Global remittance platform
First Claim
1. A system that remits funds from a remitter to a beneficiary, the system being provided by an enterprise, the system comprising:
- at least one of a store vision teller system (SVT) and a phone bank component for receiving and transmitting transaction data for a remittance transaction;
a database configured to store account data for bank accounts associated with account holders;
an enterprise financial system that receives said transaction data from either said SVT and said phone bank component and that processes said transaction data and outputs processed transaction data;
a remittance network member account that receives and stores said processed transaction data to reconcile and settle said remittance transaction;
an international remittance engine (IRE) that receives and processes said processed transaction data to create a first output file in a predetermined message format and to output said first output file to an external remittance network member system;
an enterprise remittance general ledger system that receives a second output file from said IRE and uses said second output file to send a reconcile and settlement message to said remittance network member account for reconcilement and settlement; and
a demand deposit account that receives funds associated with said remittance transaction from said enterprise remittance general ledger system resulting in funds being available in said external remittance network member system;
wherein the system is configured to support a plurality of types of remittance transactions, including cash-to-cash, account-to-cash, cash-to-account, and account-to-account remittance transactions; and
wherein for account-to-account and account-to-cash transactions, the funds are retrieved from one of the bank accounts; and
wherein for account-to-cash transactions, the account-to-cash transaction is not anchored to a particular account of the beneficiary and the beneficiary does not have an account with the enterprise.
1 Assignment
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Accused Products
Abstract
The invention provides a remittance platform in which an enterprise, such as Wells Fargo, serves as a remittance transfer agent, where the remittance function is integrated with a bank. The invention allows access to the remittance program by both account holders with the enterprise and persons who do not have an account with the enterprise. The person accessing the service may pick the remittance service they want and the country they want. However, the service is not anchored to a particular account and can therefore work with both bank partners and non-bank partners and account holders and non-account holders. Further, the system may be private-labeled. Additionally, the invention provides a mechanism that allows one to send money easily to other countries and it allows bank partners to participate in the program easily as well. This is possible because the enterprise provides all of the processing in an integrated fashion.
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Citations
19 Claims
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1. A system that remits funds from a remitter to a beneficiary, the system being provided by an enterprise, the system comprising:
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at least one of a store vision teller system (SVT) and a phone bank component for receiving and transmitting transaction data for a remittance transaction; a database configured to store account data for bank accounts associated with account holders; an enterprise financial system that receives said transaction data from either said SVT and said phone bank component and that processes said transaction data and outputs processed transaction data; a remittance network member account that receives and stores said processed transaction data to reconcile and settle said remittance transaction; an international remittance engine (IRE) that receives and processes said processed transaction data to create a first output file in a predetermined message format and to output said first output file to an external remittance network member system; an enterprise remittance general ledger system that receives a second output file from said IRE and uses said second output file to send a reconcile and settlement message to said remittance network member account for reconcilement and settlement; and a demand deposit account that receives funds associated with said remittance transaction from said enterprise remittance general ledger system resulting in funds being available in said external remittance network member system; wherein the system is configured to support a plurality of types of remittance transactions, including cash-to-cash, account-to-cash, cash-to-account, and account-to-account remittance transactions; and wherein for account-to-account and account-to-cash transactions, the funds are retrieved from one of the bank accounts; and wherein for account-to-cash transactions, the account-to-cash transaction is not anchored to a particular account of the beneficiary and the beneficiary does not have an account with the enterprise. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method that remits funds from a remitter to a beneficiary, comprising the steps of:
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maintaining a bank account for the remitter at a bank, the bank associated with an enterprise; providing at least one of a store vision teller system (SVT) and a phone bank component for receiving and transmitting transaction data for a remittance transaction; providing an enterprise financial system that receives said transmitted remittance transaction data from either said SVT and said phone bank component and that processes said transaction data and outputs said processed transaction data; providing a remittance network member account that receives and stores said processed transaction data to reconcile and settle said remittance transaction; providing an international remittance engine (IRE) that receives and processes said processed transaction data to create a first output file in a predetermined message format and to output said first output file to an external remittance network member system; providing an enterprise remittance general ledger system that receives a second output file from said IRE and uses said second output file to send a reconcile and settlement message to said remittance network member account for reconcilement and settlement; and providing a demand deposit account that receives funds associated with said remittance transaction from said enterprise remittance general ledger system resulting in funds being available in said external remittance network member system; wherein the IRE is configured to support a plurality of types of remittance transactions, including cash-to-cash, account-to-cash, cash-to-account, and account-to-account remittance transactions; and wherein for account-to-cash and account-to-account transactions, the funds are retrieved from the bank account of the remitter; and wherein for account-to-cash transactions, the account-to-cash transaction is not anchored to a particular account of the beneficiary and the beneficiary does not have an account with the enterprise. - View Dependent Claims (10, 11, 12, 13, 14)
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15. A method for remitting funds from a remitter to a beneficiary, comprising:
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maintaining a bank account for a remitter at a bank, the bank associated with an enterprise; receiving transaction data for a remittance transaction; generating a first reconcile and settlement message using a remittance engine based on the transaction data and storing the first reconcile and settlement message in a database associated with the bank; generating a second reconcile and settlement message based on the transaction data and storing the second reconcile and settlement message in the database; reconciling the first and second reconcile and settlement messages; and upon reconciling the first and second reconcile and settlement messages, making the funds available to the beneficiary; wherein the funds are retrieved from the bank account of the remitter and provided to the beneficiary in the form of cash; and wherein the remittance transaction is not anchored to a particular account of the beneficiary and the beneficiary does not have an account with the enterprise. - View Dependent Claims (16)
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17. A method of remitting funds from a remitter to a beneficiary, comprising:
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maintaining a bank account for the remitter, the remitter being a customer of a bank, the bank being associated with an enterprise; providing the remitter with a plurality of options for a remittance transaction to remit the funds, the options including an account-to-cash remittance transaction, an account-to-account remittance transaction, a cash-to-cash remittance transaction, and a cash-to-account remittance transaction; receiving instructions from the remitter relating to the remittance transaction, the instructions including a selection of the account-to-cash option; withdrawing funds from the bank account of the remitter based on the instructions; transferring the funds to the beneficiary using a computer network; storing transaction data for the remittance transaction in a database; and providing a transaction disclosure receipt that provides details regarding the remittance transaction based on the transaction data; wherein the remittance transaction is not anchored to a particular account of the beneficiary and the beneficiary does not have an account with the enterprise. - View Dependent Claims (18, 19)
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Specification