CA2612509A1 - Electronic money transfer - Google Patents
Electronic money transfer Download PDFInfo
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- CA2612509A1 CA2612509A1 CA 2612509 CA2612509A CA2612509A1 CA 2612509 A1 CA2612509 A1 CA 2612509A1 CA 2612509 CA2612509 CA 2612509 CA 2612509 A CA2612509 A CA 2612509A CA 2612509 A1 CA2612509 A1 CA 2612509A1
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/08—Payment architectures
- G06Q20/10—Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
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Abstract
There is described a method of transferring money to beneficiaries in a remote location, the method comprising:
creating user accounts by registering remitters and at least one corresponding beneficiary, each of the user accounts having at least one debit card associated thereto and provided to the at least one corresponding beneficiary;
receiving multiple monetary transaction requests from the remitters, the transaction requests being made via an electronic system accessible by the user accounts;
regrouping the multiple monetary transaction requests;
effecting a single electronic transaction for a monetary amount corresponding to the multiple monetary transaction requests, the single electronic transaction comprising information related to a repartition of the monetary amount among the beneficiaries; depositing the monetary amount in a common remote account; collecting money for the multiple monetary transaction requests from the remitters; and allowing the beneficiaries access to the common remote account via the debit card in accordance with the repartition.
creating user accounts by registering remitters and at least one corresponding beneficiary, each of the user accounts having at least one debit card associated thereto and provided to the at least one corresponding beneficiary;
receiving multiple monetary transaction requests from the remitters, the transaction requests being made via an electronic system accessible by the user accounts;
regrouping the multiple monetary transaction requests;
effecting a single electronic transaction for a monetary amount corresponding to the multiple monetary transaction requests, the single electronic transaction comprising information related to a repartition of the monetary amount among the beneficiaries; depositing the monetary amount in a common remote account; collecting money for the multiple monetary transaction requests from the remitters; and allowing the beneficiaries access to the common remote account via the debit card in accordance with the repartition.
Description
ELECTRONIC MONEY TRANSFER
TECHNICAL FIELD
The present invention relates to the field of money transfers.
BACKGROUND OF THE INVENTION
To transfer money from bank account to bank account, the services of a bank may be used. Alternatively, money can be electronically transferred via the Internet using credit cards. Another alternative is the use of the services of companies such as Western Union. These methods have a common point, namely that individual transactions are required for each money transfer.
As numerous money transfers are made by individuals from a same starting point to a same destination, each individual transferring money has to pay complete transfer fees.
Therefore, there is a need to reduce the costs related to money transfers.
SUMMARY OF THE INVENTION
According to a broad aspect of the present invention, there is provided a method of transferring money to beneficiaries in a remote location, the method comprising:
creating user accounts by registering remitters and at least one corresponding beneficiary, each of the user accounts having at least one debit card associated thereto and provided to the at least one corresponding beneficiary;
receiving multiple monetary transaction requests from the remitters, the transaction requests being made via an electronic system accessible by the user accounts;
regrouping the multiple monetary transaction requests;
effecting a single electronic transaction for a monetary amount corresponding to the multiple monetary transaction requests, the single electronic transaction comprising information related to a repartition of the monetary amount among the beneficiaries; depositing the monetary amount in a common remote account; collecting money for the multiple monetary transaction requests from the remitters; and allowing the beneficiaries access to the common remote account via the debit card in accordance with the repartition.
It should be understood that the term "company" is used to refer to any entity which uses a method of transferring money according to the invention.
It should be understood that the term "remitter" is used to refer to any entity which uses the services of the company to transfer money.
It should understood that the term "associate" is used to designate any entity which receives the money from the company. This entity may be a banking institution or a non-banking institution.
It should be understood that the term "beneficiary" is used to designate any person which is associated to a remitter and receives money from the remitter BRIEF DESCRIPTION OF THE DRAWINGS
Further features and advantages of the present invention will become apparent from the following detailed description, taken in combination with the appended drawings, in which:
TECHNICAL FIELD
The present invention relates to the field of money transfers.
BACKGROUND OF THE INVENTION
To transfer money from bank account to bank account, the services of a bank may be used. Alternatively, money can be electronically transferred via the Internet using credit cards. Another alternative is the use of the services of companies such as Western Union. These methods have a common point, namely that individual transactions are required for each money transfer.
As numerous money transfers are made by individuals from a same starting point to a same destination, each individual transferring money has to pay complete transfer fees.
Therefore, there is a need to reduce the costs related to money transfers.
SUMMARY OF THE INVENTION
According to a broad aspect of the present invention, there is provided a method of transferring money to beneficiaries in a remote location, the method comprising:
creating user accounts by registering remitters and at least one corresponding beneficiary, each of the user accounts having at least one debit card associated thereto and provided to the at least one corresponding beneficiary;
receiving multiple monetary transaction requests from the remitters, the transaction requests being made via an electronic system accessible by the user accounts;
regrouping the multiple monetary transaction requests;
effecting a single electronic transaction for a monetary amount corresponding to the multiple monetary transaction requests, the single electronic transaction comprising information related to a repartition of the monetary amount among the beneficiaries; depositing the monetary amount in a common remote account; collecting money for the multiple monetary transaction requests from the remitters; and allowing the beneficiaries access to the common remote account via the debit card in accordance with the repartition.
It should be understood that the term "company" is used to refer to any entity which uses a method of transferring money according to the invention.
It should be understood that the term "remitter" is used to refer to any entity which uses the services of the company to transfer money.
It should understood that the term "associate" is used to designate any entity which receives the money from the company. This entity may be a banking institution or a non-banking institution.
It should be understood that the term "beneficiary" is used to designate any person which is associated to a remitter and receives money from the remitter BRIEF DESCRIPTION OF THE DRAWINGS
Further features and advantages of the present invention will become apparent from the following detailed description, taken in combination with the appended drawings, in which:
Fig. 1 is a flow chart illustrating a generic method of transferring money according to an embodiment of the present invention;
Fig. 2 is a flow chart illustrating a more specific method of transferring money, according to an embodiment of the present invention;
Fig. 3 illustrates a screen-shot of pre-registration webpage according to an embodiment;
Fig. 4 illustrates a screen-shot of webpage displaying a confirmation of a beneficiary pre-registration according to an embodiment;
Fig. 5 is a membership form according to an embodiment;
Fig. 6 illustrates a screen-shot of webpage displaying a pre-registration confirmation message according to an embodiment;
Fig. 7 illustrates a screen-shot of webpage displaying a list of awaiting and processing prospects according to an embodiment;
Fig. 8 illustrates a screen-shot of webpage informing an agent about awaiting prospects according to an embodiment;
Fig. 9 illustrates a screen-shot of user account access webpage according to an embodiment;
Fig. 10 illustrates a screen-shot of funds transfer webpage according to an embodiment;
Fig. 11 illustrates a screen-shot of password modification webpage according to an embodiment;
Fig. 2 is a flow chart illustrating a more specific method of transferring money, according to an embodiment of the present invention;
Fig. 3 illustrates a screen-shot of pre-registration webpage according to an embodiment;
Fig. 4 illustrates a screen-shot of webpage displaying a confirmation of a beneficiary pre-registration according to an embodiment;
Fig. 5 is a membership form according to an embodiment;
Fig. 6 illustrates a screen-shot of webpage displaying a pre-registration confirmation message according to an embodiment;
Fig. 7 illustrates a screen-shot of webpage displaying a list of awaiting and processing prospects according to an embodiment;
Fig. 8 illustrates a screen-shot of webpage informing an agent about awaiting prospects according to an embodiment;
Fig. 9 illustrates a screen-shot of user account access webpage according to an embodiment;
Fig. 10 illustrates a screen-shot of funds transfer webpage according to an embodiment;
Fig. 11 illustrates a screen-shot of password modification webpage according to an embodiment;
Fig. 12 illustrates a screen-shot of transfers status webpage according to an embodiment;
Fig. 13 illustrates a screen-shot of transaction statement webpage according to an embodiment;
Fig. 14 illustrates a screen-shot of completed transfers summary webpage according to an embodiment;
Fig. 15 is a statement of fund transfers according to an embodiment;
Fig. 16 is a schematic illustrating a method of collecting money according to an embodiment Fig. 17 illustrates a screen-shot of new administrator creation webpage according to an embodiment;
Fig. 18 illustrates a screen-shot of new agent creation webpage according to an embodiment;
Fig. 19 illustrates a screen-shot of member search webpage according to an embodiment;
Fig. 20 illustrates a screen-shot of scheduled transfers webpage according to an embodiment;
Fig. 21 illustrates a screen-shot of funds transfer cancellation webpage according to an embodiment;
Fig. 22 illustrates a screen-shot of webpage displaying a list of all awaiting transfers according to an embodiment;
Fig. 23 illustrates a screen-shot of webpage displaying opened rejected bank transfers according to an embodiment; and Fig. 24 illustrates a screen-shot of webpage displaying global statistics according to an embodiment;
It will be noted that throughout the appended drawings, like features are identified by like reference numerals.
DETAILED DESCRIPTION
Figure 1 illustrates one embodiment of a method of transferring money. A company collects money from remitters who want to transfer money to identified beneficiaries. The collection of money is achieved via electronic money transfers. The company regroups the collected money into a single account and transfers the total collected amount of money by a single transaction to a remote account managed by an associate. The transfer of funds is accompanied by a transfer of data relative to the beneficiaries and their intended amount of money. With this data, the repartition of the money between the beneficiaries is known. Each beneficiary is provided with a debit card which allows the withdrawal of money. The transferred money is kept in a single account to which each beneficiary has access and can withdraw money according to an available amount of money transferred by a corresponding remitter. More than one beneficiary can be associated to a single remitter. The remitter can then identify which beneficiaries should receive money and the corresponding amounts. Each beneficiary can be associated with more than one remitter.
A beneficiary can receive money from different remitters.
Alternatively, several beneficiaries can be associated with a single debit card.
In one embodiment, a beneficiary is associated with different remitters and is provided with a single debit card. With this single debit card, he can access the money transferred by any one of the remitters associated with him. Alternatively, the beneficiary can be provided with as many cards as the number of remitters with whom he is associated.
In one embodiment, a remitter is associated to several remitters and has a single user account by which he transfers money to all of his corresponding beneficiaries.
Alternatively, the remitter is provided with a user account per beneficiary.
In one embodiment, the company uses a computer system to perform the money transfers and at least one administrator of the company manages the computer system.
Fig. 2 illustrates another embodiment of the method of transferring money. The first step of the method is the registration of remitters.
In one embodiment, a person who wants to transfer money has to register a user account before transferring money. The person accesses a web-site of the company and completes a request for registration form. During registration, the person has to provide personal information, banking information, contact information and information about beneficiaries to whom he wants to transfer money. Alternatively, registration can be made by phone or any electronic data transferring methods such as short message service (SMS) message and email.
In one embodiment, registration of new clients is made in two steps, namely pre-registration and a confirmation of registration. A person who wants to become a remitter has to pre-register on the website of the company. During the pre-registration step, the person has to provide personal information.
Figure 3 illustrates one embodiment of a pre-registration web page containing a questionnaire to be completed by a person who wants to pre-register. The person is asked to provide names, address, birthdate, phone numbers, email address, profession, yearly estimated number of transfers, driver's license number, health insurance number, banking information (such as financial institution name, transit number, bank number and account number) and a password. It should be understood that the above list of information is exemplary only and that any other information pertinent to pre-registration can be asked.
During pre-registration, the person is also asked to identify beneficiaries to whom he wants to transfer money and to provide information about them. This required information can include the name, address, contact information and the relation to the beneficiaries (such as parent, sister, brother, niece, etc).
In one embodiment of pre-registration, the person has to pre-register one beneficiary at a time. After each pre-registration of a beneficiary, a confirmation message is displayed on the person's computer screen. Figure 4 illustrates one embodiment of a message for a beneficiary pre-registration confirmation. The person can pre-register a predefined number of beneficiaries. Alternatively, there can be no limit to the number of beneficiaries that a person can pre-register.
In one embodiment of pre-registration, the person has to print a membership form before completing pre-registration. Figure 5 illustrates one embodiment of the membership form which summarizes the provided information.
The membership form also contains legal statements and may also be indicative of registration fees.
Pre-registration ends with a message informing the pre-registered person that an agent will contact him.
Figure 6 illustrates an example of the web page displaying this message. A person who has pre-registered on the company website is called a prospect.
In one embodiment of the method, an administrator of the company computer system accesses a web page displaying a list of prospects awaiting confirmation of their registration and a list of processing prospects, as illustrated in figure 7. The administrator accesses the list of awaiting prospects and processing prospects per country and per province. The list of awaiting prospects includes the name, the number of associated beneficiaries (number of cards) and the city of the awaiting prospects.
By clicking on their name, the administrator accesses all information registered by the awaiting prospects during pre-registration. The administrator assigns a chief agent and an agent to complete registration of prospects. The list of processing prospects displays a list of prospects who have already been contacted by an agent but whose registration is not completed. The list of processing prospects displays the name of the processing prospects, their number of associated beneficiaries (number of cards), the names of their assigned chief agent and second agent in addition to the date at which the agents have contacted the corresponding prospect. It should be understood that the web page illustrated in figure 7 is exemplary only and additional or fewer information about the prospects could be displayed.
Fig. 13 illustrates a screen-shot of transaction statement webpage according to an embodiment;
Fig. 14 illustrates a screen-shot of completed transfers summary webpage according to an embodiment;
Fig. 15 is a statement of fund transfers according to an embodiment;
Fig. 16 is a schematic illustrating a method of collecting money according to an embodiment Fig. 17 illustrates a screen-shot of new administrator creation webpage according to an embodiment;
Fig. 18 illustrates a screen-shot of new agent creation webpage according to an embodiment;
Fig. 19 illustrates a screen-shot of member search webpage according to an embodiment;
Fig. 20 illustrates a screen-shot of scheduled transfers webpage according to an embodiment;
Fig. 21 illustrates a screen-shot of funds transfer cancellation webpage according to an embodiment;
Fig. 22 illustrates a screen-shot of webpage displaying a list of all awaiting transfers according to an embodiment;
Fig. 23 illustrates a screen-shot of webpage displaying opened rejected bank transfers according to an embodiment; and Fig. 24 illustrates a screen-shot of webpage displaying global statistics according to an embodiment;
It will be noted that throughout the appended drawings, like features are identified by like reference numerals.
DETAILED DESCRIPTION
Figure 1 illustrates one embodiment of a method of transferring money. A company collects money from remitters who want to transfer money to identified beneficiaries. The collection of money is achieved via electronic money transfers. The company regroups the collected money into a single account and transfers the total collected amount of money by a single transaction to a remote account managed by an associate. The transfer of funds is accompanied by a transfer of data relative to the beneficiaries and their intended amount of money. With this data, the repartition of the money between the beneficiaries is known. Each beneficiary is provided with a debit card which allows the withdrawal of money. The transferred money is kept in a single account to which each beneficiary has access and can withdraw money according to an available amount of money transferred by a corresponding remitter. More than one beneficiary can be associated to a single remitter. The remitter can then identify which beneficiaries should receive money and the corresponding amounts. Each beneficiary can be associated with more than one remitter.
A beneficiary can receive money from different remitters.
Alternatively, several beneficiaries can be associated with a single debit card.
In one embodiment, a beneficiary is associated with different remitters and is provided with a single debit card. With this single debit card, he can access the money transferred by any one of the remitters associated with him. Alternatively, the beneficiary can be provided with as many cards as the number of remitters with whom he is associated.
In one embodiment, a remitter is associated to several remitters and has a single user account by which he transfers money to all of his corresponding beneficiaries.
Alternatively, the remitter is provided with a user account per beneficiary.
In one embodiment, the company uses a computer system to perform the money transfers and at least one administrator of the company manages the computer system.
Fig. 2 illustrates another embodiment of the method of transferring money. The first step of the method is the registration of remitters.
In one embodiment, a person who wants to transfer money has to register a user account before transferring money. The person accesses a web-site of the company and completes a request for registration form. During registration, the person has to provide personal information, banking information, contact information and information about beneficiaries to whom he wants to transfer money. Alternatively, registration can be made by phone or any electronic data transferring methods such as short message service (SMS) message and email.
In one embodiment, registration of new clients is made in two steps, namely pre-registration and a confirmation of registration. A person who wants to become a remitter has to pre-register on the website of the company. During the pre-registration step, the person has to provide personal information.
Figure 3 illustrates one embodiment of a pre-registration web page containing a questionnaire to be completed by a person who wants to pre-register. The person is asked to provide names, address, birthdate, phone numbers, email address, profession, yearly estimated number of transfers, driver's license number, health insurance number, banking information (such as financial institution name, transit number, bank number and account number) and a password. It should be understood that the above list of information is exemplary only and that any other information pertinent to pre-registration can be asked.
During pre-registration, the person is also asked to identify beneficiaries to whom he wants to transfer money and to provide information about them. This required information can include the name, address, contact information and the relation to the beneficiaries (such as parent, sister, brother, niece, etc).
In one embodiment of pre-registration, the person has to pre-register one beneficiary at a time. After each pre-registration of a beneficiary, a confirmation message is displayed on the person's computer screen. Figure 4 illustrates one embodiment of a message for a beneficiary pre-registration confirmation. The person can pre-register a predefined number of beneficiaries. Alternatively, there can be no limit to the number of beneficiaries that a person can pre-register.
In one embodiment of pre-registration, the person has to print a membership form before completing pre-registration. Figure 5 illustrates one embodiment of the membership form which summarizes the provided information.
The membership form also contains legal statements and may also be indicative of registration fees.
Pre-registration ends with a message informing the pre-registered person that an agent will contact him.
Figure 6 illustrates an example of the web page displaying this message. A person who has pre-registered on the company website is called a prospect.
In one embodiment of the method, an administrator of the company computer system accesses a web page displaying a list of prospects awaiting confirmation of their registration and a list of processing prospects, as illustrated in figure 7. The administrator accesses the list of awaiting prospects and processing prospects per country and per province. The list of awaiting prospects includes the name, the number of associated beneficiaries (number of cards) and the city of the awaiting prospects.
By clicking on their name, the administrator accesses all information registered by the awaiting prospects during pre-registration. The administrator assigns a chief agent and an agent to complete registration of prospects. The list of processing prospects displays a list of prospects who have already been contacted by an agent but whose registration is not completed. The list of processing prospects displays the name of the processing prospects, their number of associated beneficiaries (number of cards), the names of their assigned chief agent and second agent in addition to the date at which the agents have contacted the corresponding prospect. It should be understood that the web page illustrated in figure 7 is exemplary only and additional or fewer information about the prospects could be displayed.
In one embodiment, the computer system periodically and automatically verifies if new prospects have registered via the website and informs administrators.
In one embodiment, the computer system informs an agent that a new prospect has been assigned to him. Figure 8 illustrates one embodiment of the web page informing the agent about a new prospect. The agent is also informed about his chief agent. The agent accesses information about awaiting prospects assigned to him via the computer system.
The assigned agent of the company contacts the awaiting prospect in order to confirm registration. The agent can contact the prospect by phone or email.
Alternatively, the agent can visit the awaiting prospect at the address that he registered. The verification by the agent of the awaiting prospect home address, phone number and all other information provided by the prospect is intended to reduce the risks of money laundering and terrorism activities financing. After the agent contacted the awaiting prospect, the prospect is registered as a processing prospect in the computer system.
The agent verifies the different information provided by the prospect before officializing registration. After completion of registration, the prospect becomes a remitter who can transfer money via the services of the company. The remitter is provided with a user account number and a remitter password. The remitter can also receive a remitter card with his user account number thereon.
In one embodiment, the prospect provides to the company a member form duly signed, a payor's Portable Application Description (PAD) agreement duly signed, PAD
In one embodiment, the computer system informs an agent that a new prospect has been assigned to him. Figure 8 illustrates one embodiment of the web page informing the agent about a new prospect. The agent is also informed about his chief agent. The agent accesses information about awaiting prospects assigned to him via the computer system.
The assigned agent of the company contacts the awaiting prospect in order to confirm registration. The agent can contact the prospect by phone or email.
Alternatively, the agent can visit the awaiting prospect at the address that he registered. The verification by the agent of the awaiting prospect home address, phone number and all other information provided by the prospect is intended to reduce the risks of money laundering and terrorism activities financing. After the agent contacted the awaiting prospect, the prospect is registered as a processing prospect in the computer system.
The agent verifies the different information provided by the prospect before officializing registration. After completion of registration, the prospect becomes a remitter who can transfer money via the services of the company. The remitter is provided with a user account number and a remitter password. The remitter can also receive a remitter card with his user account number thereon.
In one embodiment, the prospect provides to the company a member form duly signed, a payor's Portable Application Description (PAD) agreement duly signed, PAD
terms and conditions duly signed, a void cheque and a valid photography in order to complete registration.
In one embodiment, the remitter has to pay a one time flat registration fee. Alternatively, the registration fees can be periodical or can be dependant on the location of the beneficiaries and/or the remitters. The registration fees can be dependant on the number of registered beneficiaries.
In one embodiment, after registering, the remitter receives a user account number per registered beneficiary and both the remitter and the beneficiary share the same user account number. Alternatively, the remitter can receive a single user account number and his corresponding beneficiaries receives a different account number.
When new remitters and/or beneficiaries are registered, the company informs an associate in a remote location about it. In one embodiment, an electronic data file containing information about the new remitters and/or beneficiaries is created and sent to the associate.
In one embodiment, the task of transferring information to the remote location is automated and performed by the computer system. Registration of new remitters and/or beneficiaries is made in the computer system. At regular intervals in time, the computer system checks if new registrations of remitters and/or beneficiaries have been made. If new registrations have been entered, the computer system automatically creates a file containing all information about new registrations and sends it to the associate. For example, every night, the computer system checks if new registrations have been entered. If so, it creates an electronic file containing information about the new registrations and sends it automatically to the associate.
In one embodiment, a beneficiary designated by a remitter has to register with the associate. The associate contacts the beneficiary by phone, mail, SMS message or email that he has to register in order to receive a debit card. The beneficiary has to provide the associate with the same information provided by the remitter. The associate verifies both sets of information and if both sets of information correspond, the associate confirms the identity of the beneficiary and provides him with the debit card to which is associated a beneficiary account number and/or a beneficiary password. The associate informs the company that the new beneficiary has been registered. This confirmation can be sent to the company via an electronic file.
In one embodiment, the company periodically verifies if the associate has registered new beneficiaries. This task can be performed automatically by the computer system.
For example, every night, the computer system checks if a new beneficiary registration file has been received from the associate and updates the database.
Once a new remitter has been registered, he accesses his electronic transactions account manager on the web-site of the company via the web page illustrated in figure 9. By entering this user account number (card number) and his password, the remitter accesses his account manager.
Through his electronic transaction account, a remitter can register money transfer requests, access money transfer history, be informed about the status of a beneficiary (registered, processing registration) and about the withdrawals made by the beneficiaries. If all of the remitter's beneficiaries are associated with a single remitter user account number, the remitter can access all information about transfers for each beneficiaries via a single electronic account manager. Alternatively, if a single beneficiary is associated to a single remitter user account number, the remitter can only access information about transfer to this beneficiary through the electronic account manager.
Figure 10 illustrates one embodiment of a web page that the remitter accesses to submit a money transfer request. After selecting the beneficiary to whom the remitter wants to transfer money, if more than one beneficiary is associated with the user account, the remitter enters the amount of money to be transferred and the date at which he wants the transfer to be processed.
The remitter can register periodical money transfers.
Through this web page, he can register money transfers to be processed every month at a predefined date or every two weeks, for example. If more than one bank account are registered in the remitter's user account, the remitter also chooses the bank account to be debited.
In one embodiment, a flat transfer fee is associated with the money transfer. The transfer fee can be dependent on the location of the beneficiary and/or the remitter.
In one embodiment, the electronic account manager gives the remitter access to his profile. The remitter can change information such as his contact information or bank account information, for example. When a remitter changes information about his profile, the computer system may inform an agent or an administrator and verification of the new information can be done.
In one embodiment, the remitter has to pay a one time flat registration fee. Alternatively, the registration fees can be periodical or can be dependant on the location of the beneficiaries and/or the remitters. The registration fees can be dependant on the number of registered beneficiaries.
In one embodiment, after registering, the remitter receives a user account number per registered beneficiary and both the remitter and the beneficiary share the same user account number. Alternatively, the remitter can receive a single user account number and his corresponding beneficiaries receives a different account number.
When new remitters and/or beneficiaries are registered, the company informs an associate in a remote location about it. In one embodiment, an electronic data file containing information about the new remitters and/or beneficiaries is created and sent to the associate.
In one embodiment, the task of transferring information to the remote location is automated and performed by the computer system. Registration of new remitters and/or beneficiaries is made in the computer system. At regular intervals in time, the computer system checks if new registrations of remitters and/or beneficiaries have been made. If new registrations have been entered, the computer system automatically creates a file containing all information about new registrations and sends it to the associate. For example, every night, the computer system checks if new registrations have been entered. If so, it creates an electronic file containing information about the new registrations and sends it automatically to the associate.
In one embodiment, a beneficiary designated by a remitter has to register with the associate. The associate contacts the beneficiary by phone, mail, SMS message or email that he has to register in order to receive a debit card. The beneficiary has to provide the associate with the same information provided by the remitter. The associate verifies both sets of information and if both sets of information correspond, the associate confirms the identity of the beneficiary and provides him with the debit card to which is associated a beneficiary account number and/or a beneficiary password. The associate informs the company that the new beneficiary has been registered. This confirmation can be sent to the company via an electronic file.
In one embodiment, the company periodically verifies if the associate has registered new beneficiaries. This task can be performed automatically by the computer system.
For example, every night, the computer system checks if a new beneficiary registration file has been received from the associate and updates the database.
Once a new remitter has been registered, he accesses his electronic transactions account manager on the web-site of the company via the web page illustrated in figure 9. By entering this user account number (card number) and his password, the remitter accesses his account manager.
Through his electronic transaction account, a remitter can register money transfer requests, access money transfer history, be informed about the status of a beneficiary (registered, processing registration) and about the withdrawals made by the beneficiaries. If all of the remitter's beneficiaries are associated with a single remitter user account number, the remitter can access all information about transfers for each beneficiaries via a single electronic account manager. Alternatively, if a single beneficiary is associated to a single remitter user account number, the remitter can only access information about transfer to this beneficiary through the electronic account manager.
Figure 10 illustrates one embodiment of a web page that the remitter accesses to submit a money transfer request. After selecting the beneficiary to whom the remitter wants to transfer money, if more than one beneficiary is associated with the user account, the remitter enters the amount of money to be transferred and the date at which he wants the transfer to be processed.
The remitter can register periodical money transfers.
Through this web page, he can register money transfers to be processed every month at a predefined date or every two weeks, for example. If more than one bank account are registered in the remitter's user account, the remitter also chooses the bank account to be debited.
In one embodiment, a flat transfer fee is associated with the money transfer. The transfer fee can be dependent on the location of the beneficiary and/or the remitter.
In one embodiment, the electronic account manager gives the remitter access to his profile. The remitter can change information such as his contact information or bank account information, for example. When a remitter changes information about his profile, the computer system may inform an agent or an administrator and verification of the new information can be done.
Figure 11 illustrates one embodiment of a password modification web page. The remitter accesses this web page in his electronic account manager in order to change his password.
Figure 12 illustrates an example of a web page of a remitter's electronic account manager displaying information about transfer status and rejected transfers.
This page displays the date at which a transfer request has been submitted by the remitter, the name of the beneficiary, the amount to be transferred, the creation date and the status of the transfer such as completed or in process. This page also informs the remitter if transfers have been rejected and the occurrences of the rejections.
The amount of money is displayed in the local currency of the remitter. If more than one bank account is registered in the remitter's account manager, the web page displays information about the bank account to be debited. It should be understood that the web page illustrated in figure 12 is exemplary only and that additional information or fewer information can be provided to the remitter on his account manager.
Figure 13 illustrates an embodiment of a statement of transactions made by a beneficiary. The remitter accesses this web page to see the withdrawals made by his corresponding beneficiary. This page displays the withdrawals made by the beneficiary and their corresponding dates, the money remittances made by the remitter and their corresponding dates, and the balance of the account.
Figure 14 illustrates an embodiment of a summary of the completed transfers made by the remitter. The web page displays the number of transfers per year and the total amount of transferred money. By clicking on the "Details"
Figure 12 illustrates an example of a web page of a remitter's electronic account manager displaying information about transfer status and rejected transfers.
This page displays the date at which a transfer request has been submitted by the remitter, the name of the beneficiary, the amount to be transferred, the creation date and the status of the transfer such as completed or in process. This page also informs the remitter if transfers have been rejected and the occurrences of the rejections.
The amount of money is displayed in the local currency of the remitter. If more than one bank account is registered in the remitter's account manager, the web page displays information about the bank account to be debited. It should be understood that the web page illustrated in figure 12 is exemplary only and that additional information or fewer information can be provided to the remitter on his account manager.
Figure 13 illustrates an embodiment of a statement of transactions made by a beneficiary. The remitter accesses this web page to see the withdrawals made by his corresponding beneficiary. This page displays the withdrawals made by the beneficiary and their corresponding dates, the money remittances made by the remitter and their corresponding dates, and the balance of the account.
Figure 14 illustrates an embodiment of a summary of the completed transfers made by the remitter. The web page displays the number of transfers per year and the total amount of transferred money. By clicking on the "Details"
icon, the remitter accesses a statement of fund transfers completed during the corresponding year as illustrated in figure 15. This statement informs the remitter about the date and amount of all transfers made for a beneficiary.
It should be understood that all figures illustrating web pages of a remitter's account manager are exemplary only. The web pages can display additional information and/or different information without departing from the scope of the present invention.
In one embodiment, the remitter can call the company to register a request of money transfer, add/remove beneficiaries, modify information, etc. The information given by the remitter is entered into the computer system of the company by an employee. Alternatively, SMS messages or emails can be used to perform any operation that can be made through the website. SMS messages or emails are received by the computer system which registers the information and/or money transfer requests. Any adequate security means known by a person skilled in the art can be provided to protect the confidentiality of the transactions.
Referring back to figure 2, the company receives requests for monetary transactions from remitters. The requests identify beneficiaries to whom the remitters want to send money and the corresponding monetary amounts. In addition, the requests can also include particular conditions such as maximum amount per withdrawal for example.
The computer system of the company regroups the transaction requests coming from the remitters. Regrouping the transaction requests can be automated and periodically performed. For example, at the end of every day, the computer system checks if transaction requests have been registered, regroups them and calculates the total monetary amount to be sent to an associate in a remote location. The total monetary amount corresponds to the sum of all of the transaction requests registered by the remitters.
In one embodiment, the company makes a single electronic transaction to the remote account once the remitters' money has been transferred to the company account. The electronic transaction includes the transfer of the total monetary amount and information relative to the repartition of the amount among the beneficiaries. This information can also include specific conditions on beneficiary debits such as a maximum amount to be withdrawn per week or per month for example.
In one embodiment, an electronic data file containing the repartition of money between the different beneficiaries is sent in parallel to the electronic money transfer by the company, or accompanying the money transfer.
In another embodiment, the company makes a single electronic transaction to the remote account before collecting the remitters' money. The electronic transaction includes the transfer of the total monetary amount and information relative to the repartition of the amount among the beneficiaries. If a remitter's bank refuses to transfer money from the remitter account to the company account, the remitter will have to reimburse the funds advanced by the company.
The company can establish different security plans to ensure to get reimbursed by remitters. The company can limit the transferable amount of money per transaction and/or the number of transactions per week, for example. In the case where a remitter does not reimburse the company, this particular remitter can no longer use the funds transaction services of the company. The company also verifies if the beneficiaries associated to the remitter have already withdrawn the money. If not, the company asks the associate to prevent the beneficiaries to access the money which is transferred back to the company, immediately or after a delay. If the remitter reimburses the company before the end of the delay, the beneficiaries can access the money.
In addition, the company can adjust the maximum transferable amount of money per transaction and/or the number of transactions per time period. For example, after a predefined number of transactions or a predefined transferred amount of money without any reimbursement trouble from a remitter, the company can increase the remitter's maximum transferable amount of money and/or the maximum number of transaction per time period.
In one embodiment, late reimbursement penalties are imposed to remitters who failed to reimburse the company.
The remitters have to pay the penalties before using again the money transfer services of the company.
In one embodiment, during registration, a remitter is asked for a deposit. This deposit can be a check. For example, the check amount can equal to the maximum transferable amount per transaction. If the remitter fails to reimburse the company, the company cashes-in the check.
Before using the services of the company again, the remitter will have to provide the company with another deposit.
It should be understood that all figures illustrating web pages of a remitter's account manager are exemplary only. The web pages can display additional information and/or different information without departing from the scope of the present invention.
In one embodiment, the remitter can call the company to register a request of money transfer, add/remove beneficiaries, modify information, etc. The information given by the remitter is entered into the computer system of the company by an employee. Alternatively, SMS messages or emails can be used to perform any operation that can be made through the website. SMS messages or emails are received by the computer system which registers the information and/or money transfer requests. Any adequate security means known by a person skilled in the art can be provided to protect the confidentiality of the transactions.
Referring back to figure 2, the company receives requests for monetary transactions from remitters. The requests identify beneficiaries to whom the remitters want to send money and the corresponding monetary amounts. In addition, the requests can also include particular conditions such as maximum amount per withdrawal for example.
The computer system of the company regroups the transaction requests coming from the remitters. Regrouping the transaction requests can be automated and periodically performed. For example, at the end of every day, the computer system checks if transaction requests have been registered, regroups them and calculates the total monetary amount to be sent to an associate in a remote location. The total monetary amount corresponds to the sum of all of the transaction requests registered by the remitters.
In one embodiment, the company makes a single electronic transaction to the remote account once the remitters' money has been transferred to the company account. The electronic transaction includes the transfer of the total monetary amount and information relative to the repartition of the amount among the beneficiaries. This information can also include specific conditions on beneficiary debits such as a maximum amount to be withdrawn per week or per month for example.
In one embodiment, an electronic data file containing the repartition of money between the different beneficiaries is sent in parallel to the electronic money transfer by the company, or accompanying the money transfer.
In another embodiment, the company makes a single electronic transaction to the remote account before collecting the remitters' money. The electronic transaction includes the transfer of the total monetary amount and information relative to the repartition of the amount among the beneficiaries. If a remitter's bank refuses to transfer money from the remitter account to the company account, the remitter will have to reimburse the funds advanced by the company.
The company can establish different security plans to ensure to get reimbursed by remitters. The company can limit the transferable amount of money per transaction and/or the number of transactions per week, for example. In the case where a remitter does not reimburse the company, this particular remitter can no longer use the funds transaction services of the company. The company also verifies if the beneficiaries associated to the remitter have already withdrawn the money. If not, the company asks the associate to prevent the beneficiaries to access the money which is transferred back to the company, immediately or after a delay. If the remitter reimburses the company before the end of the delay, the beneficiaries can access the money.
In addition, the company can adjust the maximum transferable amount of money per transaction and/or the number of transactions per time period. For example, after a predefined number of transactions or a predefined transferred amount of money without any reimbursement trouble from a remitter, the company can increase the remitter's maximum transferable amount of money and/or the maximum number of transaction per time period.
In one embodiment, late reimbursement penalties are imposed to remitters who failed to reimburse the company.
The remitters have to pay the penalties before using again the money transfer services of the company.
In one embodiment, during registration, a remitter is asked for a deposit. This deposit can be a check. For example, the check amount can equal to the maximum transferable amount per transaction. If the remitter fails to reimburse the company, the company cashes-in the check.
Before using the services of the company again, the remitter will have to provide the company with another deposit.
Figure 16 illustrates one embodiment of the collection of money by the company. The computer system registers money transfer requests submitted by remitters via their user accounts. Using remitters' banking information registered in, the user accounts, the computer system requests to the remitters' bank that monetary amounts equivalent to remitters' transfer requests plus fees associated with transfers be deposited in the company's bank account. Once the money has been received in the company bank account, a confirmation massage is sent to the computer system. The money is collected in a single company account. The bank accounts of the remitters can be located in different locations or in a same location.
Referring back to figure 2, the money collected in a single company bank account from remitters is sent in a single transaction to a single remote account managed by the associate. The associate deposits the transferred money in a single bank account.
In one embodiment, the computer system periodically and automatically regroups the money transfer requests, collects the money and transfers it to the remote account in a single transaction. A remitter can stop a transaction at any time before a beneficiary debits its intended amount of money and be refunded.
Referring back to figure 2, once the associate receives the money from the company, the associate deposits the money in a single account and allows the beneficiaries access to their intended amount of money. The associate also confirms the money transfer transaction to the company.
Referring back to figure 2, the money collected in a single company bank account from remitters is sent in a single transaction to a single remote account managed by the associate. The associate deposits the transferred money in a single bank account.
In one embodiment, the computer system periodically and automatically regroups the money transfer requests, collects the money and transfers it to the remote account in a single transaction. A remitter can stop a transaction at any time before a beneficiary debits its intended amount of money and be refunded.
Referring back to figure 2, once the associate receives the money from the company, the associate deposits the money in a single account and allows the beneficiaries access to their intended amount of money. The associate also confirms the money transfer transaction to the company.
In one embodiment, fees are charged to the beneficiary. These fees include withdrawal fees, information fees and/or currency exchange fees. Additional fees can be charged to beneficiaries. Alternatively, no fees are charged to beneficiaries.
In one embodiment, the associate sends an electronic transfer confirmation file to the computer system of the company. The computer system periodically and automatically checks if transfer confirmation files have been received and updates the database.
In one embodiment, the computer system is managed by more than one administrator. The company adds a new administrator by accessing the new administrator creation webpage of which an example is illustrated in figure 17.
Information such as administrator code, first and last names, account type and access code can be required in order to create a new administrator profile in the computer system.
In one embodiment, an administrator registers a new agent and creates a corresponding profile in the computer system by accessing the new agent creation webpage of which an example is illustrated in figure 18. Information such as first and last name, contact information, country, province, city, user code and password can be required to register a new agent and create his profile. The administrator is also asked whether the agent is a chief agent or on the contrary, to designate the chief agent responsible for the agent.
An administrator displays a remitter's profile by accessing the search by member webpage of which an example is illustrated in figure 19. The administrator can find a remitter's profile using a card number, a home phone or the first and last names of the remitter. Once the administrator accesses a remitter's profile, he can modify the profile and he has access to all information about the remitter such as the beneficiaries corresponding to the remitter, the transfer requests made by the remitter, the rejected transfers, the beneficiaries transactions statement, etc. -Figure 20 illustrates an embodiment of a webpage informing an administrator about scheduled transfers registered by a remitter. Information such as the name and card number of the remitter, the date of the request registration, the number of days before the transfer and the amount of the transfer to be done can be displayed.
Figure 21 illustrates an embodiment of a webpage informing an administrator of transfer cancellations made by a remitter. This page displays the name of the remitter and his account number, the name of the corresponding beneficiary, the date of the transfer request registration, the transfer type, the amount of the request transfer and the date at which the transfer is to be made.
In addition, the administrator has access to a list of all awaiting transfers as illustrated in figure 22. For example, the list contains the name, the account number and the amount to be transferred for each remitters of which the transfers have not been completed yet. In addition, the list can include the transaction date and the total amount of money awaiting to be transferred.
The administrator has also access to a list of transfers that have been rejected by remitters' banks, such as illustrated by figure 23. This list informs the administrator about the name, the account number and phone number of remitters of which the corresponding banks have rejected the money transfers. In addition, the lists can include the transfer date, the rejection date, the amount of the transfer and occurrence of the rejections.
It should be understood that the web pages that can be accessed by an administrator and/or an agent illustrated by the present figures are exemplary only.
In one embodiment, the computer system is adapted to analyze the profile of the remitters and the money transfers and withdrawals. The computer system is adapted to perform global statistics about transfers and profiles of all of the remitters. The computer system is also adapted to perform statistics relative to a single remitter or beneficiary. Figure 24 illustrates an example of global statistics performed by the computer system. Information about the number of accounts for each type and the amounts transferred per period of time can be displayed. The computer system can also inform an administrator about the available number of remitter cards, the number of remitters (active or not), the number of cards (active or not), etc.
In one embodiment, the method of transferring money is adapted to avoid money laundering and terrorist activities financing. The registration method comprising pre-registration and verification by an agent of the information provided by a prospect is intended to avoid money laundering. Providing information about beneficiaries during pre-registration presents an increased security against money laundering. Once pre-registration and/or the visit of the agent have been made, the computer system and/or the agent in charge of prospect registration verify if information about the new prospect meets warning indicators. Those indicators can include, but are not limited to,:
- Home address of a new prospect corresponds to the home address of a registered remitter;
- Prospect does not want correspondence sent to home address;
- Prospect does not want to meet in person an agent;
- Prospect's home or business phone number have been disconnected;
- Driver license number and/or health insurance number corresponds to that of a registered remitter;
- Prospect uses a post office box or General Delivery address instead of a street address;
- Opening accounts with names very close to other established entities;
- Designated beneficiaries are non-profit or charitable organizations, etc.
In one embodiment, if the computer systems detects that information provided by a prospect meets a predefined number of indicators, the computer system informs an agent or an administrator about the potential risk of money laundering.
In one embodiment, the computer system is adapted to detect suspicious remitter and/or beneficiary behaviors.
Analyzing statistics with respect to indicators, the computer system detects potential money laundering and/or terrorist activity financing behaviors and informs automatically an administrator. Alternatively, the tasks of detecting suspicious behaviors can be performed by an administrator or an agent.
The statistics used by the computer system and/or an administrator comprises, but are not limited to:
- The number of beneficiaries associated to a single remitter;
- The number of remitters associated to a single beneficiary;
- The occurrence of transactions made by a remitter;
- The occurrence of transfers received by a beneficiary;
- The total amount of money transferred by a remitter per period of time;
- The total amount of money received by a beneficiary per period of time, etc.
The indicators used by the computer system and/or an administrator comprises, but are not limited to:
- Remitter starts conducting frequent transactions in large amount when this has not been a normal activity for the remitter in the past;
- Remitter makes transactions of consistently rounded-off amounts (e.g., $990, $850, etc.);
- Remitter makes transactions that are just under the reporting threshold amount in an apparent attempt to avoid the reporting threshold;
In one embodiment, the associate sends an electronic transfer confirmation file to the computer system of the company. The computer system periodically and automatically checks if transfer confirmation files have been received and updates the database.
In one embodiment, the computer system is managed by more than one administrator. The company adds a new administrator by accessing the new administrator creation webpage of which an example is illustrated in figure 17.
Information such as administrator code, first and last names, account type and access code can be required in order to create a new administrator profile in the computer system.
In one embodiment, an administrator registers a new agent and creates a corresponding profile in the computer system by accessing the new agent creation webpage of which an example is illustrated in figure 18. Information such as first and last name, contact information, country, province, city, user code and password can be required to register a new agent and create his profile. The administrator is also asked whether the agent is a chief agent or on the contrary, to designate the chief agent responsible for the agent.
An administrator displays a remitter's profile by accessing the search by member webpage of which an example is illustrated in figure 19. The administrator can find a remitter's profile using a card number, a home phone or the first and last names of the remitter. Once the administrator accesses a remitter's profile, he can modify the profile and he has access to all information about the remitter such as the beneficiaries corresponding to the remitter, the transfer requests made by the remitter, the rejected transfers, the beneficiaries transactions statement, etc. -Figure 20 illustrates an embodiment of a webpage informing an administrator about scheduled transfers registered by a remitter. Information such as the name and card number of the remitter, the date of the request registration, the number of days before the transfer and the amount of the transfer to be done can be displayed.
Figure 21 illustrates an embodiment of a webpage informing an administrator of transfer cancellations made by a remitter. This page displays the name of the remitter and his account number, the name of the corresponding beneficiary, the date of the transfer request registration, the transfer type, the amount of the request transfer and the date at which the transfer is to be made.
In addition, the administrator has access to a list of all awaiting transfers as illustrated in figure 22. For example, the list contains the name, the account number and the amount to be transferred for each remitters of which the transfers have not been completed yet. In addition, the list can include the transaction date and the total amount of money awaiting to be transferred.
The administrator has also access to a list of transfers that have been rejected by remitters' banks, such as illustrated by figure 23. This list informs the administrator about the name, the account number and phone number of remitters of which the corresponding banks have rejected the money transfers. In addition, the lists can include the transfer date, the rejection date, the amount of the transfer and occurrence of the rejections.
It should be understood that the web pages that can be accessed by an administrator and/or an agent illustrated by the present figures are exemplary only.
In one embodiment, the computer system is adapted to analyze the profile of the remitters and the money transfers and withdrawals. The computer system is adapted to perform global statistics about transfers and profiles of all of the remitters. The computer system is also adapted to perform statistics relative to a single remitter or beneficiary. Figure 24 illustrates an example of global statistics performed by the computer system. Information about the number of accounts for each type and the amounts transferred per period of time can be displayed. The computer system can also inform an administrator about the available number of remitter cards, the number of remitters (active or not), the number of cards (active or not), etc.
In one embodiment, the method of transferring money is adapted to avoid money laundering and terrorist activities financing. The registration method comprising pre-registration and verification by an agent of the information provided by a prospect is intended to avoid money laundering. Providing information about beneficiaries during pre-registration presents an increased security against money laundering. Once pre-registration and/or the visit of the agent have been made, the computer system and/or the agent in charge of prospect registration verify if information about the new prospect meets warning indicators. Those indicators can include, but are not limited to,:
- Home address of a new prospect corresponds to the home address of a registered remitter;
- Prospect does not want correspondence sent to home address;
- Prospect does not want to meet in person an agent;
- Prospect's home or business phone number have been disconnected;
- Driver license number and/or health insurance number corresponds to that of a registered remitter;
- Prospect uses a post office box or General Delivery address instead of a street address;
- Opening accounts with names very close to other established entities;
- Designated beneficiaries are non-profit or charitable organizations, etc.
In one embodiment, if the computer systems detects that information provided by a prospect meets a predefined number of indicators, the computer system informs an agent or an administrator about the potential risk of money laundering.
In one embodiment, the computer system is adapted to detect suspicious remitter and/or beneficiary behaviors.
Analyzing statistics with respect to indicators, the computer system detects potential money laundering and/or terrorist activity financing behaviors and informs automatically an administrator. Alternatively, the tasks of detecting suspicious behaviors can be performed by an administrator or an agent.
The statistics used by the computer system and/or an administrator comprises, but are not limited to:
- The number of beneficiaries associated to a single remitter;
- The number of remitters associated to a single beneficiary;
- The occurrence of transactions made by a remitter;
- The occurrence of transfers received by a beneficiary;
- The total amount of money transferred by a remitter per period of time;
- The total amount of money received by a beneficiary per period of time, etc.
The indicators used by the computer system and/or an administrator comprises, but are not limited to:
- Remitter starts conducting frequent transactions in large amount when this has not been a normal activity for the remitter in the past;
- Remitter makes transactions of consistently rounded-off amounts (e.g., $990, $850, etc.);
- Remitter makes transactions that are just under the reporting threshold amount in an apparent attempt to avoid the reporting threshold;
- Remitter conducts a transaction for an amount that is unusual compared to amounts of past transactions;
- Stated occupation of the remitter is not in keeping with the level or type of activity (for example, a student or an employed individual makes monthly maximum remittance);
- Remitter is associated with a high number of beneficiaries;
- Beneficiary receives money from a high number of remitters;
- Account that was reactivated from inactive or dormant status suddenly sees significant activity, etc.
In one embodiment, the computer system only informs an administrator about a potential suspicious behavior when a remitter or beneficiary behavior encounters a predefined number of indicators.
In one embodiment, the amount that a remitter can transfer to all of his associated beneficiaries is limited to a maximum per period of time, for example it can be limited to 1000 dollars per month. This limit represents another security against money laundering and terrorist activities financing.
In one embodiment, the associate is a bank and the beneficiaries can withdraw their intended amount of money at a branch using a debit card. Alternatively, they can access the money via Automated Teller Machines (ATMs). The associate can give the beneficiaries access to all of its branches and ATMs in order to withdraw the money.
- Stated occupation of the remitter is not in keeping with the level or type of activity (for example, a student or an employed individual makes monthly maximum remittance);
- Remitter is associated with a high number of beneficiaries;
- Beneficiary receives money from a high number of remitters;
- Account that was reactivated from inactive or dormant status suddenly sees significant activity, etc.
In one embodiment, the computer system only informs an administrator about a potential suspicious behavior when a remitter or beneficiary behavior encounters a predefined number of indicators.
In one embodiment, the amount that a remitter can transfer to all of his associated beneficiaries is limited to a maximum per period of time, for example it can be limited to 1000 dollars per month. This limit represents another security against money laundering and terrorist activities financing.
In one embodiment, the associate is a bank and the beneficiaries can withdraw their intended amount of money at a branch using a debit card. Alternatively, they can access the money via Automated Teller Machines (ATMs). The associate can give the beneficiaries access to all of its branches and ATMs in order to withdraw the money.
Alternatively, the associate can restrict the beneficiaries to some of its branches and ATMs.
In one embodiment, the beneficiaries are informed about their available amount of money and of any particular conditions such as a maximum amount per debit. They are also informed of whom the money is coming from.
It should be understood that a beneficiary cannot withdraw more money than the total amount transferred by his corresponding remitters.
The present method is of particular interest when remitters from one location want to transfer money to their relatives located in a remote location. As a single transaction occurs to transfer the money of several remitters to several beneficiaries, the fees related to the transfer are reduced.
In one embodiment, remitters are located in different cities of a first country and beneficiaries are in a different country. The company collects the money to be transferred from the remitters in a single account and transfers it to an associate located in the beneficiaries' country via a single transaction. The associate deposits the money in a single bank account from which the beneficiaries access their intended money.
The present method also gives beneficiaries who do not have bank accounts access to a joint account and the possibility of withdrawing money via debit cards.
In one embodiment, the remitter and the beneficiary associated to the remitter are the same person. For example, a person regularly traveling to a same destination can transfer money for himself and have access to his money via the debit card at the remote location.
In one embodiment, the remitter and the beneficiary associated to the remitter are the same person and the associate is a retail store. The debit card acts as a credit card. The remitter credits his debit card with an amount of money in prediction of upcoming purchases. The remitter uses the debit card to pay the purchases made at the retail store. If the amount of the remitter's purchases is inferior to the amount previously transferred to his debit card, the difference is refunded to the remitter.
In one embodiment, the remitter and the beneficiary associated to the remitter are the same person and the associate is a phone company. In this case, the debit cards are calling cards and the money allotted to each debit card is consumed by using the minutes on the debit card at a given $/minutes rate.In one embodiment, a remitter registers a credit card in his user account and the money that the remitter transfers to a beneficiary is debited from his credit card.
It should be understood that any information required to allow a money transfer and/or to improve the security can be entered into the computer system and accessed by the remitter and the company.
It should be noted that all confidential information is encrypted with bank level security.
It should be understood that the company to which the money is transferred can be a manufacturing company, a retail company, a bank, a services company, or any other type of entity that will manage the remote account.
In one embodiment, the beneficiaries are informed about their available amount of money and of any particular conditions such as a maximum amount per debit. They are also informed of whom the money is coming from.
It should be understood that a beneficiary cannot withdraw more money than the total amount transferred by his corresponding remitters.
The present method is of particular interest when remitters from one location want to transfer money to their relatives located in a remote location. As a single transaction occurs to transfer the money of several remitters to several beneficiaries, the fees related to the transfer are reduced.
In one embodiment, remitters are located in different cities of a first country and beneficiaries are in a different country. The company collects the money to be transferred from the remitters in a single account and transfers it to an associate located in the beneficiaries' country via a single transaction. The associate deposits the money in a single bank account from which the beneficiaries access their intended money.
The present method also gives beneficiaries who do not have bank accounts access to a joint account and the possibility of withdrawing money via debit cards.
In one embodiment, the remitter and the beneficiary associated to the remitter are the same person. For example, a person regularly traveling to a same destination can transfer money for himself and have access to his money via the debit card at the remote location.
In one embodiment, the remitter and the beneficiary associated to the remitter are the same person and the associate is a retail store. The debit card acts as a credit card. The remitter credits his debit card with an amount of money in prediction of upcoming purchases. The remitter uses the debit card to pay the purchases made at the retail store. If the amount of the remitter's purchases is inferior to the amount previously transferred to his debit card, the difference is refunded to the remitter.
In one embodiment, the remitter and the beneficiary associated to the remitter are the same person and the associate is a phone company. In this case, the debit cards are calling cards and the money allotted to each debit card is consumed by using the minutes on the debit card at a given $/minutes rate.In one embodiment, a remitter registers a credit card in his user account and the money that the remitter transfers to a beneficiary is debited from his credit card.
It should be understood that any information required to allow a money transfer and/or to improve the security can be entered into the computer system and accessed by the remitter and the company.
It should be noted that all confidential information is encrypted with bank level security.
It should be understood that the company to which the money is transferred can be a manufacturing company, a retail company, a bank, a services company, or any other type of entity that will manage the remote account.
The embodiments of the invention described above are intended to be exemplary only. The scope of the invention is therefore intended to be limited solely by the scope of the appended claims.
Claims (17)
1. A method of transferring money to beneficiaries in a remote location, said method comprising:
creating user accounts by registering remitters and at least one corresponding beneficiary, each of said user accounts having at least one debit card associated thereto and provided to said at least one corresponding beneficiary;
receiving multiple monetary transaction requests from said remitters, said transaction requests being made via an electronic system accessible by said user accounts;
regrouping said multiple monetary transaction requests;
effecting a single electronic transaction for a monetary amount corresponding to said multiple monetary transaction requests, said single electronic transaction comprising information related to a repartition of said monetary amount among said beneficiaries;
depositing said monetary amount in a common remote account;
collecting money for said multiple monetary transaction requests from said remitters; and allowing said beneficiaries access to said common remote account via said debit card in accordance with said repartition.
creating user accounts by registering remitters and at least one corresponding beneficiary, each of said user accounts having at least one debit card associated thereto and provided to said at least one corresponding beneficiary;
receiving multiple monetary transaction requests from said remitters, said transaction requests being made via an electronic system accessible by said user accounts;
regrouping said multiple monetary transaction requests;
effecting a single electronic transaction for a monetary amount corresponding to said multiple monetary transaction requests, said single electronic transaction comprising information related to a repartition of said monetary amount among said beneficiaries;
depositing said monetary amount in a common remote account;
collecting money for said multiple monetary transaction requests from said remitters; and allowing said beneficiaries access to said common remote account via said debit card in accordance with said repartition.
2. A method as claimed in claim 1, wherein said collecting money for said multiple monetary transaction requests comprises collecting money from bank accounts belonging to said remitters and regrouping said money into a common local account.
3. A method as claimed in claim 1, further comprising receiving a confirmation of said single electronic transaction from said remote location.
4. A method as claimed in claim 1, further comprising receiving information relative to amounts of money debited by said beneficiaries from said remote location.
5. A method as claimed in claim 1, wherein said receiving multiple monetary transaction requests comprises receiving said requests by at least one of a website, an email, a Short Message Service(SMS), and a phone call.
6. A method as claimed in claim 1, further comprising transferring to said remote location information relative to new remitters and new beneficiaries associated thereto.
7. A method as claimed in claim 6, further comprising receiving a confirmation of a registration of said new beneficiaries.
8. A method as claimed in claim 1, wherein said remote location is a bank.
9. A method as claimed in claim 1, wherein said remote location is a retail store.
10. A method as claimed in claim 1, wherein said remote location is a phone company.
11. A method as claimed in claim 1, wherein said debit card is a telephone card.
12. A method as claimed in claim 1, wherein said single electronic transaction is secured.
13. A method as claimed in claim 1, wherein said user accounts are managed by an automated system.
14. A method as claimed in claim 1, wherein said steps of receiving, regrouping, effecting, and collecting are done by an automated system.
15. A method as claimed in claim 1, wherein said creating user accounts by registering remitters comprises a pre-registration of said remitters and said at least one corresponding beneficiary via said electronic system.
16. A method as claimed in claim 15, further comprising verifying information provided by said remitters during said pre-registration via an agent.
17. A method as claimed in claim 1, wherein said electronic system is adapted to detect suspicious behaviors of said remitters and said beneficiaries with respect to money laundering and terrorism financing.
Priority Applications (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| CA 2612509 CA2612509A1 (en) | 2007-11-27 | 2007-11-27 | Electronic money transfer |
Applications Claiming Priority (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| CA 2612509 CA2612509A1 (en) | 2007-11-27 | 2007-11-27 | Electronic money transfer |
Publications (1)
| Publication Number | Publication Date |
|---|---|
| CA2612509A1 true CA2612509A1 (en) | 2009-05-27 |
Family
ID=40673747
Family Applications (1)
| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| CA 2612509 Abandoned CA2612509A1 (en) | 2007-11-27 | 2007-11-27 | Electronic money transfer |
Country Status (1)
| Country | Link |
|---|---|
| CA (1) | CA2612509A1 (en) |
-
2007
- 2007-11-27 CA CA 2612509 patent/CA2612509A1/en not_active Abandoned
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Legal Events
| Date | Code | Title | Description |
|---|---|---|---|
| FZDE | Dead |