Money-transfer techniques

Abstract

A financial institution has a web-based server for use in transferring money between a customer and a beneficiary. The server provides an online money-transfer service via the Internet and the PSTN (Public Switched Telephone Network). A customer, having a client computer, a telephone having DTMF (Dual-Tone, Multiple Frequency) access and a credit card, opens a transaction web page provided by the server. The customer inputs transaction data into the web page, including the sum of money, customer and beneficiary data, and basic payment data, such as credit-card information except, perhaps, the credit card number. The customer sends the transaction data to the server via the Internet. After the customer confirms the transaction data in a second web page, the server instructs the customer to contact the financial institution via the customer's telephone. Upon receiving the customer's telephone call, the server looks for a match between a received ANI (automatic number identification) signal and the telephone number provided by the customer. The customer then punches in the credit card number, and, in return, receives a fund-pick-up (“folio”) number in an audio message. The customer provides the beneficiary with the fund-pick-up number to use in collecting the funds.

Description

PRIORITY CLAIM [0001] This application claims priority of co-pending U.S. provisional patent application entitled “MONEY TRANSFER TECHNIQUES”, filed Jan. 5, 2000, and assigned serial No. 60 / 174,646, which is incorporated by reference herein.BACKGROUND OF THE INVENTION [0002] A. Field of the Invention [0003] The present invention relates generally to techniques, specifically apparatus and accompanying methods, of conducting financial transactions, and particularly to commercial systems for transferring money and executing related monetary functions between multiple remotely located parties. [0004] B. Description of the Prior Art [0005] Financial firms have used a variety of processes for transferring money between a customer and a beneficiary. In a typical money transfer process, a customer would visit the facilities of a selling agent who is part of or associated with a financial firm. The customer would normally be asked to complete a form giving information such as the amount to b...

AI Technical Summary

Benefits of technology

[0010] The present invention relates to a method of transferring money from a customer to a beneficiary...

Problems solved by technology

Although most prior-art processes can execute a money transfer within a reasonably short time, these processes still require considerable time and effort on the part of the customer and the ag...

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