Person-to-person funds transfer

• US 8,073,770 B2
• Filed: 01/07/2009
• Issued: 12/06/2011
• Est. Priority Date: 01/07/2009
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Cole, Kevin, Wick, Wanda P.
• Primary Examiner(s): FELTEN, DANIEL S
• Application Number:
  US12/349,571
• Publication Number:
  US 20100174646A1
• Time in Patent Office: 1,063 Days
• Field of Search: 705/39, 705/41, 705/42, 235/379
• US Class Current: 705/39
• 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 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• 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 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Systems and methods are illustrated for performing a person-to-person funds transfer. A person-to-person funds transfer process may be divided into a funds transfer initiation process to receive the funds to be transferred and recipient information from a sender and a funds retrieval process to provide the funds to a recipient. The funds transfer initiation process may include a customizable authentication step that provides the sender an opportunity to determine the level of authentication. The funds transfer retrieval process may include determining whether the recipient is authenticated based on the authentication level chosen by the sender.

Claims

1. A method, comprising:

receiving, by a first automated teller machine (ATM), a request to initiate a person-to-person funds transfer;

receiving, by the first ATM, a phone number associated with a recipient of the funds transfer;

receiving, by the first ATM, a transfer funds amount to be transferred to the recipient;

displaying, by the first ATM, a total funds amount corresponding to the transfer funds amount, wherein the total funds amount is the transfer funds amount combined with a predetermined fee;

receiving, by the first ATM, funds totaling the total funds amount;

generating, by the first ATM, a recipient code, the recipient code being configured to be entered into a second ATM by the recipient of the funds transfer prior to retrieving the transfer funds amount from the second ATM;

updating, by the first ATM, a database to reflect the transfer funds amount, the phone number associated with the recipient, and the recipient code; and

causing, by the first ATM, a text message to be sent to the phone number, wherein the text message includes the recipient code.

2. The method of claim 1, wherein receiving the funds includes receiving physical cash.

3. The method of claim 1, wherein receiving the funds includes receiving authorization to deduct the total funds amount from a sender'"'"'s account.

4. The method of claim 1, further comprising receiving, by the first ATM, one or more authentication selections, wherein the second ATM requires the one or more authentication selections to be met by the recipient before dispensing the transfer funds amount to the recipient.

5. The method of claim 4, further comprising suggesting, by the first ATM, at least one authentication selection, wherein the at least one suggested authentication selection is based on the transfer funds amount.

6. The method of claim 4,

wherein at least one of the one or more authentication selections includes a customizable question, and

wherein the second ATM requires the recipient to provide a correct answer to the customizable question to be authenticated.

7. The method of claim 4,

wherein at least one of the one or more authentication selections includes voice print authentication, and

wherein the second ATM verifies, at a time when the recipient attempts to retrieve funds, a voice print of the recipient using a stored voice print of the recipient.

8. The method of claim 7, further comprising:

establishing, by the first ATM, a phone conversation with the recipient;

conferencing in, by the first ATM, a sender of the transfer funds amount to the phone conversation with the recipient;

recording, by the first ATM, a voice sample of the recipient during the phone conversation; and

receiving, by the first ATM, confirmation of the voice sample from the sender.

9. The method of claim 4, wherein at least one of the one or more authentication selections requires the recipient to bring an RFID tag within proximity of an RFID reader communicatively coupled to the second ATM.

10. The method of claim 1, further comprising:

after receiving the phone number associated with the recipient, verifying, by the first ATM, with a third party that the phone number is associated with one of the recipient'"'"'s last name and address.

11. The method of claim 1, further comprising:

determining, the second ATM, that the recipient failed to retrieve the funds;

causing, by the second ATM, a second text message to be sent to a sender of the transfer funds amount;

receiving, by the second ATM, an option specifying how to proceed with the person-to-person funds transfer; and

updating, by the second ATM, a database that stores information about the person-to-person funds transfer to reflect the received option.

12. The method of claim 11, wherein the received option specifies that the funds transfer is to be canceled and the sender is to be allowed to retrieve the funds.

13. The method of claim 11, wherein the received option specifies that the authentication option originally selected is to be modified.

14. A method, comprising:

receiving, by a first automated teller machine (ATM), from a recipient, a request to retrieve funds based on a retrieval code;

receiving, by the first ATM, the retrieval code, wherein the retrieval code was generated by a second ATM that was used by a sender of the funds to initiate a transfer of the funds;

determining, by the first ATM, an amount of funds to be dispensed based on the retrieval code;

dispensing, by the first ATM, the amount of funds determined to be dispensed; and

updating, by the first ATM, a record associated with the retrieval code to indicate that the funds were withdrawn.

15. The method of claim 14, further comprising authenticating, by the first ATM, the recipient prior to dispensing the amount of funds.

16. The method of claim 15, wherein authenticating the recipient includes receiving, by the first ATM, a correct answer to a sender-customizable question.

17. The method of claim 15, wherein authenticating the recipient includes:

requesting, by the first ATM, a voice print from the recipient;

recording, by the first ATM, the voice print;

comparing, by the first ATM, the voice print with a previously recorded voice print; and

authenticating, by the first ATM, the recipient if the two voice prints match.

18. The method of claim 15, wherein authenticating the recipient includes:

reading, by the first ATM, an RFID tag; and

confirming, by the first ATM, that a piece of information read from the RFID tag matches stored recipient identification information.

19. A system, comprising:

a first automated teller machine (ATM) for initializing a person-to-person funds transfer, the first ATM comprising;

a first processor; and

first memory storing first computer-readable instructions that, when executed by the first processor, cause the first ATM to;

receive a request to initiate the person-to-person funds transfer;

receive a phone number associated with a recipient of the funds transfer;

receive a transfer funds amount to be transferred to the recipient;

display a total funds amount corresponding to the transfer funds amount, wherein the total funds amount includes the transfer funds amount and a predetermined fee;

receive funds totaling the total funds amount;

generate a recipient code, the recipient code being configured to be entered into a second ATM by the recipient of the funds transfer prior to retrieving the transfer funds amount from the second ATM; and

update a database to reflect the transfer funds amount, the phone number associated with the recipient, and the recipient code; and

the second ATM for retrieving an amount of funds transferred, the second ATM comprising;

a second processor; and

second memory storing second computer-readable instructions that, when executed by the second processor, cause the second ATM to;

receive, from a recipient, a request to retrieve funds based on a retrieval code;

receive, as the retrieval code, the recipient code generated by the first ATM;

determine an amount of funds to be dispensed based on the retrieval code;

dispense the amount of funds determined to be dispensed; and

update a record associated with the retrieval code to indicate that the funds requested to be retrieved were withdrawn.

20. The system of claim 19, wherein the second memory stores additional computer-readable instructions that, when executed by the second processor, further cause the second ATM to:

authenticate the recipient prior to dispensing the amount of funds, wherein authenticating the recipient includes confirming that a piece of information read by the second ATM from an RFID tag matches stored recipient identification information.

21. The system of claim 19,

wherein the first memory stores additional computer-readable instructions that, when executed by the first processor, further cause the first ATM to suggest, based on the transfer funds amount, at least one authentication selection, and

wherein the second memory stores additional computer-readable instructions that, when executed by the second processor, further cause the second ATM to require one or more authentication selections to be met by the recipient prior to dispensing the amount of funds determined to be dispensed.