Computer-based fund transmittal system and method

A remittance system, comprising:

• a first fund transaction module,
• wherein the first fund transaction module is configured to receive funds in a first currency for initiating a first fund transaction;
• a settlement module in communication with the first fund transaction module,
• wherein the settlement module is configured to convert the funds in the first currency to a second currency;
• a transaction processor module in communication with the settlement module,
• wherein the transaction processor module is configured to supply a fund retrieval code associated with the first fund transaction to the first fund transaction module;
• and
• a second fund transaction module in communication with the settlement module,
• wherein the second fund transaction module is configured to receive the fund retrieval code for initiating a second fund transaction,
• wherein the transaction processor module is configured to approve the second fund transaction in accordance with the fund retrieval code, and
• wherein, upon approval, the second fund transaction module is configured to dispense the funds in the second currency to a recipient.

A method of transmitting funds from a first entity to a second entity, comprising the steps of:

• a.) receiving the funds from the first entity at a first location to initiate a first fund transaction;
• b.) supplying an authorization code associated with the first fund transaction to the first entity;
• c.) providing the authorization code to the second entity by the first entity;
• d.) receiving the authorization code from the second entity at a second location to initiate a second fund transaction;
• e.) approving the second fund transaction in accordance with the authorization code;
• and
• f.) supplying the funds to the second entity at the second location.

A remittance method, comprising the steps of:

• a.) receiving funds in a first currency at a first location to initiate a first fund transaction;
• b.) converting the funds in the first currency to a second currency;
• c.) supplying a fund retrieval code associated with the first fund transaction to the first location;
• d.) settling the first fund transaction;
• e.) receiving the fund retrieval code at a second location to initiate a second fund transaction;
• f.) approving the second fund transaction in accordance with the fund retrieval code;
• g.) dispensing the funds in the second currency to a recipient at the second location;
• and
• h.) settling the second fund transaction.

A method of transmitting funds, comprising the steps of:

• a.) initiating a first fund transaction,
• wherein step (a) comprises the steps of:
• a1.) receiving the funds from a first entity at a first location;
• and
• a2.) supplying a fund retrieval code associated with the first fund transaction to the first entity;
• b.) providing the fund retrieval code to a second entity by the first entity;
• and
• c.) initiating a second fund transaction,
• wherein step (c) comprises the steps of:
• c1.) receiving the fund retrieval code from the second entity at a second location;
• c2.) approving the second fund transaction in accordance with the fund retrieval code;
• and
• c3.) supplying the funds to the second entity at the second location.

A system for transmitting funds between a first entity and a second entity, comprising:

• a first interfacing structure,
• wherein the first interfacing structure is configured to receive the funds from the first entity for initiating a first fund transaction;
• a networking transaction structure in communication with the first interfacing structure;
• a processing transactions structure in communication with the transaction networking structure,
• wherein the first fund transaction is routed to the transaction processing structure via the transaction networking structure,
• wherein the transaction processing structure is configured to supply an authorization code associated with the first fund transaction to the first entity via the transaction networking structure and the first interfacing structure, and
• wherein the first entity is configured to provide the authorization code to the second entity;
• and
• a second interfacing structure in communication with the transaction networking structure,
• wherein the second interfacing structure is configured to receive the authorization code from the second entity for initiating a second fund transaction,
• wherein the authorization code is routed to the transaction processing structure via the transaction networking structure,
• wherein the transaction processing structure is configured to approve the second fund transaction in accordance with the authorization code, and
• wherein, upon approval, the second interfacing structure is configured to supply the funds to the second entity.

A remittance system, comprising:

• a first performing fund transaction structure,
• wherein the first fund transaction performing structure is configured to receive funds in a first currency for initiating a first fund transaction;
• a settling transaction structure in communication with the first fund transaction performing structure,
• wherein the transaction settling structure is configured to convert the funds in the first currency to a second currency;
• a processing transaction structure in communication with the transaction settling structure,
• wherein the transaction processing structure is configured to supply a fund retrieval code associated with the first fund transaction to the first fund transaction performing structure;
• and
• a second performing fund transaction structure in communication with the transaction settling structure,
• wherein the second fund transaction performing structure is configured to receive the fund retrieval code for initiating a second fund transaction,
• wherein the transaction processing structure is configured to approve the second fund transaction in accordance with the fund retrieval code, and
• wherein, upon approval, the second fund transaction performing structure is configured to dispense the funds in the second currency to a recipient.