Location-Based Money Transfer System
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Solution Overview
Problem
Current location-based systems for businesses are one-sided and do not facilitate two-sided transactions, lacking interaction and not enabling efficient money transfers or bill-pay between individuals and businesses.
Innovation Solution
A method utilizing location information to stage money transfers and bill-pay transactions by tracking the location of senders and receivers, notifying them of nearby agent locations, and allowing secure fund distribution using GPS or cellular positioning, enabling two-sided transactions and reducing transaction time.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If location information is used to notify customers passively when they approach store locations, then customer notification capability is improved, but the system remains one-sided without facilitating two-sided transactions or customer interaction
Solution Approach 1:
The system enables customers to initiate money transfers and bill-pay transactions through their mobile devices without requiring physical visits to agent locations. The location tracking and notification system automatically identifies suitable agent locations and notifies customers, allowing them to complete transactions remotely through self-service kiosks or mobile applications at the designated locations.
Solution Approach 2:
The system integrates multiple functions including location tracking, transaction staging, customer notification, and fund distribution into a single unified platform. It serves both individual customers and businesses, enabling money transfers, bill-pay, and other financial transactions through a common infrastructure that operates across multiple agent locations and communication channels.
2Device complexity
If the system passively waits for customers to approach store locations before notifying them, then notification timing is simplified, but transaction time is extended and efficiency is reduced
Solution Approach 1:
The system pre-stages money transfer transactions and bill-pay transactions in advance of the actual transaction execution. Location information is tracked and stored beforehand, and when a customer approaches a suitable agent location, the system has already prepared the necessary transaction data and notifications, enabling rapid completion of the transaction without delays.
Solution Approach 2:
The system continuously monitors customer location and provides real-time feedback through notifications when customers approach agent locations. This active feedback loop allows the system to respond immediately to customer proximity, triggering timely notifications and enabling faster transaction completion compared to passive waiting approaches.
3Productivity
If location tracking is used to determine customer proximity to agent locations, then transaction efficiency is improved, but system complexity and location tracking requirements increase
Solution Approach 1:
The system uses mobile devices as intermediaries between customers and the location tracking system. Rather than requiring dedicated tracking infrastructure, the system leverages the existing GPS, cellular tower, or Wi-Fi positioning capabilities already present in customers' mobile devices. The mobile device itself performs the location tracking function, eliminating the need for separate complex tracking hardware or systems.
Solution Approach 2:
The system creates a digital copy of the customer's location information and stores it in the transaction record. This copied location data can then be used for multiple purposes including determining proximity to agent locations, calculating optimal delivery routes, and triggering notifications, without requiring continuous active tracking or additional physical infrastructure.
Data Source
AI summary
The invention provides various systems and methods for performing money transfers using location information. The method includes staging, at computer system, a money transfer transaction from a sender to a receiver. The method further includes providing the receiver's mobile number to the computer system, and tracking the receiver's location using a location tracking computer system. Further, the method includes determining if the receiver is within a proximity threshold to an agent location. The agent location is configured to distribute funds from the money transfer. The method then, in response to the receiver being within the proximity threshold to the agent location, notifies the receiver of the agent location's address, and dispenses the funds from the agent location.