N to N money transfers

• US 10,354,245 B2
• Filed: 06/17/2015
• Issued: 07/16/2019
• Est. Priority Date: 07/22/2010
• Status: Active Grant

• Current Assignee: Western Union
• Original Assignee: Western Union
• Inventors: Owen, David A., Michelsen, Michael, Bulawa, Kurt, Demark, Michele
• Primary Examiner(s): Anderson, Mike
• Application Number:
  US14/742,217
• Publication Number:
  US 20150371209A1
• Time in Patent Office: 1,490 Days
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/29 characterised by micropayments
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

Various methods, systems, and devices are described for performing money transfers to one or more payees from one or more payors using a money transfer system. A party, such as a payor, a payee, or a third party may create a set of payee rules. The same or a different party may also create a set of payor rules. The payee rules may comprise conditions which, when satisfied, permit a payee to receive funds from a funds pool. The payor rules may comprise conditions which, when satisfied, permit a payor to provide funds to the funds pool. The money transfer system may determine whether requests from a payor and a payee comply with the payor rules and the payee rules, respectively. Based on the determination, the payor and/or payee may be permitted to complete their requested transaction, or their transaction may be denied.

Claims

1. A money transfer system for performing a plurality of money transfers between a plurality of payors and plurality of payees, the money transfer system comprising:

a plurality of payee computing devices, each said payee computing device including a processing unit, a memory communicatively connected with and readable by the processing unit, and one or more input devices allowing a corresponding payee to request and receive funds from a funds pool;

a plurality of payor computing devices, each said payor computing device including a processing unit, a memory communicatively connected with and readable by the processing unit, and one or more input devices allowing a corresponding payor to provide funds into the funds pool;

a rules database configured to store a set of payee rules and a set of payor rules; and

a money transfer server comprising;

a processing unit including one or more processors

a memory communicatively connected with and readable by the processing unit, the memory containing instructions that, when executed by the processing unit, cause the processing unit to;

receive the set of payee rules from a master party, wherein the set of payee rules identifies the plurality of payees, conditions in which each payee of the plurality of payees is permitted to receive funds from the funds pool, and conditions that define an amount of funds that each payee of the plurality of payees is permitted to receive from the funds pool;

store the set of payee rules;

receive the set of payor rules from the master party, wherein the set of payor rules identifies the plurality of payors, conditions in which each payor of the plurality of payors is permitted to provide funds to the funds pool;

store the set of payor rules;

receive, from a first payor computing device, a first request from a first payor to provide a first amount of funds into the funds pool;

determine whether or not that the first request complies with the set of payor rules, wherein said determining comprises;

(a) retrieving a first set of payor conditions associated with the first payor, based on the set of payor rules;

(b) determining a first set of request characteristics based on the first request from the first payor; and

(c) comparing each of the first set of payor conditions associated with the first payor, to the first set of request characteristics associated with the first request;

in response to determining that the first request complies with the set of payor rules, initiate an electronic transfer of the first amount of funds from the first payor;

receive, from a first payee computing device, a second request from a first payee for a second amount of funds from the funds pool;

determine whether or not the second request complies with the set of payee rules, wherein said determining comprises;

(a) retrieving a first set of payee conditions associated with the first payee;

(b) determining a second set of request characteristics based on the second request from the first payee; and

(c) comparing each of the first set of payee conditions associated with the first payee, to the second set of request characteristics associated with the second request; and

in response to determining that the second request complies with the set of payee rules, initiate an electronic transfer of the second amount of funds to the first payee from the funds pool.

2. The money transfer system of claim 1, wherein the set of payee rules further comprise a rule that prevents the plurality of payees from receiving funds until a minimum total amount of funds has been provided by the plurality of payors into the funds pool.

3. The money transfer system of claim 1, the memory of the money transfer server containing further instruction that, when executed by the processing unit, cause the processing unit to:

receive, from a second payee computing device, a third request from a second payee for funds from the funds pool;

determine a third amount of funds to provide to the second payee, wherein the third amount of funds is determined as a percentage of the second amount of funds provided to the first payee; and

provide the determined third amount of funds to the second payee from the funds pool.

4. The money transfer system of claim 1, the memory of the money transfer server containing further instructions that, when executed by the processing unit, cause the processing unit to:

receive, from a second payor computing device, a third request from a second payor to provide a funds into the funds pool;

determine a third amount of funds to be provided by the second payor, wherein the third amount of funds is determined as a percentage of the first amount of funds provided to the first payor; and

receive the determined third amount of funds from the second payor, wherein the third amount of funds are received following a determination that the third request complies with the set of payor rules.

5. The money transfer system of claim 1, wherein the set of payee rules includes a requirement that the plurality of payees receive funds in a predefined chronological order of payees.

6. The money transfer system of claim 1, wherein the set of payor rules includes a requirement that the payors provide funds into the funds pool in a predefined chronological order of payors.

7. The money transfer system of claim 1, wherein the set of payor rules received from the master party further comprises at least one rule that restricts a geographic location in which the payor may provide funds, and wherein the money transfer server is further configured to:

in response to receiving the first request from the first payor, determining a geographic location of the first payor computing device; and

determining whether or not the first request complies with the set of payor rules, said determination comprising comparing the geographic location of the first payor computing device to one or more geographic locations specified in the at least one rule that restricts the geographic location in which a payor may provide funds.

8. The money transfer system of claim 1, wherein the set of payee rules received from the master party further comprises at least one rule that restricts a payment method through which payees may receive funds, and wherein the money transfer server is further configured to:

in response to receiving the second request from the first payee, determining a specified payment method associated with the second request; and

determining whether or not the second request complies with the set of payee rules, said determination comprising comparing the determined payment method associated with the second request to one more payment methods specified in the at least one rule that restricts the payment method through which payees may receive funds.

9. The money transfer system of claim 1, wherein the set of payee rules received from the master party further comprises at least one rule that restricts the times during which payees may receive funds, and wherein the money transfer server is further configured to:

in response to receiving the second request from the payee, determining a specified time associated with the second request; and

determining whether or not the second request complies with the set of payee rules, said determination comprising comparing the time associated with the second request to one more time periods specified in the at least one rule that restricts the times during which payees may receive funds.

10. The money transfer system of claim 1, wherein the set of payor rules received from the master party comprises receiving a plurality of sets of payor rules, each set of payor rules associated with a different payor, and wherein the money transfer server is further configured to:

in response to receiving the first request from the first payor, retrieving a first set of payor rules associated with the first payor; and

applying the first set of payor rules to determine whether or not the first request complies with the set of payor rules.

11. The money transfer system of claim 1, wherein the first payor computing device comprises a first mobile device associated with the first payor, and wherein the first payee computing device comprises a second mobile device associated with the first payee,

wherein the set of payor rules received from the master party further comprises at least one rule that defines one or more geographic locations from which the first payor may provide funds, and wherein the set of payee rules received from the master party further comprises at least one rule that defines one or more geographic location in which the first payee may receive funds,

and wherein the money transfer server, in response to receiving the first request from the first payor, is further configured to:

(a) determine a current geographic location of the first mobile device associated with the first payor;

(b) compare the current geographic location of the first mobile device to one or more geographic locations specified in the at least one rule that restricts the geographic location from which the first payor may provide funds; and

(c) determine a current geographic location of the second mobile device associated with the first payee; and

(d) compare the current geographic location of the second mobile device to one or more geographic locations specified in the at least one rule that restricts the geographic location in which the first payee may receive funds.

12. A method for performing secure transfers using a money transfer system, the method comprising:

receiving, by the money transfer system, a set of payee rules from a master party, wherein;

the set of payee rules identifies one or more payees;

the set of payee rules identifies conditions in which each payee of the one or more payees is permitted to receive funds from a funds pool; and

the set of payee rules identifies conditions that define an amount of funds that each payee of the one or more payees is permitted to receive from the funds pool;

storing, by the money transfer system, the set of payee rules;

receiving, by the money transfer system, a set of payor rules from the master party, wherein;

the set of payor rules identifies one or more payors; and

the set of payor rules identifies conditions in which each payor of the one or more payors is permitted to provide funds to the funds pool;

storing, by the money transfer system, the set of payor rules;

receiving, by the money transfer system and from a first payor of the one or more payors, a first request to provide a first amount of funds into the funds pool;

determining, by the money transfer system, whether or not the first request complies with the set of payor rules, wherein said determining comprises;

(a) retrieving a first set of payor conditions associated with the first payor, based on the set of payor rules;

(b) determining a first set of request characteristics based on the first request from the first payor; and

(c) comparing each of the first set of payor conditions associated with the first payor, to the first set of request characteristics associated with the first request;

in response to determining that the first request complies with the set of payor rules, initiating, by the money transfer system, an electronic transfer of the first amount of funds from the first payor;

receiving, by the money transfer system and from a first payee of the one or more payees, a second request for a second amount of funds from the funds pool;

determining, by the money transfer system, whether or not the second request complies with the set of payee rules, wherein said determining comprises;

(a) retrieving a first set of payee conditions associated with the first payee;

(b) determining a second set of request characteristics based on the second request from the first payee; and

(c) comparing each of the first set of payee conditions associated with the first payee, to the second set of request characteristics associated with the second request; and

in response to determining that the second request complies with the set of payee rules, initiating, by the money transfer system, an electronic transfer of the second amount of funds to the first payee from the funds pool.

13. The method of claim 12, wherein the one or more payees includes a plurality of payees and wherein the one or more payors includes a plurality of payors.

14. The method of claim 12, further comprising:

receiving, by the money transfer system and from the first payor, a third request to provide a third amount of funds to the funds pool;

determining, by the money transfer system, whether or not the third request complies with the set of payor rules; and

in response to determining that the third request does not comply with the set of payor rules, rejecting the third request from the first payor to provide funds into the funds pool.

15. The method of claim 12, further comprising:

receiving, by the money transfer system and from the first payee, a third request for a third amount of funds from the funds pool;

determining, by the money transfer system, whether or not the third request complies with the set of payee rules; and

in response to determining that the third request does not comply with the set of payor rules, rejecting the third request from the first payee for the third amount of funds from the funds pool.

16. The method of claim 12, further comprising:

receiving, by the money transfer system and from a second payee of the one or more payees, a third request for funds from the funds pool;

determining, by the money transfer system, a third amount of funds to provide to the second payee, wherein the third amount of funds is determined as a percentage of the second amount of funds provided to the first payee; and

providing, by the money transfer system, the determined third amount of funds to the second payee from the funds pool.

17. The method of claim 12, further comprising:

receiving, by the money transfer system and from a second payor of the one or more payor, a third request to provide a funds into the funds pool;

determining, by the money transfer system, a third amount of fund to be provided by the second payor, wherein the third amount of funds is determined as a percentage of the first amount of funds provided to the first payor; and

receiving, by the money transfer system, the determined third amount of funds from the second payor, wherein the third amount of funds are received following a determination that the third request complies with the set of payor rules.

18. The method of claim 12, wherein the set of payee rules includes a requirement that the payees receive funds in a predefined chronological order of payees.

19. The method of claim 12, wherein the set of payor rules includes a requirement that the payors provide funds into the funds pool in a predefined chronological order of payors.

20. The method for performing secure transfers of claim 12, wherein the first request from the first payor is received from a first mobile computing device associated with the first payor, and wherein the second request from the first payee is received from a second mobile computing device associated with the first payee is received from a second mobile computing device associated with the first payee,

herein the set of payor rules received from the master party further comprises at least one rule that defines one or more geographic locations from which the first payor may provide funds, and wherein the set of payee rules received from the master party further comprises at least one rule that defines one or more geographic locations in which the first payee may receive funds,

and wherein the method further comprises, in response to receiving the first request from the first payor:

(a) determining a current geographic location of the first mobile device associated with the first payor;

(b) comparing the current geographic location of the first mobile device to one or more geographic locations specified in the at least one rule that restricts the geographic location from which the first payor may provide funds; and

(c) determining a current geographic location of the second mobile device associated with the first payee; and

(d) comparing the current geographic location of the second mobile device to one or more geographic locations specified in the at least one rule that restricts the geographic location in which the first payee may receive funds.