Timing a notification of an online financial event

• US 9,767,443 B1
• Filed: 05/13/2014
• Issued: 09/19/2017
• Est. Priority Date: 05/13/2014
• Status: Active Grant

• Current Assignee: Block, Inc. (f/k/a Square, Inc.)
• Original Assignee: Square Inc (Block, Inc. (f/k/a Square, Inc.))
• Inventors: Wilson, Jesse, Grassandonia, Brian, Rhodes, Matthew
• Primary Examiner(s): OJIAKU, CHIKAODINAKA
• Application Number:
  US14/276,659
• Time in Patent Office: 1,225 Days
• Field of Search: None
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/4012 Verifying personal identification numbers [PIN]
• CPC Class Codes: G06Q 20/4018 using the card verification value [CVV] associated with the card
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules

Abstract

A method and apparatus for timing a notification of an online financial event are disclosed. A sender initiates a financial transaction involving a recipient, such as a transfer payment to the recipient, by sending a message to the recipient and a computer system. The computer system obtains contact information for the sender and recipient from the message, and determines that the financial transaction cannot be completed without additional information from, e.g., the sender. The computer system sends a message to the sender requesting the additional information, and determines a period of time to wait before notifying the recipient that the transfer payment was initiated. If the period of time expires without the sender providing the additional information, the computer system sends the notification message. However, if the sender responds within the period of time, no notification message is sent, thereby avoiding the sending of a potentially unnecessary message.

Claims

1. A method for timing a notification of an initiation of a monetary transfer, the method comprising:

receiving, by a financial computer system and from a first email address associated with a sender, an email which includes information that indicates a monetary amount to transfer from an account associated with the sender to a recipient via a monetary transfer transaction initiated based on the email, the email including header information that indicates an email address of the recipient;

determining, by the financial computer system, that the sender has not previously provided to the financial computer system account data associated with the account to use to withdraw funds for the monetary transfer transaction;

transmitting, by the financial computer system and to the first email address, a request configured to generate a prompt for the sender to input the account data;

determining, by the financial computer system, a period of wait time based on statistical data from a plurality of previously processed monetary transfer transactions;

and

in response to the financial computer determining that sender has not provided the account data to the financial computer system by the expiration of the period of wait time;

generating, by the financial computer system, a notification email indicating the status of the monetary transfer transaction;

transmitting the notification email, by the financial computer system, to the e-mail address associated with the recipient.

2. The method of claim 1, further comprising:

causing a credit, by the financial computer system, to an account associated with the recipient, of a first amount of funds to satisfy the monetary transfer transaction,

the credit being based on a debit of a second amount of funds from the account associated with the sender,

wherein a difference between the first amount of funds and the second amount of funds corresponds to a fee associated with the monetary transfer transaction.

3. The method of claim 1,

wherein each of the plurality of previously processed monetary transfer transactions involves one or more users,

wherein the statistical data, from a selected monetary transfer transaction of the plurality of monetary transfer transactions, includes a time duration, and

wherein the time duration corresponds to an elapsed time, from receipt of an initiation email, which includes information that indicates an initiation of the selected monetary transfer transaction, to when account data for the selected monetary transfer transaction is provided for use for the monetary transfer transaction.

4. A method comprising:

receiving, by a computer system from a first device associated with a first user, an indication of an initiation of a financial transaction involving a monetary transfer from the first user to a second user and contact information associated with the second user;

determining, by the computer system, that the financial transaction cannot be completed unless the first user provides account information of a financial account associated with the first user;

determining, by a first computer system, based upon statistical data of a plurality of previously processed financial transactions, a period of wait time;

in response to determining that the financial transaction cannot be completed, delaying for the period of wait time, by the computer system, transmitting of a status electronic message to the second user, the status electronic message being indicative of a status of the financial transaction; and

in response to the period of wait time expiring without the account information being provided, transmitting the status electronic message, by the computer system, to a second device associated with the second user based on the contact information.

5. The method of claim 4,

wherein the indication of the financial transaction is an email from the first user that contains information that indicates the financial transaction,

wherein the contact information is an email address associated with the second user, and

wherein the financial account is for use in association with the financial transaction.

6. The method of claim 4, wherein the financial transaction is a monetary transfer transaction, the method further comprising:

causing a credit, to an account associated with the second user, of a first amount of funds to satisfy the monetary transfer transaction,

the credit being based on a debit of a second amount of funds from the financial account.

7. The method of claim 4, wherein the indication of the financial transaction is a message that includes information that indicates the financial transaction, the message being any of an internet protocol (IP) message, a text message, an email message, a short messaging service (SMS) message, or an instant message (IM), and wherein the status electronic message is any of an IP message, a text message, an email message, an SMS message, or an IM.

8. The method of claim 4, further comprising:

determining the period of wait time based on an approximation of a time duration to provide the account information.

9. The method of claim 8,

wherein each of the plurality of financial transactions involves a participant of a plurality of participants, each of the plurality of participants being involved in a financial transaction of the plurality of financial transactions, and

wherein the statistical data includes response times associated with the plurality of financial transactions.

10. The method of claim 9,

wherein a selected financial transaction of the plurality of financial transactions is associated with a selected participant of the plurality of participants,

wherein the selected financial transaction cannot be completed unless the selected participant completes a task, and

wherein the time duration corresponds to an elapsed time, from receipt of an initiation message, which includes information that indicates an initiation of the selected financial transaction, to when the task is completed.

11. The method of claim 10, wherein the task includes any of

providing an account number of a financial account that is associated with the participant and that is being used in association with the selected financial transaction,

providing a card verification value (CVV) of a payment card that is associated with the participant and that is being used in association with the selected financial transaction, or

providing a personal identification number (PIN) of a payment card that is associated with the participant and that is being used in association with the selected financial transaction.

12. The method of claim 8,

wherein each of the plurality of financial transactions involve the first user, and

wherein the statistical data includes time durations that are respectively associated with the plurality of financial transactions.

13. The method of claim 8, wherein said determining of the period of wait time is based on a balance between avoidance of sending the status electronic message, and provision of timely status of the financial transaction to the second user.

14. The method of claim 4,

wherein the statistical data includes time durations that are associated with other users providing account information for previous financial transactions.

15. The method of claim 4,

wherein the period of time is further based on time durations associated with the first user providing other data for previous financial transactions.

16. The method of claim 4,

wherein the account information is any of a card verification value (CVV) of a payment card that is linked to the financial account, a personal identification number (PIN) of a payment card that is linked to the financial account, or the account number of the financial account.

17. The method of claim 4, wherein the first computer system and the computer system are a same computer system.

18. A system comprising:

a processor;

a communication interface, coupled to the processor, configured to communicate with other devices; and

a storage device coupled to the processor, the storage device storing instructions which, when executed by the processor, cause the system to perform operations including;

receiving, via the communication interface from a first device associated with a first user, an indication, of an initiation of a financial transaction involving a monetary transfer from the first user to a second user and contact information associated with the second user;

determining that the first user has not provided financial account information that is needed for the financial transaction;

determining a period of wait time based on statistical data of a plurality of previously processed financial transactions;

in response to the determination that the first user has not provided the financial account information, delaying for the period of wait time transmitting a status electronic message to the second user, the status electronic message being indicative of a status of the financial transaction; and

in response to the period of wait time expiring without the financial account information being provided, transmitting the status electronic message to a second device associated with the second user based on the contact information.

19. The system of claim 18, wherein the operations further include:

determining that the financial transaction cannot be completed without the financial account information, wherein said of the period of wait time is determined further in response to said determining that the financial transaction cannot be completed.

20. The system of claim 18, wherein said determining of the period of wait time is to provide the first user with the period of wait time, to enable the first user to provide the financial account information.

21. The system of claim 18

wherein each of the plurality of financial transactions involves a participant of a plurality of participants, each of the plurality of participants being involved in a financial transaction of the plurality of financial transactions,

wherein the statistical data includes response times associated respectively with the plurality of financial transactions,

wherein each of the plurality of financial transactions is a same type of financial transaction,

wherein the financial account information is a selected type of data, and

wherein the statistical data includes a first data associated with a corresponding financial transaction, the first data being of the selected type.

22. The system of claim 21,

wherein said each of the plurality of financial transactions being the same type includes each of the plurality of financial transactions being a monetary transfer transaction, and

wherein the selected type of the data is an account number of a financial account.