System and method for electronic remittance of funds
First Claim
1. A computer-implemented method for managing remittance of funds, said method comprising the steps of:
- receiving a first electronic request, at a host computer, from a sending entity for scheduling a payment, said first electronic request comprised of information for identifying a receiving entity, a monetary amount to be made available for withdrawal by said receiving entity and a designated source account for debiting said monetary amount;
acquiring, at said host computer, a first security code in response to said first electronic request;
acquiring, at said host computer, a second security code in response to said first electronic request;
storing, at said host computer, a record correlating said first security code and said second security code with said scheduled payment;
receiving a second electronic request, at said host computer, from said receiving entity for retrieving said monetary amount associated with said scheduled payment;
transmitting, from said host computer, instructions for use of said first security code and said second security code in response to receiving said second electronic request, said instructions prompting said receiving entity to provide a transaction code comprising a portion of said first security code and a portion of said second security code; and
presenting an option to withdraw said monetary amount upon validating said transaction code received at said host computer.
1 Assignment
0 Petitions
Accused Products
Abstract
A system and method for enabling the remittance of funds is provided. More particularly, the fund remittance process of the present invention enables a sending entity having a source account at a financial institution to schedule a payment transaction for withdrawal by a designated receiving entity. A plurality of security codes are automatically generated upon processing a request to schedule a payment, wherein a first security code is communicated directly to the sending entity and a second security code is communicated directly to the designated receiving entity. The designated receiving entity may submit a request to retrieve the scheduled payment at a qualifying self-service machine. In interacting with the self service machine, security measures are deployed to execute one of a plurality of security code combination schemes in association with the first and second security codes. Upon validation, allocated funds associated with the scheduled payment are made available to the designated receiving entity for withdrawal.
592 Citations
16 Claims
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1. A computer-implemented method for managing remittance of funds, said method comprising the steps of:
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receiving a first electronic request, at a host computer, from a sending entity for scheduling a payment, said first electronic request comprised of information for identifying a receiving entity, a monetary amount to be made available for withdrawal by said receiving entity and a designated source account for debiting said monetary amount; acquiring, at said host computer, a first security code in response to said first electronic request; acquiring, at said host computer, a second security code in response to said first electronic request; storing, at said host computer, a record correlating said first security code and said second security code with said scheduled payment; receiving a second electronic request, at said host computer, from said receiving entity for retrieving said monetary amount associated with said scheduled payment; transmitting, from said host computer, instructions for use of said first security code and said second security code in response to receiving said second electronic request, said instructions prompting said receiving entity to provide a transaction code comprising a portion of said first security code and a portion of said second security code; and presenting an option to withdraw said monetary amount upon validating said transaction code received at said host computer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A non-transitory computer-readable storage medium carrying one or more sequences of instructions for implementing a method for managing remittance of funds, wherein execution of the one or more sequences of instructions by one or more computers causes the one or more computers to perform the steps of:
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receiving a first electronic request from a sending entity for scheduling a payment, said first electronic request comprised of information for identifying a receiving entity, a monetary amount to be made available for withdrawal by said receiving entity and a designated source account for debiting said monetary amount; acquiring a first security code in response to said first electronic request; acquiring a second security code in response to said first electronic request; storing a record correlating said first security code and said second security code with said scheduled payment; receiving a second electronic request from said receiving entity for retrieving said monetary amount associated with said scheduled payment; transmitting instructions for use of said first security code and said second security code in response to receiving said second electronic request, said instructions prompting said receiving entity to provide a transaction code comprising a portion of said first security code and a portion of said second security code; and presenting an option to withdraw said monetary amount upon validating said transaction code received at said host computer.
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Specification