wherein the transfer request receiving step includes receiving a transfer request indicating that the funds are to be transferred for at least one of the reasons selected from the group consisting of purchasing minutes for a prepaid telephone card, adding funds to cash card, adding funds to an online money transfer system account, paying a bill of a sender and/or a receiver, adding funds to a bank account of a sender and/or a receiver, and sending funds to an individual.

24. The method according to claim 15, wherein the transfer request receiving step includes receiving a transfer request sent from the host system, sending the transfer request from the host system including entering the transfer information via a kiosk and/or an automated voice response unit.

25. The method according to claim 15, wherein the transfer request receiving step includes receiving the transfer information via a private network and/or direct line.

26. A system for electronically transferring funds, the system comprising:

a central processing center including a processor configured to receive a transfer request that includes transfer information associated with personal information and including an amount to be transferred, the request being received from a host system,

wherein the processor is configured to send a status response from the central processing center to the host system, the host system being configured to receive cash from a sender in conjunction with a purchase of unrelated goods and/or services;

wherein the processor is configured to receive a distribution confirmation from a distribution center; and

wherein the processor is configured to update information maintained at the central processing center based upon said distribution confirmation.

27. The system according to claim 26, wherein the processor is configured to receive the transfer request sent from the host system, the host system being configured to read a magnetic stripe or bar code from a transfer card identifying a sender.

28. The system according to claim 26, wherein the processor is configured to receive the transfer request sent from the host system, the host system being configured to read a magnetic stripe or bar code from a transfer card identifying a sender and at least one receiver.

29. The system according to claim 26, wherein the processor being configured to send a status response includes being configured to send a transaction code corresponding to the transfer request.

30. The system according to claim 26, wherein the processor being configured to send a status response includes being configured to send a transaction code to the host system, the transaction code being sent to the host system for printing on a receipt that also includes an amount to be transferred.

31. The system according to claim 26, wherein the processor is configured to receive the transfer request indicating at least one receiver that is selected from the group consisting of an individual, business, virtual account, and bank account.

32. The system according to claim 26, wherein the processor is configured to receive the transfer request indicating that the funds are to be transferred for at least one of the reasons selected from the group consisting of purchasing minutes for a prepaid telephone card, adding funds to cash card, adding funds to an online money transfer system account, paying a bill of a sender and/or a receiver, adding funds to a bank account of a sender and/or a receiver, and sending funds to an individual.

33. A system for electronically transferring funds, the system comprising:

a central processing center including a processor configured to receive a transfer request from a host system, the host system having sent the transfer request in response to receiving a request from a sender via a source that personally identifies the sender, the transfer request comprising transfer information that at least indicates a monetary amount to be received by a receiver, the host system being configured to receive cash from a sender in conjunction with a purchase of unrelated goods and/or services;

wherein the processor is configured to send a status response to the host system that at least indicates that funds may be transferred by the sender to the receiver,

wherein the processor is configured to send, to a distribution center, personal information of the receiver and transfer information corresponding with the transfer information sent from the sender; and

wherein the processor is configured to receive confirmation that the transfer information and personal identity of the receiver were verified at the distribution center.

34. The system according to claim 33, wherein the processor is configured to receive the transfer request sent from the host system, the host system being configured to associate the personal identification of the sender from a magnetic stripe or bar code on a transfer card.

35. The system according to claim 33, wherein the processor is configured to receive the transfer request sent from the host system, the host system being configured to receive a request from the sender via a source that personally identifies the sender and the receiver.

36. The system according to claim 33, wherein the processor is configured to send a status response including a transaction code that must be received from the receiver and confirmed before distributing funds from the distribution center to the receiver.

37. The system according to claim 33, wherein the processor is configured to receive the transfer request indicating at least one receiver that is selected from the group consisting of an individual, business, virtual account, and bank account.

38. The system according to claim 33, wherein the processor is configured to receive the transfer request indicating that the funds are to be transferred for at least one of the reasons selected from the group consisting of purchasing minutes for a prepaid telephone card, adding funds to cash card, adding funds to an online money transfer system account, paying a bill of a sender and/or a receiver, adding funds to a bank account of a sender and/or a receiver, and sending funds to an individual.