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Method and system for cash remittances using a two country banking structure

  • US 7,797,234 B2
  • Filed: 08/26/2005
  • Issued: 09/14/2010
  • Est. Priority Date: 08/26/2005
  • Status: Active Grant
First Claim
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1. A method for a banking customer of a first bank in a first country to invoke a banking service of sending cash to a recipient in a second country, the cash being in the currency of the second country, the banking customer having a bank account in the first bank, the method comprising:

  • receiving, at a first bank computer associated with the first bank, a first data message comprising information for designating a recipient of the cash and for specifying a first amount of cash to be provided to the recipient;

    updating a bank database to debit the banking customer'"'"'s bank account for a second amount of cash;

    notifying a second bank computer associated with a second bank located in the second country of information sufficient for the second bank to provide the cash to the recipient via a payment agent in the second country;

    transferring an amount of funds equivalent in value to the first amount of cash to a commingled account belonging to the second bank; and

    transmitting, by the second bank, a second data message to the payment agent, wherein the second data message contains information sufficient to dispense the first amount of cash to the recipient.

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