Method and system for performing money transfer transactions

• US 7,070,094 B2
• Filed: 05/27/2004
• Issued: 07/04/2006
• Est. Priority Date: 10/26/1999
• Status: Expired due to Term

• Current Assignee: Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Seifert, Dean A., Stoutenburg, Earney E.
• Primary Examiner(s): ST CYR, DANIEL
• Application Number:
  US10/855,127
• Publication Number:
  US 20040211831A1
• Time in Patent Office: 768 Days
• Field of Search: 235/379, 235/380, 235/382, 235/462.46, 235/472.02, 705/35, 705/39, 705/40
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/381 Currency conversion
• 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
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/201 Accessories of ATMs
• CPC Class Codes: G07F 19/203 Dispensing operations within ATMs dispensing in general G07D11/00

Abstract

A method for performing a money transfer receive transaction involving a recipient that receives money from a sender includes the steps of providing a receive code to a recipient via a transaction staging device that is used to stage the receive transaction, wherein the code is used to identify the receive transaction on a data base; receiving at the data base an entry, provided by the recipient and corresponding to the code, from a transaction fulfillment device in communication with the data base; and providing transaction details of the receive transaction to the transaction fulfillment device for verification with the recipient; wherein the code is not provided by or to the sender for use by the sender during the receive transaction.

Claims

1. A method of performing a money transfer receive transaction involving a recipient that receives money from a sender, the method comprising:

providing a receive code to a recipient via a receive transaction staging device that is used to stage the receive transaction, wherein the receive code is used to identify the receive transaction on a data base;

receiving at the data base an entry, provided by the recipient and corresponding to the receive code, from a receive transaction fulfillment device in communication with the data base; and

providing transaction details of the receive transaction to the receive transaction fulfillment device for verification with the recipient;

wherein the receive code is not provided by the sender.

2. The method of claim 1 wherein the transaction staging device is configured to provide the recipient with direct access to an employee of a financial services institution.

3. The method of claim 1 wherein the transaction staging device comprises an automated teller machine.

4. The method of claim 1 wherein the transaction fulfillment device comprises an electronic terminal.

5. The method of claim 1 wherein the transaction fulfillment device is configured to print a negotiable instrument for at least a portion of the money to be received by the recipient.

6. The method of claim 1 wherein the receive code is valid only for a predetermined amount of time.

7. The method of claim 1 wherein the receive code is valid only at predetermined locations.

8. The method of claim 1 wherein the receive code is not provided to the sender.

9. A method of performing a money transfer receive transaction involving a recipient that receives money from a sender, the method comprising:

providing a receive code directly to a recipient via a receive transaction staging device that is used to stage the receive transaction, wherein the receive code is used to identify the receive transaction on a data base;

receiving at the data base an entry, provided by the recipient and corresponding to the receive code, from a receive transaction fulfillment device in communication with the data base; and

providing transaction details of the receive transaction to the receive transaction fulfillment device for verification with the recipient;

wherein the receive code remains unknown to the sender.

10. A method of performing a money transfer receive transaction involving a recipient that receives money from a sender, the method comprising:

staging the money transfer receive transaction including;

i) providing a receive code to the recipient via the receive transaction staging device, wherein the receive code is used to identify the receive transaction on a data base; and

fulfilling the money transfer receive transaction including;

i) receiving at the data base an entry, provided by the recipient and corresponding to the receive code, from a receive transaction fulfillment device in communication with the data base;

ii) providing transaction details of the receive transaction to the receive transaction fulfillment device for verification with the recipient; and

iii) dispensing funds corresponding to the receive amount to the recipient via the receive transaction fulfillment device;

wherein the receive code is not provided by nor to the sender.

11. The method of claim 10 wherein fulfilling the money transfer receive transaction further includes receiving payment confirmation from the receive transaction fulfillment device and identifying, at the data base, the receive transaction as fulfilled.

12. The method of claim 11 wherein fulfilling the money transfer receive transaction further includes providing confirmation to the recipient via the receive transaction fulfillment device and issuing a receipt to the recipient via the receive transaction fulfillment device.