Systems and Methods for Emergency Money Transfer Transactions
AssigneeMoneyGram International, Inc.
InventorsRaymond Zurn, Emelyn Varness, Mindy P. Gibson, Lisa Minogue, Leslie Korsh, Douglas Porter
Life of this patent
Estimating the term…
Abstract
Systems and methods which allow for a money transfer transaction to be funded without providing payment at the point in time when the transaction is originated and which also do not require a customer to undertake a separate transaction with a separate entity prior to initiating the money transfer transaction with a money transfer service are provided. Embodiments may therefore allow for money transfers, such as in emergency situations, when customers would not otherwise have payment readily available at the time of the transaction.
Claims22
A method for facilitating a money transfer, said method comprising:
- receiving transaction information from a sending party by a money transfer service;
- receiving reliability data from the money transfer service and a third party reliability server;
- reviewing transaction reliability data, by at least one processing device of the money transfer service;
- determining, by said at least one processing device, whether the sending party is eligible to establish the money transfer transaction without funding being received prior to transferring the funds in the transaction;
- providing, by said at least one processing device, a reliability determination to an agent of the money transfer service, and
- sending funds to a receiving party pursuant to the money transfer transaction without receiving the funds from the sending party at the time of the transaction.
2-3. (canceled)
The method of claim 5 wherein the approval includes a maximum amount of money that may be utilized in the transaction.
A method for facilitating a money transfer transaction, said method comprising:
- initiating a money transfer transaction by a money transfer service;
- obtaining transaction information regarding a sending party, transaction amount, and receiving party;
- determining whether payment for the money transfer transaction will be provided at the point-of-sale;
- in the event that payment will not be provided, reviewing reliability information for the transaction to determine whether to establish an unfunded money transfer transaction;
- and
- establishing a payment plan for the money transfer transaction.
A method comprising:
- initiating an unfunded money transfer transaction;
- determining, by a money transfer service, whether to establish a payment plan to later fund the money transfer transaction;
- establishing the unfunded transaction and payment plan;
- and
- executing the money transfer transaction prior to receiving payments from a sending party.
Dependencies are inferred from the claim text.