Stored value payouts

• US 20030135459A1
• Filed: 01/02/2003
• Published: 07/17/2003
• Est. Priority Date: 10/26/2001
• Status: Active Grant

• Current Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Abelman, Henry M., Karas, Peter M., Algiene, Kenneth
• Granted Patent: US 8,374,962 B2
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments

Abstract

According to the invention, a method for automatically processing an incoming payment for a payee with an online money transfer system. In one step, information is received at the online money transfer system. That information relates to processing of one or more received payments associated with the payee. At some point, the incoming payment associated with the payee is received. A default repository for the incoming payment is determined. It is determined whether to transfer at least some of the incoming payment away from the default repository or escrow at least a portion of the incoming payment for benefit of at least one predetermined party. Either the earmark or the escrow is applied after this determination.

Claims

1. A method for automatically processing an incoming payment for a payee with an online money transfer system, the method comprising steps of:

receiving information at the online money transfer system, wherein the information relates to processing of one or more received payments associated with the payee;

receiving the incoming payment associated with the payee;

determining a default repository for the incoming payment;

determining whether to transfer at least some of the incoming payment away from the default repository or escrow at least some of the incoming payment for benefit of at least one predetermined party; and

applying either the earmark or the escrow according to the second-listed determining step.

2. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, further comprising a step of receiving second information at the online money transfer system from a third party, wherein the second information relates to processing of the received payment associated with the payee.

3. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the earmark or the escrow of the second-listed determining step is one of:

a first fixed amount of the incoming payment;

a second fixed amount that can be reduced where the incoming payment does not have sufficient funds remaining to satisfy the second fixed amount;

a third fixed amount not to exceed a first cumulative amount gathered over a first plurality of incoming payments;

a first percentage of the incoming payment;

a second percentage of the incoming payment not to exceed a fixed amount; and

a third percentage of the incoming payment not to exceed a second cumulative amount gathered over a second plurality of incoming payments.

4. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the payor, who provides the incoming payment, cannot access the information.

5. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the information is provided by a third party other than the payee or a payor.

6. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the earmark or the escrow of the second-listed determining step is configured according to a court order.

7. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the online money transfer system is remote to at least one of a payor, the payee and the predetermined party.

8. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the online money transfer system is accessible with a network.

9. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein:

the information includes a first predetermined rule and a second predetermined rule, and

at least one of the first predetermined rule and the second predetermined rule apply to at least one of;

a source or sources of the incoming payment,

a day of week of the incoming payment,

a time of day of the incoming payment, and

an amount of the incoming payment.

10. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, further comprising a step of determining if the incoming payment has been depleted, where application of the applying step is based, at least in part, upon the third-listed determining step.

11. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, wherein the applying step comprises steps of:

determining a source identifier for the incoming payment;

correlating the information with a source identifier of the incoming payment; and

routing some of the incoming payment away from the default repository.

12. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 1, further comprising a step of determining if a predetermined rule of the information has expired due to a monetary cap or a temporal event.

13. A computer-readable medium having computer-executable instructions for performing the computer-implementable method for automatically processing the incoming payment for the payee with the online money transfer system of claim 1.

14. A method for automatically processing an incoming payment for a payee with an online money transfer system, the method comprising steps of:

receiving a plurality of rules at the online money transfer system with a wide area network, wherein the plurality relates to processing of one or more received payments associated with the payee;

receiving from a payor the incoming payment that is associated with the payee;

analyzing a first rule of the plurality to determine that the first rule applies to the incoming payment;

analyzing a second rule of the plurality to determine that the second rule applied to the incoming payment;

determining whether to transfer at least some of the incoming payment away from a default repository or escrow at least a portion of the incoming payment for benefit of at least one predetermined party based, at least in part, upon the preceding analyzing steps; and

applying the escrow of the determining step to at least some of the incoming payment.

15. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 14, further comprising a step of determining from the first rule to escrow at least some of the incoming payment for benefit of the at least one predetermined party, wherein:

the one predetermined party is neither the payee or the payor, and

funds subject to the escrow are available to the one predetermined party.

16. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 14, further comprising steps of determining a default repository for the incoming payment that would be used in absence of any applicable rules.

17. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 14, wherein at least one of the plurality is provided by a third party other than a payee or the payor.

18. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 14, wherein the earmark or the escrow of the determining step is configured according to a court order.

19. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 14, wherein the online money transfer system is remote to at least one of the payor, the payee and the predetermined party.

20. A method for automatically processing an incoming payment for a payee with an online money transfer system, the method comprising steps of:

receiving a plurality of rules at the online money transfer system with a wide area network, wherein the plurality relates to processing of one or more received payments associated with the payee;

receiving from a payor the incoming payment that is associated with the payee;

determining a default repository for the incoming payment that would be used in absence of any applicable rules;

determining from one of the plurality, to escrow at least some of the incoming payment for benefit of at least one predetermined party, wherein;

the one predetermined party is neither the payee or the payor, and

funds subject to the escrow of the second-listed determining step are available to the one predetermined party; and

applying the escrow of the determining step to at least some of the incoming payment.

21. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited in claim 20, wherein the escrow of the second-listed determining step is one of:

a first fixed amount of the incoming payment;

a second fixed amount that can be reduced where the incoming payment does not have sufficient funds remaining to satisfy the second fixed amount;

a third fixed amount not to exceed a first cumulative amount gathered over a first plurality of incoming payments

a first percentage of the incoming payment;

a second percentage of the incoming payment not to exceed a fixed amount; and

a third percentage of the incoming payment not to exceed a second cumulative amount gathered over a second plurality of incoming payments.

22. The method for automatically processing the incoming payment for the payee with the online money transfer system as recited-in claim 20, wherein the payor cannot access at least one of the plurality of rules related to the incoming payment of the payor.