US 8,510,223 B2 · Money transfer transactions via pre-paid wireless communication devices

Abstract

The present invention generally provides systems and methods for performing money transfer transactions via a wireless communication device, such as a cellular phone. In accordance with the invention, the wireless communication device is associated with, or automatically linked to, at least one payment source account (i.e., the wireless communication device is associated with a payment source account that may be automatically charged for payment of account balances, authorized charges, and/or money transfers). In a preferred embodiment, the wireless communication device is associated with at least one pre-paid payment source account. In one example, the wireless communication device is a pre-paid cellular phone and/or is associated with a pre-paid money transfer account. In certain aspects, the wireless communication device may access a pre-directed phone number, e.g., *55, to access a money transfer service provider. Once connected to a money transfer service provider, a user may initiate a money transfer via the wireless device, which is optionally paid to a payee in-person at a money transfer service provider location.

A method for performing a money transfer transaction via a wireless communication device, said method comprising:

receiving, at a money transfer service provider system, and from a telecommunications network, an initial access request for a money transfer transaction from a user via a wireless communication device communicating on the telecommunications network, wherein:
the wireless communication device is associated with at least one credit account;
the wireless communication device is associated with a wireless communication account maintained by a wireless communication provider system;
and
the initial access request includes a biometric reading of a biometric characteristic of the user;
receiving, at the money transfer service provider system, and from the telecommunications network, money transfer instructions from the user via the wireless communication device communicating on the telecommunications network, wherein the money transfer instructions include at least an amount of the money transfer transaction and a recipient of the money transfer transaction;
receiving, at the money transfer service provider system, a biometric record associated with the wireless communication account from the wireless communication provider system;
verifying, with the money transfer service provider system, the status of the at least one credit account and determining if the amount of the money transfer transaction requested may be charged against the credit account;
verifying, with the money transfer service provider system, a velocity of transactions per time does not exceed a particular amount for the user;
causing, with the money transfer service provider system, manual, non-automated, validation of the money transfer transaction to occur when the velocity of transactions per time does exceed the particular amount, wherein validation comprises:
transmitting, from the money transfer service provider system to a failure risk scoring service system, information regarding the money transfer transaction;
and
receiving, at the money transfer service provider system from the failure risk scoring service system, a score indicative of a risk of chargeback assessment;
authorizing, with the money transfer service provider system, the money transfer transaction if the at least one credit account may be charged the requested amount and if the biometric reading matches the biometric record;
declining, with the money transfer service provider system, the money transfer transaction if the at least one credit account may not be charged the requested amount or the biometric reading does not match the biometric record;
charging, with the money transfer service provider system, the at least one credit account at least a portion of the amount of the money transfer transaction if the money transfer transaction is authorized;
and
transmitting information concerning the money transfer transaction from the money transfer service provider system to a money transfer facilitator associated with the money transfer server provider system for completion of the money transfer transaction via provision of funds in-person to the recipient if the money transfer transaction is authorized.

15 more elements

Money transfer transactions via pre-paid wireless communication devices

Life of this patent

Money transfer transactions via pre-paid wireless communication devices

Life of this patent

Abstract

Claims11