Method and system for performing money transfer transactions

• US 7,950,575 B2
• Filed: 01/12/2010
• Issued: 05/31/2011
• Est. Priority Date: 10/26/1999
• Status: Expired due to Fees

• Current Assignee: Western Union
• Original Assignee: Western Union
• Inventors: Stoutenburg, Earney E., Seifert, Dean A.
• Primary Examiner(s): St. Cyr; Daniel
• Application Number:
  US12/686,024
• Publication Number:
  US 20100179908A1
• Time in Patent Office: 504 Days
• Field of Search: 235/379, 235/380, 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 performing a money transfer transaction comprising:

receiving card identifying information from a card associated with a sender through an electronic terminal;

retrieving at least one transaction detail based upon the card identifying information;

sending the at least one transaction detail to the electronic terminal;

receiving selection input corresponding to the at least one transaction detail and a desired amount of money to be sent by the sender to a recipient; and

receiving a payment confirmation from the electronic terminal indicating a collect amount has been collected from the sender.

2. The method of claim 1, wherein the at least one transaction detail includes a list of one or more potential recipient names.

3. The method of claim 2, wherein the selection input corresponding to the at least one transaction detail includes a selection by the sender of at least one recipient from the list of one or more potential recipient names.

4. The method of claim 2, wherein the at least one transaction detail further includes recipient information about each potential recipient from the list of one or more potential recipient names.

5. The method of claim 4, wherein the recipient information includes an address or a telephone number.

6. The method of claim 1, wherein the at least one transaction detail includes sender information about the sender.

7. The method of claim 6, wherein the sender information includes a sender name.

8. The method of claim 7, wherein the sender information further includes an address or telephone number for the sender.

9. The method of claim 1, wherein the card identifying information received from the electronic terminal includes a code associated with the at least one transaction detail.

10. The method of claim 9, wherein the code is electronically embedded on the card.

11. The method of claim 1, further comprising:

determining the collect amount upon receiving the selection input corresponding to the at least one transaction detail and a desired amount of money to be sent by the sender to a recipient; and

sending the collect amount to the electronic terminal.

12. The method of claim 11, wherein the collect amount comprises one or more of the desired amount of money to be sent, a transaction fee, and a tax.

13. The method of claim 1, further comprising:

recording the money transfer transaction; and

sending a send transaction confirmation to the electronic terminal.

14. A system for performing a money transfer transaction comprising:

a database for storing at least one transaction detail corresponding to a card associated with a sender; and

a host computer in communication with the database, the host computer configured to;

retrieve the at least one transaction detail from the database upon receipt of card identifying information from an electronic terminal;

transmit the at least one transaction detail to the electronic terminal;

receive selection input corresponding to the at least one transaction detail and a desired amount of money to be sent by the sender to a recipient; and

receive a payment confirmation from the electronic terminal.

15. The system of claim 14, wherein the at least one transaction detail includes a list of one or more potential recipient names.

16. The system of claim 15, wherein the selection input corresponding to the at least one transaction detail includes a selection by the sender of at least one recipient from the list of one or more potential recipient names.

17. The system of claim 16, wherein the host computer is further configured to:

determine the collect amount upon receiving the selection input corresponding to the at least one transaction detail and a desired amount of money to be sent by the sender to a recipient, wherein the collect amount comprises one or more of the desired amount of money to be sent, a transaction fee, and a tax; and

transmit the collect amount to the electronic terminal.

18. The system of claim 16, wherein the host computer is further configured to record the money transfer transaction and transmit a send transaction confirmation to the electronic terminal.

19. A method for performing a money transfer transaction comprising:

receiving at least one transaction detail from a sender through a transaction staging device;

assigning a code to a card for issuance to the sender, the code corresponding to the at least one transaction detail;

receiving input comprising the code from a transaction fulfillment device;

retrieving the at least one transaction detail based upon the code;

sending the at least one transaction detail to the transaction fulfillment device;

receiving selection input corresponding to the at least one transaction detail and a desired amount of money to be sent by the sender to a recipient;

determining a collect amount upon receiving the selection input, the collect amount comprising one or more of the desired amount of money to be sent, a transaction fee, and a tax;

sending the collect amount to the transaction fulfillment device; and

recording the money transfer transaction upon receipt of a payment confirmation from the transaction fulfillment device indicating the collect amount has been collected from the sender.

20. The method of claim 19, wherein the at least one transaction detail includes a list of one or more potential recipient names and the selection input corresponding to the at least one transaction detail includes a selection by the sender of at least one recipient from the list of one or more potential recipient names.