Patent US5963647A successfully refreshed from Google Patents.
US5963647A
Expired / Lapsed
US
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Method and system for transferring funds from an account to an individual
Assignee: Citicorp Credit Services Inc USA
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Filing: 1997-06-17
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Granted: 1999-10-05
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Expires: 2017-06-17
Abstract
Abstract Disclosed is a system and method for transferring funds. The invention supports funds transfers from a source account to a cash access file which can be accessed virtually twenty-four hours a day by both customers and non-customers. Access is achieved by the recipient entering a codeword selected by the sender, along with a transaction code randomly generated by the system. Once the sender provides the codeword and the transaction code to the recipient, the recipient can receive transferred cash through an ATM, even without using a card to access the system. Cash may be transferred across international borders and dispensed in a currency different than that of the sender's source account. Although cash is made available to a recipient virtually as soon as the requested transfer is approved and confirmed by the sender, the sender's account is not debited until the cash is actually received by the recipient. Other features, including security, cancellation, and status inquiries are also described.
Inventors
- 👤 John Downing
- 👤 William M. Hernandez
- 👤 William D. Hooper
- 👤 Netty Meiroff
- 👤 Jaithirth Rao
- 👤 Rodman Reef
- 👤 Howard A. Schechtman
- 👤 Edward Horowitz
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-11-09 15:34
CPC Classifications
G; G06; G06Q; G06Q20/00; G06Q20/04; G06Q20/08; G06Q20/10; G06Q20/108; G06Q20/1085; G06Q20/38; G06Q20/382; G06Q20/40; G06Q40/00; G07; G07F; G07F19/00; G07F19/20
Claims Analysis
Total Claims: 50
Claim 1
Independent Claim
224 words
A method of transferring funds from a source account using a network, the network including a plurality of user terminals, comprising: receiving at one of the plurality of user terminals a selection for a transfer of funds to a recipient, the selection including transfer data, wherein the transfer of funds is conditioned upon receiving a request for funds and matching recipient data from one of the plurality of user terminals, the transfer data including at least a security code, an amount to be transferred, and an identification of the source account from which the transferred funds are to be debited, and the recipient data including at least a matching security code and identification information; storing the transfer data as an entry in a transfer instruction file, the transfer instruction file being accessible by a processor; receiving from one of the plurality of user terminals the request for transfer of funds, the request including received recipient data; transmitting the request to the processor; the processor checking the request, the checking including checking the transfer data and the received recipient data; upon confirmation, transmitting an instruction to the network to transfer funds; transferring for receipt by the recipient funds in an amount not greater than the amount to be transferred; and debiting the source account in an amount at least as great as the amount transferred.
Claim 2
Independent Claim
224 words
A method of transferring funds from a source account using a network, the network including a plurality of user terminals, comprising: receiving at one of the plurality of user terminals a selection for a transfer of funds to a recipient, the selection including transfer data, wherein the transfer of funds is conditioned upon receiving a request for funds and matching recipient data from one of the plurality of user terminals, the transfer data including at least a security code, an amount to be transferred, and an identification of the source account from which the transferred funds are to be debited, and the recipient data including at least a matching security code and identification information; storing the transfer data as an entry in a transfer instruction file, the transfer instruction file being accessible by a processor; receiving from one of the plurality of user terminals the request for transfer of funds, the request including received recipient data; transmitting the request to the processor; the processor checking the request, the checking including checking the transfer data and the received recipient data; upon confirmation, transmitting an instruction to the network to transfer funds; transferring for receipt by the recipient funds in an amount not greater than the amount to be transferred; and debiting the source account in an amount at least as great as the amount transferred.
Claim 3
Dependent Claim
17 words
The method according to claim 1, wherein the transfer data includes an identification of a destination country.
Claim 4
Dependent Claim
19 words
The method according to claim 2, wherein currency of the destination country differs from currency of the source account.
Claim 5
Dependent Claim
46 words
The method according to claim 3, further comprising calculating the amount to be debited from the source account in the currency of the source account on the basis of an exchange rate between the currency of the source account and the currency of the destination country.
Claim 6
Dependent Claim
41 words
The method according to claim 1, wherein transferring for receipt by the recipient includes transferring of funds for receipt by an ATM configured to dispense funds transferred by the sender without requiring the use of a card to access the system.
Claim 7
Dependent Claim
25 words
The method according to claim 1, further comprising providing the sender with a receipt indicating the amount of a requested transfer and an authorization code.
Claim 8
Dependent Claim
54 words
The method according to claim 1, further comprising: generating an authorization code at the time the sender requests the transfer of funds; and storing the authorization code with the transfer data in the transfer instruction file, wherein the authorization code and the security code must be received in order to access the transferred funds.
Claim 9
Dependent Claim
25 words
The method according to claim 1, wherein the security code is encrypted at a user terminal before being transmitted to other elements of the network.
Claim 10
Dependent Claim
20 words
The method according to claim 1, further including evaluating whether a requested transaction complies with predetermined limitations on funds transfers.
Claim 11
Dependent Claim
13 words
The method according to claim 9, wherein the predetermined limitations include amount limitations.
Claim 12
Dependent Claim
23 words
The method according to claim 10, wherein evaluating includes comparing the received transfer data with data stored in a special designation nationals file.
Claim 13
Dependent Claim
34 words
The method according to claim 1, wherein the transfer data includes data corresponding to an expiration date for a requested transfer, whereby a recipient can receive transferred funds only prior to the expiration date.
Claim 14
Dependent Claim
29 words
The method according to claim 1, further comprising determining whether funds have been received by checking the status of the requested transfer as maintained in the transfer instruction file.
Claim 15
Dependent Claim
12 words
The method of claim 1, wherein the processor comprises a network switch.
Claim 16
Dependent Claim
41 words
The method of claim 1, wherein the one of the plurality of user terminals from which matching recipient data is received is distinct from the one from the plurality of user terminals from which the request to transfer funds is received.
Claim 17
Dependent Claim
247 words
A funds transfer system including a source account and a network, the network including a plurality of user terminals, comprising: means for receiving at one from the plurality of user terminals a selection for transfer of funds to a recipient, the means for receiving including means for submitting transfer data, wherein the transfer of funds is conditioned upon receiving a request for funds and matching recipient data from one of the plurality of user terminals, the transfer data including at least a security code, an amount to be transferred, and an identification of the source account from which the transferred funds are to be debited, and the recipient data including at least a matching security code and identification information; means for storing the transfer data as an entry in a transfer instruction file, the transfer instruction file being accessible by a processor; means for receiving from one of the plurality of user terminals the request for transfer of funds, the request including received recipient data; means for transmitting the request to the processor; means for the processor checking the request, the means for checking including means for checking the transfer data and the received recipient data; means for, upon confirmation, transmitting an instruction to the network to transfer funds; means for transferring for receipt by the recipient funds in an amount not greater than the amount to be transferred; and means for debiting the source account in an amount at least as great as the amount transferred.
Claim 18
Dependent Claim
247 words
A funds transfer system including a source account and a network, the network including a plurality of user terminals, comprising: means for receiving at one from the plurality of user terminals a selection for transfer of funds to a recipient, the means for receiving including means for submitting transfer data, wherein the transfer of funds is conditioned upon receiving a request for funds and matching recipient data from one of the plurality of user terminals, the transfer data including at least a security code, an amount to be transferred, and an identification of the source account from which the transferred funds are to be debited, and the recipient data including at least a matching security code and identification information; means for storing the transfer data as an entry in a transfer instruction file, the transfer instruction file being accessible by a processor; means for receiving from one of the plurality of user terminals the request for transfer of funds, the request including received recipient data; means for transmitting the request to the processor; means for the processor checking the request, the means for checking including means for checking the transfer data and the received recipient data; means for, upon confirmation, transmitting an instruction to the network to transfer funds; means for transferring for receipt by the recipient funds in an amount not greater than the amount to be transferred; and means for debiting the source account in an amount at least as great as the amount transferred.
Claim 19
Dependent Claim
17 words
The system according to claim 16, wherein the transfer data includes an identification of a destination country.
Claim 20
Dependent Claim
19 words
The system according to claim 17, wherein currency of the destination country differs from currency of the source account.
Claim 21
Dependent Claim
48 words
The system according to claim 16, further including means for calculating the amount to be debited from the source account in the currency of the source account on the basis of an exchange rate between the currency of the source account and the currency of the destination country.
Claim 22
Dependent Claim
33 words
The system according to claim 16, wherein the means for transferring includes means for transferring to an ATM configured to dispense funds transferred without requiring use of a card to access the system.
Claim 23
Dependent Claim
24 words
The system according to claim 16, further comprising means for providing a receipt indicating the amount of a requested transfer and an authorization code.
Claim 24
Dependent Claim
62 words
The system according to claim 16, further comprising: means for generating an authorization code at the time of the request for the transfer of funds; and means for storing the authorization code with the transfer data in the transfer instruction file, wherein the authorization code and the security code must be received in order for access the transferred funds to be provided.
Claim 25
Dependent Claim
25 words
The system according to claim 16, wherein the security code is encrypted at a user terminal before being transmitted to other elements of the network.
Claim 26
Dependent Claim
22 words
The system according to claim 16, further including means for evaluating whether a requested transaction complies with predetermined limitations on funds transfers.
Claim 27
Dependent Claim
13 words
The system according to claim 24, wherein the predetermined limitations include amount limitations.
Claim 28
Dependent Claim
31 words
The system according to claim 24, wherein the means for evaluating includes means for comparing the transfer data entered by the sender with data stored in a special designation nationals file.
Claim 29
Dependent Claim
31 words
The system according to claim 26, wherein the transfer data includes data corresponding to an expiration date for a requested transfer, wherein funds are transferrable only prior to the expiration date.
Claim 30
Dependent Claim
31 words
The system according to claim 16, further comprising means for checking the status of the requested transfer as maintained in the transfer instruction file to determine whether funds have been transferred.
Claim 31
Dependent Claim
12 words
The system of claim 16, wherein the processor comprises a network switch.
Claim 32
Dependent Claim
41 words
The system of claim 16, wherein the one of the plurality of user terminals from which matching recipient data is received is distinct from the one from the plurality of user terminals from which the request to transfer funds is received.
Claim 33
Independent Claim
283 words
A system for transferring funds comprising: a source account; a transfer instruction file stored within the system, the transfer instruction file containing entries each corresponding to a requested transfer of funds; and a network for transferring funds to a recipient, the network including: a plurality of user terminals; wherein transfer data for authorizing the transfer of funds to a recipient is receivable via at least one of the plurality of user terminals, the transfer data including identification information for the recipient, a security code, an amount to be transferred, and an identification of a source account from which the transferred funds are to be debited; and wherein recipient data for a recipient request for transfer of funds is receivable via at least one of the plurality of user terminals upon receipt of recipient data; and wherein at least one of the plurality of user terminals provides access to the requested funds; and a processor for processing electronic data received from the plurality of terminals and for providing access to at least one financial account and for accessing the transfer instruction file, wherein the processor confirms the request to transfer funds and transmits an instruction to the network to transfer funds after checking the recipient data, the checking including checking the transfer data and the recipient data; and a plurality of couplings for coupling the network to the source account, and for transmitting the transfer data, the recipient data, and the instruction to the network to transfer funds, and an instruction to debit the source account; wherein the transferred funds are provided to the recipient at one of the plurality of user terminals upon the transfer data and recipient data being received and checked.
Claim 34
Independent Claim
283 words
A system for transferring funds comprising: a source account; a transfer instruction file stored within the system, the transfer instruction file containing entries each corresponding to a requested transfer of funds; and a network for transferring funds to a recipient, the network including: a plurality of user terminals; wherein transfer data for authorizing the transfer of funds to a recipient is receivable via at least one of the plurality of user terminals, the transfer data including identification information for the recipient, a security code, an amount to be transferred, and an identification of a source account from which the transferred funds are to be debited; and wherein recipient data for a recipient request for transfer of funds is receivable via at least one of the plurality of user terminals upon receipt of recipient data; and wherein at least one of the plurality of user terminals provides access to the requested funds; and a processor for processing electronic data received from the plurality of terminals and for providing access to at least one financial account and for accessing the transfer instruction file, wherein the processor confirms the request to transfer funds and transmits an instruction to the network to transfer funds after checking the recipient data, the checking including checking the transfer data and the recipient data; and a plurality of couplings for coupling the network to the source account, and for transmitting the transfer data, the recipient data, and the instruction to the network to transfer funds, and an instruction to debit the source account; wherein the transferred funds are provided to the recipient at one of the plurality of user terminals upon the transfer data and recipient data being received and checked.
Claim 35
Dependent Claim
19 words
The system according to claim 31, wherein the source account is debited upon the recipient receiving the transferred funds.
Claim 36
Dependent Claim
42 words
The system according to claim 31, wherein the plurality of user terminals includes a printer for printing a receipt for a sender once the sender requests a transfer of funds, the receipt indicating the amount of the transfer and an authorization code.
Claim 37
Dependent Claim
50 words
The system according to claim 31, wherein once a sender requests a transfer of funds, the sender is provided with an authorization code which is stored in the transfer instruction file, and wherein the recipient must enter the authorization code and the security code in order to access the funds.
Claim 38
Dependent Claim
25 words
The system according to claim 31, wherein the security code is encrypted at a user terminal before being transmitted to other elements of the system.
Claim 39
Dependent Claim
22 words
The system according to claim 31, further including means to evaluate whether a requested transaction complies with predetermined limitations on fund transfers.
Claim 40
Dependent Claim
13 words
The system according to claim 36, wherein the predetermined limitations include amount limitations.
Claim 41
Dependent Claim
30 words
The system according to claim 36, wherein the means to evaluate include a special designation nationals file containing information which is compared to the transfer data entered by the sender.
Claim 42
Dependent Claim
34 words
The system according to claim 31, wherein the transfer data includes data corresponding to an expiration date for a requested transfer, whereby a recipient can receive transferred funds only prior to the expiration date.
Claim 43
Dependent Claim
26 words
The system according to claim 31, wherein the transfer instruction file is accessed by the sender to determine whether funds have been received by the recipient.
Claim 44
Dependent Claim
12 words
The system of claim 31, wherein the processor comprises a network switch.
Claim 45
Dependent Claim
41 words
The system of claim 31, wherein the one of the plurality of user terminals from which matching recipient data is received is distinct from the one from the plurality of user terminals from which the request to transfer funds is received.
Claim 46
Dependent Claim
62 words
The system of claim 31 further comprising: a second network for a recipient to receive transferred funds, the second network including a second plurality of user terminals and a second front end processing system for processing electronic data received from the second plurality of terminals; and a host communications network for exchanging electronic data between the first network and the second network.
Claim 47
Dependent Claim
17 words
The system according to claim 43, wherein the transfer data includes an identification of a foreign country.
Claim 48
Dependent Claim
19 words
The system according to claim 44, wherein currency of the destination country differs from currency of the source account.
Claim 49
Dependent Claim
40 words
The system according to claim 43, wherein the host communications network includes a system which provides data corresponding to a current currency conversion rate for calculating exchange rates between currency of a destination country and currency of the source account.
Claim 50
Dependent Claim
36 words
The system according to claim 43, wherein the second plurality of user terminals include an ATM configured to permit a user to withdraw funds transferred without requiring the use of a card to access the system.
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USPTO Annuity & Maintenance Windows
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| 3.5 Years (Year 4) | 2002-10-04 | 2003-04-05 | 2003-10-05 | $2000.00 | Window Closed / Lapsed |
| 7.5 Years (Year 8) | 2006-10-04 | 2007-04-05 | 2007-10-05 | $3760.00 | Window Closed / Lapsed |
| 11.5 Years (Year 12) | 2010-10-04 | 2011-04-05 | 2011-10-05 | $7700.00 | Window Closed / Lapsed |