Receiver driven money transfer alert system

• US 8,510,188 B2
• Filed: 07/28/2010
• Issued: 08/13/2013
• Est. Priority Date: 07/28/2010
• Status: Active Grant

• Current Assignee: Western Union
• Original Assignee: Western Union
• Inventors: Bulawa, Kurt, Michelsen, Michael, Demark, Michele, Owen, David A.
• Primary Examiner(s): Subramanian, Narayanswamy
• Application Number:
  US12/845,048
• Publication Number:
  US 20120030098A1
• Time in Patent Office: 1,112 Days
• Field of Search: 705 35- 41
• US Class Current: 705/35
• 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 20/401 Transaction verification

Abstract

A method for performing a money transfer initiated by a receiver of the money transfer, wherein the method includes receiving a money transfer initiation request from the receiver and the money transfer initiation request includes an amount of funds to be transferred, receiver information, and sender information. The method also includes staging a money transfer transaction after receiving the money transfer initiation request, wherein the money transfer transaction is pending an authorization by the sender to fund the money transfer. The method further includes providing the sender with a notification of the money transfer transaction, receiving the authorization to fund the money transfer transaction, and executing the money transfer to transfer the funds from the sender to the receiver.

Claims

1. A method for performing a money transfer initiated by a receiver of the money transfer, the method comprising:

receiving a money transfer initiation request from the receiver, the money transfer initiation request comprising;

receiver information that identifies the receiver;

first sender information that identifies a first sender and identifies a first communication address associated with the first sender;

second sender information that identifies a second sender and identifies a second communication address associated with the second sender; and

an amount of funds to be transferred to the receiver from either or both the first sender and the second sender;

receiving, from the receiver, a selection of an objective for the money transfer from among a plurality of objectives;

staging a money transfer transaction after receiving the money transfer initiation request, the money transfer transaction pending authorization by the first sender and the second sender to fund the money transfer;

generating a transaction identifier for the money transfer transaction;

providing the first sender with a notification of the money transfer transaction via the first communication address, the notification identifying;

a first portion of the amount of funds to be received from the first sender, and

an identification of the receiver,

providing the second sender with a notification of the money transfer transaction via the second communication address, the notification identifying;

a second portion of the amount of funds to be received from the second sender, and

the identification of the receiver,

receiving authorization from the first sender to fund the first portion of the amount of funds of the money transfer transaction;

receiving authorization from the second sender to fund the second portion of the amount of funds of the money transfer transaction;

receiving the first portion of the amount of funds from the first sender;

receiving the second portion of the amount of funds from the second sender; and

executing the money transfer to transfer the first portion of the amount of funds from the first sender to the receiver and to transfer the second portion of the amount of funds from the second sender to the receiver for payment of the objective.

2. The method for performing a money transfer according to claim 1, the method further comprising:

receiving a funds designation from the receiver, wherein the fund designation provides instructions for allocating the funds of the money transfer;

receiving the funds from either or both the first sender and the second sender; and

automatically allocating the funds in accordance with the funds designation.

3. The method for performing a money transfer according to claim 2, wherein the funds designation comprises indicia on a wireless device, the indicia associating a payment with a selected sender from among a plurality of senders such that:

upon selection of the indicia, the money transfer initiation request is generated on the wireless device and provided to the money transfer host system, and

the funds are automatically applied to pay toward the payment.

4. The method for performing a money transfer according to claim 2, wherein the funds designation is stored on a magnetic stripe of a presentation instrument, and wherein the method further comprises:

generating the money transfer initiation request for a pre-designated sender upon use of the presentation instrument by the receiver for one or more payments;

providing the money transfer initiation request to the money transfer host system; and

applying the funds to pay the one or more payments.

5. The method for performing a money transfer according to claim 1, wherein the transaction identifier comprises:

a hyperlink in an email.

6. The method for performing a money transfer according to claim 1, wherein the money transfer initiation request further comprises an instruction for either or both the first sender and the second sender to either provide the entire amount of funds or provide a specified portion of the amount of funds.

7. The method for performing a money transfer according to claim 1, wherein receiving the authorization from either or both the first sender and the second sender comprises receiving account information for an account from which the funds will be provided for the money transfer.

8. The method for performing a money transfer according to claim 7, wherein the account information is selected from the group consisting of:

a bank account,

a M-wallet account,

cash provided to an agent of the money transfer host system,

a credit card account,

a prepaid account,

a prepaid card,

an ACH transaction,

a E-wallet, and

a loyalty point account.

9. The method for performing a money transfer according to claim 1, further comprising:

applying the funds towards the amount of funds; and

notifying the first sender and the second sender of the applied funds in relation to the amount of funds requested.

10. The method for performing a money transfer according to claim 1, wherein staging the money transfer transaction further comprises:

ensuring that the money transfer complies with at least one money transfer regulation prior to receiving the authorization from the sender.

11. The method for performing a money transfer according to claim 1, wherein:

either or both the first sender and the second sender and the receiver are enrolled in a money transfer initiation service that provides one or more services selected from the group consisting of;

automatic money transfer initiation request generation and staging;

reminder notifications for either or both the first sender and the second sender to fund the money transfer transaction;

notification to either or both the first sender and the second sender that the receiver is requesting funds; and

pre-approved funding of the money transfer transaction.

12. The method for performing a money transfer according to claim 1, wherein:

the receiver is a merchant and either or both the first sender and the second sender are a customer of the merchant;

the money transfer initiation request comprises a payment notice from the merchant for a good or for a service; and

the method further comprises;

receiving the payment notice;

extracting either or both the first sender and the second sender information from the payment notice;

staging the money transfer transaction after receiving the payment notice;

providing the payment notice to the customer;

receiving authorization from the customer to provide funds to pay for the good or service; and

executing the money transfer to transfer funds from the customer to the merchant to pay for the good or service.

13. The method for performing a money transfer according to claim 1, further comprising:

storing the receiver information and either or both the first sender and the second sender information on a magnetic stripe of a presentation instrument, wherein the money transfer initiation request is provided to the money transfer host system upon the receiver presenting the presentation instrument to a magnetic stripe reading device.

14. The method for performing a money transfer according to claim 1, wherein the communication address comprises one or more of the following:

an email address;

a physical address associated with the sender;

an IP address;

a telephone number; and

a number of a wireless device.

15. A system for performing a money transfer initiated by a receiver, the system comprising:

a memory component configured to store instructions; and

a processor communicatively coupled with the memory component, the processor configured to receive the instructions from the memory component, wherein the instructions direct the processor to enable the system to;

receive a money transfer initiation request from the receiver, the money transfer initiation request comprising;

receiver information that identifies the receivers;

first sender information that identifies a first sender and identifies a first communication address associated with the first sender;

anti

second sender information that identifies a second sender and identifies a second communication address associated with the second sender; and

an amount of funds to be transferred to the receiver from either or both the first sender and the second sender;

receive, from the receiver, a selection of an objective for the money transfer from among a plurality of objectives;

stage a money transfer transaction after receiving the money transfer initiation request, the money transfer transaction pending authorization by the first sender and the second sender to fund the money transfer;

generate a transaction identifier for the money transfer transaction;

provide the first sender with a notification of the money transfer transaction via the first communication address, the notification identifying;

a first portion of the amount of funds to be received from the first sender, and

an identification of the receiver,

provide the second sender with a notification of the money transfer transaction via the second communication address, the notification identifying;

a second portion of the amount of funds to be received from the second sender, and

the identification of the receiver,

receive authorization from the first sender to fund the first portion of the amount of funds of the money transfer transaction;

receive authorization from the second sender to fund the second portion of the amount of funds of the money transfer transaction;

receive the first portion of the amount of funds from the first sender;

receive the second portion of the amount of funds from the second sender; and

execute the money transfer to transfer the first portion of the amount of funds from the first sender to the receiver and to transfer the second portion of the amount of funds from the second sender to the receiver for payment of the objective.