Systems and methods for pre-authorized money transfer transactions

Abstract

Methods and systems which allow one or more money transfer transactions to be implemented in a manner which provides additional certainty to a receiving party are provided. In one embodiment, a money transfer service authorizes a sender to transfer up to a certain amount of money. With this authorization, a money transfer transaction regiment is established, while the money transfer service maintains an accounting of the balance to insure that the balance remains below the pre-determined authorized amount. In another embodiment, a money transfer services utilizes reliability criteria to authorize a sender to transfer money with the money and service charge being collected after the transfer is completed.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]The present application is a continuation of U.S. patent application Ser. No. 13 / 228,276, filed Sep. 8, 2011 and entitled “Systems and Methods for Pre-Authorized Money Transfer Transactions,” the disclosure of which is incorporated by reference herein in its entirety.TECHNICAL FIELD[0002]The present application relates to money transfer transactions, and more specifically to systems and methods for facilitating pre-authorized money transfer transactions.BACKGROUND[0003]Generally speaking, money transfers are real-time transactions in that a transaction begins when a sender initiates the transaction at the time the money is to be sent to a receiving party. For example, a money transfer may be utilized in an emergency setting such as when a receiving party has an immediate need for funds. In such a transaction, a sender initiates a money transfer transaction and provides the funds to a money transfer agent. The agent may then provide a tran...

AI Technical Summary

Benefits of technology

The present application describes methods and systems for money transfer transactions that provide additional certainty to the receiving party. One aspect of the invention involves a money transfer service that authorizes a sender to transfer a certain amount of money to a receiver for a specific purpose. The money transfer service keeps track of the balance to ensure that it remains below the authorized amount. In another embodiment, the money transfer service pre-authors the sender to send a certain amount of money to a receiver at a specific time based on certain reliability criteria. The system also includes a decision engine that uses information about previous money transfer transactions and the sender's payment history to determine if subsequent transfer transactions will be authorized. Overall, the invention enhances the certainty and reliability of money transfer transactions.

Problems solved by technology

As such, there is a potentially drastic impact on relatives receiving such funds and their corresponding community during instances when these regular transfers either cease or become uncertain.

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