Stored value payouts

• US 8,374,962 B2
• Filed: 01/02/2003
• Issued: 02/12/2013
• Est. Priority Date: 10/26/2001
• Status: Expired due to Fees

• Current Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Inventors: Abelman, Henry M., Algiene, Kenneth, Karas, Peter M.
• Primary Examiner(s): Oyebisi, Ojo O
• Application Number:
  US10/336,149
• Publication Number:
  US 20030135459A1
• Time in Patent Office: 3,694 Days
• Field of Search: 705/64, 705/68, 705/35, 705/33, 705/38, 705/39, 705/40, 705/42, 705/44
• US Class Current: 705/44
• 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

Abstract

According to the invention, a method for automatically processing an incoming payment for a payee with an online money transfer system. In one step, information is received at the online money transfer system. That information relates to processing of one or more received payments associated with the payee. At some point, the incoming payment associated with the payee is received. A default repository for the incoming payment is determined. It is determined whether to transfer at least some of the incoming payment away from the default repository or escrow at least a portion of the incoming payment for benefit of at least one predetermined party. Either the earmark or the escrow is applied after this determination.

Claims

1. A method for automatically processing an incoming payment for a payee with an online money transfer system, the method comprising steps of:

receiving information at the online money transfer system, wherein the information relates to processing of one or more received payments associated with at least two payees, wherein the information relates to two or more different rules, wherein each of the two or more different rules relate to a different one of the payees, and wherein each of the two or more different rules define routing for incoming payments to a payee based on occurrence of a trigger condition and include at least a first rule comprising an earmark rule relating to one of the two payees and a second different rule comprising an escrow rule relating to a different one of the two payees;

receiving the incoming payment associated with the payee;

determining a default repository for the incoming payment;

determining a priority for two or more different rules for two or more payments;

determining an order for the two or more different rules, the order based on the priority;

applying the two or more different rules in serial fashion based on the order;

transferring a first portion of the incoming payment as an earmark away from the default repository according to the first rule and the order;

holding a second portion of the incoming payment in escrow for benefit of at least one predetermined party according to the second rule and the order, wherein the escrowed second portion of the incoming payment is accessible by the at least one predetermined party subject to a set of conditions; and

determining if one of the two or more different rules has expired due to a temporal event.

2. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, further comprising a step of receiving second information at the online money transfer system from a third party, wherein the second information relates to processing of the received payment associated with the payee.

3. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the earmark or the escrow of the second-listed determining step is one of:

a first fixed amount of the incoming payment;

a second fixed amount that can be reduced where the incoming payment does not have sufficient funds remaining to satisfy the second fixed amount;

a third fixed amount not to exceed a first cumulative amount gathered over a first plurality of incoming payments;

a first percentage of the incoming payment;

a second percentage of the incoming payment not to exceed a fixed amount; and

a third percentage of the incoming payment not to exceed a second cumulative amount gathered over a second plurality of incoming payments.

4. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the payor, who provides the incoming payment, cannot access the information.

5. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the information is provided by a third party other than the payee or a payor.

6. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the earmark or the escrow of the second-listed determining step is configured according to a court order.

7. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the online money transfer system is remote to at least one of a payor, the payee and the predetermined party.

8. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the online money transfer system is accessible with a network.

9. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein:

the information includes a first predetermined rule and a second predetermined rule, and

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.

10. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, further comprising a step of determining if the incoming payment has been depleted, where application of the applying step is based, at least in part, upon the fourth determining step.

11. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the applying step comprises steps of:

determining a source identifier for the incoming payment;

correlating the information with a source identifier of the incoming payment; and

routing some of the incoming payment away from the default repository.

12. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, further comprising a step of determining if a predetermined rule of the information has expired due to a monetary cap.

13. A computer-readable medium having computer-executable instructions for performing the computer-implementable method for automatically processing the incoming payment for the payee with the online money transfer system of claim 1.

23. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein determining if a predetermined rule of the information has expired due to a temporal event comprises terminating the earmark or the escrow after a particular date has occurred.

24. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 12, wherein determining if a predetermined rule of the information has expired due to a monetary cap comprises terminating the earmark or the escrow after a cumulative amount of payments has been either earmarked or escrowed.

25. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the earmark or the escrow of the second-listed determining step is a fixed amount that can be reduced where the incoming payment does not have sufficient funds remaining to satisfy the fixed amount.

26. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the earmark or the escrow of the second-listed determining step is a fixed amount not to exceed a cumulative amount gathered over a plurality of incoming payments.

14. A method for automatically processing an incoming payment for a payee with an online money transfer system, the method comprising steps of:

receiving a plurality of different rules at the online money transfer system with a wide area network, wherein each rule of the plurality defines processing of one or more received payments associated with at least two payees based on occurrence of a trigger condition and including at least a first rule comprising an earmark rule relating to one of the two payees and a second different rule comprising an escrow rule relating to a different one of the two payees;

receiving from a payor the incoming payment that is associated with a payee;

determining a priority for the plurality of different rules;

determining an order for the plurality of rules for two or more payments, the order based on the priority;

determining a particular sequence for applying the plurality of different rules based on the order;

analyzing the first rule of the plurality of different rules to determine that the first rule applies to the incoming payment;

in response to analyzing the first rule, transferring a first portion of the incoming payment as an earmark away from the default repository, wherein the earmark routes the first portion to an account of a handler;

analyzing the second rule of the plurality of different rules to determine that the second rule applies to the incoming payment; and

in response to analyzing the second rule, holding a second portion of the incoming payment in escrow for benefit of at least one predetermined party, wherein the escrowed second portion of the incoming payment is accessible by the at least one predetermined party subject to a set of conditions.

15. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 14, further comprising a step of determining from the first rule to escrow at least some of the incoming payment for benefit of the at least one predetermined party, wherein:

the one predetermined party is neither the payee or the payor, and

funds subject to the escrow are available to the one predetermined party.

16. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 14, further comprising steps of determining a default repository for the incoming payment that would be used in absence of any applicable rules.

17. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 14, wherein at least one of the plurality is provided by a third party other than a payee or the payor.

18. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 14, wherein the earmark or the escrow of the determining step is configured according to a court order.

19. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 14, wherein the online money transfer system is remote to at least one of the payor, the payee and the predetermined party.

20. A method for automatically processing an incoming payment for a payee with an online money transfer system, the method comprising steps of:

receiving a plurality of different rules at the online money transfer system with a wide area network, wherein each rule of the plurality defines processing of one or more received payments associated with at least two payees based on occurrence of a trigger condition and including at least a first rule comprising an escrow rule relating to one of the payees and a second different rule comprising an earmark rule relating to a different one of the two payees;

receiving from a payor the incoming payment that is associated with a payee;

determining a default repository for the incoming payment that would be used in absence of any applicable rules;

determining a priority for the plurality of rules;

determining an order for the plurality of different rules for two or more payments, the order based on the priority;

applying the plurality of rules in serial fashion based on the order;

determining the first rule of the plurality of rules, to escrow at least some of the incoming payment for benefit of at least one predetermined party, wherein;

the one predetermined party is neither the payee or the payor, and

funds subject to the escrow of the second-listed determining step are available to the one predetermined party subject to a set of conditions;

in response to determining the first rule, holding a first portion of the incoming payment in escrow;

determining the second rule of the plurality of different rules to transfer at least some of the incoming payment as an earmark;

in response to determining the second rule, earmarking a second portion of the incoming payment; and

determining if a predetermined rule of the information has expired due to a temporal event.

21. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 20, wherein the escrow of the second-listed determining step is one of:

a first fixed amount of the incoming payment;

a second fixed amount that can be reduced where the incoming payment does not have sufficient funds remaining to satisfy the second fixed amount;

a third fixed amount not to exceed a first cumulative amount gathered over a first plurality of incoming payments;

a first percentage of the incoming payment;

a second percentage of the incoming payment not to exceed a fixed amount; and

a third percentage of the incoming payment not to exceed a second cumulative amount gathered over a second plurality of incoming payments.

22. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 20, wherein the payor cannot access at least one of the plurality of rules related to the incoming payment of the payor.