Automated transfer with stored value

• US 8,244,632 B2
• Filed: 01/02/2003
• Issued: 08/14/2012
• Est. Priority Date: 10/26/2001
• Status: Active Grant

• Current Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Inventors: Algiene, Kenneth, Abelman, Henry M., Karas, Peter M.
• Primary Examiner(s): Akintola, Olabode
• Application Number:
  US10/336,657
• Publication Number:
  US 20030130948A1
• Time in Patent Office: 3,512 Days
• Field of Search: None
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• 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 30/06 Buying, selling or leasing transactions

Abstract

According to the invention, a method for automatically transferring an incoming payment to a handler is disclosed. In one step, the incoming payment associated with a payee is received. A first predetermined rule that applies to the incoming payment is determined. The first predetermined rule is applied to the incoming payment. It is determined if a second predetermined rule applies to the incoming payment. The second predetermined rule is applied to the incoming payment based upon the second-listed determining step.

Claims

1. A method for automatically transferring an incoming payment to a handler, the method comprising steps of:

associating a presentation instrument with a stored value fund, wherein the presentation instrument includes a magnetic stripe configured to be swiped at a point of sale (POS) device to add or subtract funds from the stored value fund;

receiving, from the stored value fund controlled by a user, the incoming payment associated with a payee;

determining, by a computer processor, whether a first predetermined rule or a second predetermined rule applies to the incoming payment, wherein the incoming payment is routed to a first account if the first predetermined rule applies or is routed to a second account if the second predetermined rule applies;

applying the first predetermined rule or second predetermined rule to the incoming payment, wherein the applying comprises;

determining, by the computer processor, a destination for the incoming payment;

determining, by the computer processor, a source identifier for the incoming payment;

determining, by the computer processor, that a source filter should be applied to the incoming payment depending on the source identifier;

using the source filter to determine whether to apply the first predetermined rule or the second predetermined rule; and

in response to using the source filter to determine whether to apply the first predetermined rule or the second predetermined rule, routing at least some of the incoming payment away from the destination of the incoming payment according to the first predetermined rule or the second predetermined rule, wherein the destination is where the incoming payment would go if the source filter was not applied to the incoming payment;

routing a first portion of the incoming payment to the first account or the second account depending on whether the first predetermined rule or the second predetermined rule is applied;

determining, by the computer processor, whether the first predetermined rule or the second predetermined rule that was not applied in the first-listed determining step also applies to the incoming payment;

applying the first predetermined rule or the second predetermined rule to the incoming payment based, at least in part, upon the second-listed determining step;

routing a second portion of the incoming payment to the first account or the second account depending on whether the first predetermined rule or the second predetermined rule is applied in the second-listed determining step; and

automatically paying the payee the incoming payment from either or both of the first account and the second account based on the applied first and second predetermined rules; and

determining, by the computer processor, if the incoming payment has been depleted, where application of the second-listed applying step is based, at least in part, upon the third-listed determining step.

2. The method for automatically transferring the incoming payment to the handler as recited in claim 1, wherein at least one of the first predetermined rule and the second predetermined rule apply to at least one of:

a source or sources of the incoming payment,

a day of week of the incoming payment,

a time of day of the incoming payment, and

an amount of the incoming payment.

3. The method for automatically transferring the incoming payment to the handler as recited in claim 1, further comprising a step of determining if the first predetermined rule has expired due to a monetary cap or temporal event.

4. The method for automatically transferring the incoming payment to the handler as recited in claim 1, further comprising a step of determining a trigger condition for expiration of the first predetermined rule, wherein the trigger condition includes at least one of the following:

a total amount being collected by the first predetermined rule meeting a threshold, and

a period of time expiring.

5. The method for automatically transferring the incoming payment to the handler as recited in claim 1, further comprising a step of electronically notifying the payee of:

at least one of the incoming payment, the first-listed applying step and the second-listed applying step, wherein the electronic notification includes at least one of;

a web page, an instant message, an e-mail message, a pager message, and a wireless phone message.

6. The method for automatically transferring the incoming payment to the handler as recited in claim 1, wherein the first-listed applying step comprises a step of routing at least a portion of the incoming payment to the handler, wherein:

the handler is specified by one of;

the payee, a payor and a third party, and

the third party specification of the handler cannot be modified by the payee.

7. The method for automatically transferring the incoming payment to the handler as recited in claim 1, wherein the first-listed applying step comprises a step of routing at least a portion of the incoming payment to the handler, wherein the handler includes at least one of a bank, a credit card company, a debit card company, a retail location, a stored value fund, an airline mileage program, a gift certificate issuer, an electronic gift certificate issuer, and a money order issuer.

8. The method for automatically transferring the incoming payment to the handler as recited in claim 1, wherein the incoming payment corresponds to at least one of:

currency, monetary value, airline mileage, promotional program points, gift certificate credit, and commodities.

9. The method for automatically transferring the incoming payment to the handler as recited in claim 1, wherein the first-listed transferring step comprises at least one of the following steps:

transferring at least a portion of the incoming payment with a bank account;

transferring at least a portion of the incoming payment with a credit card or debit card;

transferring at least a portion of the incoming payment in a check or money order;

transferring at least a portion of the incoming payment to another'"'"'s stored value fund;

transferring at least a portion of the incoming payment to a retail location chosen by the user;

transferring a telegram or a greeting card with a check or money order for at least a portion of the incoming payment; and

transferring an electronic greeting card with an electronic payment notification for at least a portion of the incoming payment embedded therewith.

10. The method for automatically transferring the incoming payment to the handler as recited in claim 1, further comprising a step of storing a residue from the incoming payment in a stored value fund of the payee once all rules applicable to the incoming payment have been applied.

11. The method for automatically transferring the incoming payment to the handler as recited in claim 1, wherein the first account is the stored value fund controlled by the user.

12. A computer readable storage medium having stored thereon computer executable instruction that cause a computer system to execute a method, the method for automatically processing an incoming payment, the method comprising steps of:

associating a presentation instrument with a stored value fund, wherein the presentation instrument includes a magnetic stripe configured to be swiped at a point of sale (POS) device to add or subtract funds from the stored value fund;

receiving, from the stored value fund controlled by a user, the incoming payment associated with a payee;

determining that a first predetermined rule applies to the incoming payment;

applying the first predetermined rule to the incoming payment, wherein the applying comprises;

determining a destination for the incoming payment;

determining a source identifier for the incoming payment;

determining that a source filter should be applied to the incoming payment depending on the source identifier;

using the source filter to determine whether to apply the first predetermined rule; and

in response to using the source filter to determine whether to apply the first predetermined rule, routing at least some of the incoming payment away from the destination of the incoming payment according to the first predetermined rule, wherein the destination is where the incoming payment would go if the source filter was not applied to the incoming payment;

using the source filter to determine whether to apply the second predetermined rule;

in response to using the source filter to determine whether to apply the second predetermined rule, determining that a second predetermined rule applies to the incoming payment;

applying the second predetermined rule to the incoming payment;

automatically paying the payee the incoming payment from the stored value fund

based on the applied first and second predetermined rules;

determining a first rank for the first predetermined rule and a second rank for the second predetermined rule, wherein the second-listed applying step is performed before the first-listed applying step based upon the third-listed determining step; and

using the source filter to determine whether to apply the third predetermined rule;

in response to using the source filter to determine whether to apply the third predetermined rule, determining that a third predetermined rule applies, wherein the third predetermined rule controls how the payee is paid the incoming payment from the stored value fund.

13. The computer readable storage medium as recited in claim 12, wherein at least one of the first predetermined rule and the second predetermined rule apply to at least one of:

a source or sources of the incoming payment,

a day of week of the incoming payment,

a time of day of the incoming payment, and

an amount of the incoming payment.

14. A method for automatically processing an incoming payment, the method comprising steps of:

associating a presentation instrument with a stored value fund, wherein the presentation instrument includes a magnetic stripe configured to be swiped at a point of sale (POS) device to add or subtract funds from the stored value fund;

receiving, from the stored value fund controlled by a user, the incoming payment associated with a payee;

sorting a plurality of rules to determine a subset of the plurality which applies to the incoming payment;

applying the subset of the plurality to divert at least part of the incoming payment away from a destination that would be used in the absence of the subset of the plurality, wherein the applying step comprises applying the subset of the plurality in succession according to a rank for each of the subset of the plurality, wherein the applying comprises;

determining, by a computer processor, a destination for the incoming payment;

determining, by a computer processor, a source identifier for the incoming payment;

determining, by a computer processor, that a source filter should be applied to the incoming payment depending on the source identifier;

using the source filter to determine whether to apply the subset of the plurality; and

in response to using the source filter to determine whether to apply the subset of the plurality, routing at least some of the incoming payment away from the destination of the incoming payment according to the first predetermined rule, wherein the destination is where the incoming payment would go if the source filter was not applied to the incoming payment;

applying at least one additional rule after the first-listed applying step, wherein the at least one additional rule controls how the diverted part of the incoming payment is paid out to the payee; and

automatically paying the payee the incoming payment from the stored value fund based on the applied subset of the plurality of rules and in accordance with the at least one additional rule.

15. The method for automatically processing the incoming payment as recited in claim 14, wherein at least one of the subset of the plurality apply to at least one of:

a source or sources of the incoming payment,

a day of week of the incoming payment,

a time of day of the incoming payment, and

an amount of the incoming payment.