Remittance system with improved service for unbanked individuals

• US 8,706,633 B2
• Filed: 11/05/2010
• Issued: 04/22/2014
• Est. Priority Date: 11/05/2010
• Status: Active Grant

• Current Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Original Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Inventors: Hagmeier, Shawn, Wiesman, Mark, Cintron, Miguel, Espinoza, Csar
• Primary Examiner(s): Bartley, Kenneth
• Application Number:
  US12/940,671
• Publication Number:
  US 20120116970A1
• Time in Patent Office: 1,264 Days
• Field of Search: 705/39, 705/44
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/34 using cards, e.g. integrated circuit [IC] cards or magnetic cards
• 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

Abstract

A service provider computer receives a request for a transfer of funds from a sender to a recipient. The service provider computer makes a data record about the transaction available to a receiving financial institution. The receiving financial institution receives a visit from the recipient, issues a new payment card account to the recipient, and communicates the account number for the new account to the service provider computer. The service provider computer initiates a payment transaction in a payment card system to route the requested funds transfer from a payment card account belonging to the sender to the newly issued payment card account for the recipient.

Claims

1. A method comprising:

receiving, at a service provider computer, a request for a transfer of funds from a sender'"'"'s payment card account to a recipient without a payment card account;

transmitting, by the service provider computer via a payment card system to a financial institution that issued the sender'"'"'s payment card account, a hold on the sender'"'"'s payment card account in an amount to cover the transfer of funds;

establishing, by the service provider computer, a data record including a transaction identification code, wherein the data record is indicative of the requested transfer of funds;

making the data record in the service provider computer available to a receiving financial institution (FI);

disclosing, by the service provider computer, the transaction identification code to the sender;

receiving in the service provider computer, from the receiving FI, recipient account information, the recipient account information indicative of a payment card account number that identifies a payment card account newly issued by the receiving FI to the recipient after the data record was accessed, and after the recipient provided the transaction identification code and a personal identification document to the receiving FI, wherein the recipient received the transaction identification code from the sender; and

initiating, by the service provider computer, in the payment card system, a payment transaction to route the amount of the requested transfer of funds from the sender'"'"'s payment card account to the recipient'"'"'s newly issued payment card account, the payment transaction identifying the new payment card account issued to the recipient as a target for the funds transfer.

2. The method of claim 1, further comprising:

sending, from the service provider computer to a sending computer of a sending financial institution, a message to associate the recipient account information with a user profile that belongs to the sender, the sending FI having issued a payment card account to the sender.

3. The method of claim 1, further comprising:

the service provider computer associating the recipient account information with a user profile that belongs to the sender.

4. The method of claim 1, wherein the service provider computer receives the request for the transfer of funds from a payment services provider.

5. The method of claim 1, wherein the request for the transfer of funds includes a payment card account number that identifies a payment card account that belongs to the sender.

6. The method of claim 1, wherein the requested transfer of funds is charged to the sender'"'"'s account only upon consummation of the transfer.

7. An apparatus, comprising:

a processor;

a communication device operably connected to the processor; and

a non-transitory storage device operably connected to the processor, the storage device storing instructions configured to cause the processor to;

receive a request for a transfer of funds from a sender'"'"'s payment card account to a recipient without a payment card account;

transmit, via a payment card system to a financial institution that issued the sender'"'"'s payment card account, a hold on the sender'"'"'s payment card account in an amount to cover the transfer of funds;

establish a data record including a transaction identification code, wherein the data record is indicative of the requested transfer of funds;

make the data record available to a receiving financial institution (FI);

disclose the transaction identification code to the sender;

receive from the receiving FI recipient account information, the recipient account information indicative of a payment card account number that identifies a payment card account newly issued by the receiving FI to the recipient after the data record was accessed, and after the recipient provided the transaction identification code and a personal identification document to the receiving FI, wherein the recipient received the transaction identification code from the sender; and

initiate in the payment card system, a payment transaction to route the amount of the requested transfer of funds from the sender'"'"'s payment card account to the recipient'"'"'s newly issued payment card account, the payment transaction identifying the new payment card account issued to the recipient as a target for the funds transfer.