US20110196790A1 - Transaction processing system - Google Patents

Transaction processing system Download PDF

Info

Publication number
US20110196790A1
US20110196790A1 US12/658,278 US65827810A US2011196790A1 US 20110196790 A1 US20110196790 A1 US 20110196790A1 US 65827810 A US65827810 A US 65827810A US 2011196790 A1 US2011196790 A1 US 2011196790A1
Authority
US
United States
Prior art keywords
financial institution
transfer
funds
account holder
receiving
Prior art date
Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
Abandoned
Application number
US12/658,278
Inventor
Benjamin P. Milne
Current Assignee (The listed assignees may be inaccurate. Google has not performed a legal analysis and makes no representation or warranty as to the accuracy of the list.)
DWOLLA Inc
Original Assignee
Milne Benjamin P
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Milne Benjamin P filed Critical Milne Benjamin P
Priority to US12/658,278 priority Critical patent/US20110196790A1/en
Publication of US20110196790A1 publication Critical patent/US20110196790A1/en
Assigned to DWOLLA, INC reassignment DWOLLA, INC ASSIGNMENT OF ASSIGNORS INTEREST (SEE DOCUMENT FOR DETAILS). Assignors: MILNE, BENJAMIN P
Application status is Abandoned legal-status Critical

Links

Images

Classifications

    • GPHYSICS
    • G06COMPUTING; CALCULATING; COUNTING
    • G06QDATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/08Payment architectures
    • G06Q20/10Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
    • GPHYSICS
    • G06COMPUTING; CALCULATING; COUNTING
    • G06QDATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/02Payment architectures, schemes or protocols involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
    • G06Q20/023Payment architectures, schemes or protocols involving a neutral party, e.g. certification authority, notary or trusted third party [TTP] characterized in that the neutral party is a clearing house
    • GPHYSICS
    • G06COMPUTING; CALCULATING; COUNTING
    • G06QDATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/22Payment schemes or models
    • G06Q20/227Payment schemes or models characterized in that multiple accounts are available to the payer
    • GPHYSICS
    • G06COMPUTING; CALCULATING; COUNTING
    • G06QDATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/38Payment protocols; Details thereof
    • G06Q20/40Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
    • GPHYSICS
    • G06COMPUTING; CALCULATING; COUNTING
    • G06QDATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/38Payment protocols; Details thereof
    • G06Q20/40Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
    • G06Q20/405Establishing or using transaction specific rules
    • GPHYSICS
    • G06COMPUTING; CALCULATING; COUNTING
    • G06QDATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • GPHYSICS
    • G06COMPUTING; CALCULATING; COUNTING
    • G06QDATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00Commerce, e.g. shopping or e-commerce
    • G06Q30/06Buying, selling or leasing transactions
    • G06Q30/0601Electronic shopping
    • G06Q30/0613Third-party assisted

Abstract

A system for optimizing the transfer of funds from an account holder to an associate. The system identifies the geographic location of a first financial institution involved in the transaction. The system selects from a plurality of financial institutions a second financial institution which is located near the first financial institution to be involved in the transaction. Selecting a second financial institution nearby the first financial institution facilitates the transaction and reduces the time transaction funds are unavailable.

Description

    TECHNICAL FIELD
  • The disclosed embodiments relate generally to financial transactions and, in particular, to using financial institution information to increase the efficiency of financial transactions.
  • BACKGROUND
  • Conventional financial transactions only support traditional financial transfers from one financial institution to another. The use of various systems, including clearinghouse systems to facilitate the transfer of funds can cause undesirable delays during which the funds may not be accessible.
  • SUMMARY
  • The present invention includes systems and methods for modifying the routing of funds from an account holder to an associate to increase the efficiency of the transaction. An account holder authorizes the transfer of a predetermined amount of account holder funds to an associate. The location of a receiving financial institution associated with the associate is determined and a transfer financial institution is selected from a plurality of financial institutions based upon proximity to the receiving financial institution. Funds are transferred from the transfer financial institution to the receiving financial institution and the account holder's account is debited the amount of the transfer. The transfer financial institution is selected from the plurality of financial institutions to decrease the time associated with the transfer of the funds. The features and advantages described in this summary and the following detailed description are not all-inclusive. Many additional features and advantages will be apparent to one of ordinary skill in the art in view of the drawings, specification and claims presented herein.
  • BRIEF DESCRIPTION OF THE DRAWINGS
  • The present invention will now be described, by way of example, with reference to the accompanying drawings in which:
  • FIG. 1 is a block diagram of the financial institution architecture in accordance with one embodiment;
  • FIG. 2 is a block diagram of the system architecture in accordance with one embodiment;
  • FIG. 3A is a block diagram of a home page of a website used in accordance with one embodiment;
  • FIG. 3B is a block diagram of a registration webpage used in accordance with one embodiment;
  • FIG. 3C is a block diagram of an account information webpage used in accordance with one embodiment;
  • FIG. 4A is a block diagram of a credit card deposit webpage used in accordance with one embodiment;
  • FIG. 4B is a block diagram of a deposit webpage used in accordance with one embodiment;
  • FIG. 5 is a flowchart illustrating depositing funds into the system used in accordance with one embodiment;
  • FIG. 6 is a flowchart illustrating receiving funds into the system used in accordance with one embodiment;
  • FIG. 7A is a block diagram of a transfer funds page of a website used in accordance with one embodiment; and
  • FIG. 7B is a block diagram of a transfer funds error page of a website used in accordance with one embodiment.
  • DETAILED DESCRIPTION
  • As shown in FIG. 1, a transaction processing system (100) is provided to allow a manager (102) to optimize the transfer of funds (104) from an account holder (106) to an associate (108). The system (100) collects funds (110), (112) and (114) from users (116), (118) and (120), and deposits the funds (110), (112) and (114) in a plurality of holding accounts (122), (124) and (126) located in a plurality of financial institutions (128), (130) and (132). When a user such as the account holder (106) wishes to originate a fund transfer, the system (100) dynamically determines an optimized transfer financial institution (128) or institutions (128) and (132) to make the transfer. By collecting information about the transfer and selecting an optimized transfer financial institution (128) based upon the information, the system (100) advantageously avoids the delays and other drawbacks of traditional financial transaction systems.
  • FIG. 2 is a block diagram of the architecture of the system (100) in accordance with one embodiment. As illustrated in FIG. 1, a server (134) associated with the manager (102) is provided with a front end server (136), a network interface (138), a central processing unit (140), a user database (142) a financial institution database (144) and system software (146). Conventional features, such as firewalls, load balancers, application servers, failover servers, site management tools, as well as additional conventional and known features, are not shown to allow a clearer illustration of the novel features of the system. The manager (102) may be a financial institution, or any desired type of individual or entity.
  • When the account holder (106) wishes to use the system (100), the account holder (106) accesses the manager's website (148) via a network (150) and provides identifying information (152) to create a user account (154) (FIGS. 1, 2, 3A). As used herein, the term “website” means any system providing content and is not limited to those systems supporting content provided via the Internet or the http protocol. In general, functions described herein as being performed on the server side may also be performed on the client side as appropriate.
  • Alternatively, the account holder (106) may provide the information (152) telephonically, via electronic mail, via facsimile or by any suitable method of communication (FIGS. 1 and 3A). The account holder (106) uses a client (156) to execute a browser (158) that connects to the server (136) via the network (150). The network (150) is typically the Internet, but may also be any network, including, but not limited to, a LAN, a MAN, a WAN, a mobile, wired or wireless network, a private network or a virtual private network. Although only a single client (156) and browser (158) are shown, it is to be understood that millions of clients may be supported and can be in communication with the server (134) at any given time. If desired, multiple servers may be used. The client (156) may include a variety of different computing devices. Examples of client devices are personal computers, digital assistants, personal digital assistants, mobile phones, smart phones, tablet devices or laptop computers. As will be obvious to one of ordinary skill in the art, the present invention is not limited to the foregoing devices.
  • The website (148) presents the account holder (106) with an interface (160) which prompts the account holder (106) to click a button (162) which causes the server (134) to display a request page (164) via a secure socket layer (SSL) or similar security protocol (FIGS. 1, 3A, 3B and 3C). The account holder (106) enters the user information (152) in the boxes (166) provided and clicks the submit button (168). The system (100) creates a user account (170) associated with a username (172) and a password (174). The user account (170) includes an account balance (176) and account history (178) that may be displayed on an account webpage (180) in a manner such as that known in the art. The account holder (106) transfers funds into the user account (170) by any known means including, but not limited to, check, credit card, debit card, other ACH processing or a physically delivered cash deposit. The account holder (106) may also transfer funds into the account (170) via another user (116) of the system (100).
  • The account holder (106) has multiple options to deposit funds into the account (170). The account holder (106) or a third-party may provide an associate financial institution (182) with routing and account numbers associated with the account (170). The associate financial institution (182) may be any type of financial institution. The associate financial institution (182) may transmit the funds and information regarding the transfer to an automated clearinghouse (184) that transmits the funds to a holding account (122) associated with the routing and account numbers. The system (100) then credits the account (170) with the funds.
  • Alternatively, the account holder (106) may add funds directly to the account (170) by using the client (156) to access a deposit funds webpage (186) residing on the server (134) (FIGS. 1, 2 and 4A). From the deposit funds webpage (184), the account holder (106) enters credit or debit card information (188), such as the credit card number (190), expiration date (192) and CVS number (194), along with an account number (196) identifying which of account holder's accounts (170) is to receive the funds. The account holder (106) clicks the submit button (198) and the funds are transferred to the system (100).
  • Alternatively, the system (100) may be configured to allow the account holder (106) to deposit the funds directly from an account associated with a third party financial institution, the account holder (106) obtains from the system (100) dynamically generated routing and account numbers (200) for the deposit to reduce the transfer time associated with each transaction (FIGS. 1, 2 and 4B). The account holder (106) uses the client (156) to access a deposit funds webpage (202) residing on the server (134). Prior to the deposit, the account holder enters predetermined information (204) associated with the deposit on the deposit funds webpage (202). This information may include the name (206) of the depositing financial institution, the account number (208) of the account (170) the account holder wishes to receive the funds, the routing number (210) and any other information required by the manager (102). The account holder (106) clicks the submit button (212) and the deposit funds webpage (202) displays the dynamically generated routing and account numbers (200).
  • The account holder (106) provides the dynamically generated routing and account numbers (200) to the third-party financial institution (182) along with transfer instructions, whereafter the third-party financial institution (182) transmits the funds and information regarding the transfer to an automated clearinghouse (184) that transmits the funds to a financial institution (130) and holding account (124) associated with the routing and account numbers (200). The system (100) then credits the account (170) with the funds.
  • If the ACH system (184) is used, the associate financial institution (182) is the ODFI. The account holder (106) forwards authorization for the transaction to the ODFI via accounts receivable entry (ARC), point of purchase (POP), prearranged payments and deposits (PPD), telephone initiated-entry (TEL) or web-initiated entry (WEB) authorization. The ODFI then forwards the authorized request to an ACH operator, which passes it on the receiving depository financial institution (RDFI). In this case, the RDFI is the financial institution (130) associated with the holding account (124), which credits the account holder's account (170) with the funds.
  • The system (100) dynamically generates the routing and account numbers (200) to optimize the fund transfer process. When the account holder (106) sends (214) the system (100) the predetermined information (204) by pressing the submit button (212), the system (100) collects (216) the predetermined information (204) and uses it to collect (218) additional the predetermined information (220) (FIGS. 1, 2, 4B and 5). As an example, the system (100) may use the routing and account numbers (210) to obtain the geographic location and routing subnet of the third-party financial institution (182) from the financial institution database (144) located on the server (134). The system (100) may collect additional information from cached or “real-time” third-party providers, such as the ACH (184) system.
  • Using the predetermined information (204) and (220), the system (100) determines (222) the optimal holding account (122), (124) or (126) to receive the funds. This determination may be based upon which of the holding accounts (122), (124) or (126) are insured, which are under the Federal Deposit Insurance Corporation (FDIC) and/or National Credit Union Administrations (NCUA) insurance limit and by what amounts, as well as which of the holding accounts (122), (124) or (126) offer the greatest return on investment. Once the system (100) dynamically determines (222) the optimal holding account (122), (124) or (126) to receive the funds, the system (100) returns (224) the routing and account numbers (200) associated with that holding account (124) to the account holder (106) by displaying the routing and account numbers (200) on the webpage (202). In determining the optimal holding account, the system (100) may weight all factors equally. Alternatively, the system (100) may employ algorithms contained within the system software (146) to determine the optimal holding account to receive the deposited funds. Preferably the optimal holding account (124) as determined by the system (100) is located closest to the third-party financial institution (182) to reduce the transfer time associated with the deposit and thereby reduce the time during which the funds are not available.
  • The system (100) may also split the funds into a plurality of holding accounts (122), (124) or (126). Alternatively, the system (100) may receive the funds in a single holding account (124), before moving some or all of the funds to additional accounts (122) and (126) as desired. The system (100) may also use “real-time” information relating to the holding accounts (122), (124) or (126), other transactions and the proposed routing to dynamically select the optimal holding account (124).
  • The foregoing process is used to create multiple user accounts and receive funds from multiple sources. The system (100) uses these funds to seed multiple holding accounts (122), (124) or (126) across multiple financial institutions (128), (130) and (132). The system (100) may also use algorithms within the software (146) to analyze the flow of funds through the system (100), using past data to anticipate future needs and deposit new funds accordingly.
  • The system (100) may also transfer funds between holding accounts (122), (124) or (126) to optimize the return on investment and to position the system (100) to handle anticipated future transactions more efficiently. Using information from the system (100), the manager (102) may open new holding accounts in new financial institutions or close existing holding accounts in other financial institutions to take advantage of changing returns on investment, or to locate accounts within or closer to financial institutions with increasing transaction activity.
  • For transfers between users (116) and (118) having accounts associated with the system (100), the system (100) may simply make a bookkeeping entry, crediting and debiting the user accounts, without having to actually transfer any funds between financial institutions (128), (130) and (132).
  • When the account holder (106) wishes to transfer funds to an associate (108), the account holder (106) provides the system (100) with transfer instructions. The account holder (106) may provide the manager (102) the transfer instructions via the client (156) or via a third-party device, such as a magnetic strip reader (226), check reader (228), parking meter (230), RFID reader (232) or any other third-party device (234). Although the following describes the account holder (106) providing transfer instructions to the system (100) via the client (156) across the network (150), it will be understood by those of ordinary skill in the art, that the account holder (106) may provide the transfer instructions to the system (100) via any conventional or known financial transaction processing device or process.
  • When the account holder (106) wishes to transfer funds to an associate (108), such as a merchant, the account holder (106) connects via the client (156) to the server (134) via SSL. The server (134) returns the webpage (148), which the account holder (106) uses to enter security information, such as the username (172) and password (174) to access the account holder's account information (236) stored on the user database (142) located on the server (134). The account holder (106) selects the transfer funds webpage (238) by clicking the transfer button (240) on the account webpage (180).
  • The account holder (106) enters fund transfer instructions (242) on the transfer funds webpage (238) (FIGS. 1, 2 and 7A). The transfer instructions (242) include predetermined information (244) such as the amount (246) of the fund transfer and the routing and account numbers (248) of the transfer account (250) that is to receive the funds. Additional instructions may include time information (252) indicating when the transfer is to be executed and any additional information the manager (102) requires. After the account holder (106) enters the fund transfer instructions (242) on the transfer funds webpage (238), the account holder (106) clicks the submit button (254), which sends (256) the fund transfer instructions (242) to the server (134) (FIGS. 1, 2, 6 and 7A).
  • The system (100) collects (258) the predetermined information (244) at the server (134) and determines (260) whether the account holder's account (176) contains sufficient available funds to execute the fund transfer instructions (242). If the account holder account (176) does not contain sufficient available funds to complete the transaction, the system (100) returns (262) an error message (264) to the account holder (106) in the form of an transfer error webpage (266), where the account holder is prompted to send (256) corrected transfer instructions (242) (FIGS. 1, 2, 6, 7A and 7B).
  • If the account holder account (176) does contain sufficient available funds to complete the transaction, the system (100) uses the collected predetermined information (244) to collect (268) additional predetermined information (270). As an example, the system (100) may use the routing number (248) to obtain the geographic location and routing subnet of a third-party financial institution (272) associated with the transfer account (250) from the financial institution database (144) located on the server (134). The system (100) may collect additional information from cached or “real-time” third-party providers, such as the ACH (184).
  • Using the predetermined information (244) and (270), the system (100) determines (274) the optimal holding account (122), (124) or (126) from which to transfer the funds. This determination may be based upon the amount of funds in the holding accounts (122), (124) or (126), which accounts are insured, which are under the FDIC and/or NCUA insurance limit and by what amounts, as well as which of the holding accounts (122), (124) or (126) offer the least return on investment. Once the system (100) dynamically determines (274) the optimal holding account (122), (124) or (126) from which to transfer the funds, the system (100) initiates (276) the transfer of funds to the financial institution (272) and associated transfer account (250).
  • In determining the optimal holding account from which to transfer the funds, the system (100) may weight all factors equally. Alternatively, the system (100) may employ algorithms contained within the system software (146) to determine the optimal holding account to receive the deposited funds. Preferably the optimal holding account (122) to transfer the funds, as determined by the system (100) is located closest to the financial institution (272) and associated transfer account (250), to reduce the transfer time associated with the transfer and thereby reduce the time during which the funds are not available.
  • If the ACH system is used, the financial institution (128) associated with the optimal holding account (122) is the ODFI. The account holder (106) may initiate the authorization for the transaction through the system (100) to the ODFI via accounts receivable entry (ARC), point of purchase (POP), prearranged payments and deposits (PPD), telephone initiated-entry (TEL) or web-initiated entry (WEB) authorization. The ODFI then forwards the authorized request to an ACH operator, which passes it on the receiving depository financial institution (RDFI). In this case, the RDFI is the financial institution (272) and associated transfer account (250), which credits the transfer account (170) with the funds.
  • The system (100) may also split the transfer, transferring funds from two or more holding accounts (122) and (124), to further optimize factors associated with the transfer, such as maintaining individual transfers under the FDIC and/or NCUA insured limit. Alternatively, the system (100) may transfer funds from one or more holding accounts (122) and (124) into another holding account (126) before making the transfer. The system (100) may also use “real-time” information relating to the holding accounts (122), (124) or (126), other transactions and the proposed routing of the transaction, to dynamically select the optimal holding account (124) from which to transfer the funds.
  • Although the invention has been described with respect to a preferred embodiment thereof, it is to be understood that it is not to be so limited since changes and modifications can be made therein which are within the full, intended scope of this invention as defined by the appended claims.

Claims (20)

1. A method comprising:
(a) providing an account holder account associated with an account holder;
(b) providing an associate account associated with an associate;
(c) transferring a predetermined amount of account holder funds from the account holder to the account holder account;
(d) crediting the account holder account an amount associated with the account holder funds;
(e) comingling the account holder funds with other funds to create a fund pool;
(f) depositing portions of the fund pool with a plurality of financial institutions;
(g) requesting a transfer of payment funds from the account holder to an associate associated with an associate financial institution;
(h) identifying a predetermined receiver characteristic associated with the receiving financial institution;
(i) selecting from the plurality of financial institutions a transfer financial institution having a predetermined transfer characteristic;
(j) authorizing a transfer of at least a portion of the payment funds from the transfer financial institution to the receiving financial institution;
(k) transferring at least a portion of the payment funds from the transfer financial institution to the associate financial institution;
(l) debiting the account holder account an amount associated with the transfer; and
(m) crediting the receiver account an amount associated with the transfer.
2. The method of claim 1, wherein the associate financial institution is a receiving depository financial institution.
3. The method of claim 2, wherein the transfer financial institution is an originating depository financial institution.
4. The method of claim 3, further comprising transferring the payment funds from the originating depository financial institution to the receiving depository financial institution through a financial clearinghouse.
5. The method of claim 4, wherein the financial clearinghouse is an automated clearinghouse.
6. The method of claim 5, wherein the predetermined receiver characteristic is a geographic location.
7. The method of claim 6, wherein the predetermined transfer characteristic is a geographic location.
8. The method of claim 5, wherein the predetermined transfer characteristic is a transfer time;
9. The method of claim 1, further comprising transferring the payment funds from the transfer financial institution to the receiving financial institution through a financial clearinghouse.
10. The method of claim 9, wherein the financial clearinghouse is an automated clearinghouse.
11. The method of claim 1, further comprising:
(a) selecting from the plurality of financial institutions a supplemental transfer financial institution having a third predetermined transfer characteristic;
(b) authorizing a supplemental transfer of a supplemental portion of payment funds from the supplemental transfer financial institution to the receiving financial institution; and
(c) transferring the supplemental portion of payment funds from the supplemental transfer financial institution to the receiving financial institution.
12. A method comprising:
(a) receiving account holder funds from an account holder;
(b) comingling the account holder funds with a third party funds to create a fund pool;
(c) dividing the fund pool into a plurality of fund groups;
(d) depositing the fund groups in a plurality of financial institutions;
(e) receiving a transfer request from the account holder to transfer an amount of the account holder funds to an associate;
(f) identifying a receiving financial institution associated with the receiver;
(g) selecting from the plurality of financial institutions a transfer financial institution having a predetermined transfer characteristic relating to the receiving financial institution; and
(h) transferring at least a portion of the amount of the account holder funds from the transfer financial institution to the receiving financial institution.
13. The method of claim 12, wherein the receiving financial institution is a receiving depository financial institution.
14. The method of claim 13, wherein the transfer financial institution is an originating depository financial institution.
15. The method of claim 14, further comprising transferring the payment funds from the originating depository financial institution to the receiving depository financial institution through a financial clearinghouse.
16. The method of claim 15, wherein the financial clearinghouse is an automated clearinghouse.
17. The method of claim 12, wherein said predetermined transfer characteristic is an estimate of the time involved in processing a transfer of at least a portion of the amount of the account holder funds from the transfer financial institution to the receiving financial institution.
18. A method comprising:
(a) receiving account holder funds from an account holder;
(b) depositing first funds into a first transfer financial institution located at a first location;
(c) depositing second funds into a second transfer financial institution located at a second location;
(d) receiving a transfer request from the account holder to transfer an amount of the account holder funds to a receiving financial institution;
(e) selecting a transfer financial institution from the first financial institution and the second financial institution, based upon proximity to the receiving financial institution; and
(f) transferring at least a portion of the amount of the account holder funds from the transfer financial institution to the receiving financial institution.
19. The method of claim 18, wherein the receiving financial institution is a receiving depository financial institution.
20. The method of claim 19, wherein the transfer financial institution is an originating depository financial institution
US12/658,278 2010-02-05 2010-02-05 Transaction processing system Abandoned US20110196790A1 (en)

Priority Applications (1)

Application Number Priority Date Filing Date Title
US12/658,278 US20110196790A1 (en) 2010-02-05 2010-02-05 Transaction processing system

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US12/658,278 US20110196790A1 (en) 2010-02-05 2010-02-05 Transaction processing system
US14/727,648 US9582788B2 (en) 2010-02-05 2015-06-01 Dynamically selecting sending and receiving accounts

Related Child Applications (1)

Application Number Title Priority Date Filing Date
US14/727,648 Continuation US9582788B2 (en) 2010-02-05 2015-06-01 Dynamically selecting sending and receiving accounts

Publications (1)

Publication Number Publication Date
US20110196790A1 true US20110196790A1 (en) 2011-08-11

Family

ID=44354462

Family Applications (2)

Application Number Title Priority Date Filing Date
US12/658,278 Abandoned US20110196790A1 (en) 2010-02-05 2010-02-05 Transaction processing system
US14/727,648 Active US9582788B2 (en) 2010-02-05 2015-06-01 Dynamically selecting sending and receiving accounts

Family Applications After (1)

Application Number Title Priority Date Filing Date
US14/727,648 Active US9582788B2 (en) 2010-02-05 2015-06-01 Dynamically selecting sending and receiving accounts

Country Status (1)

Country Link
US (2) US20110196790A1 (en)

Cited By (8)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US8626659B1 (en) 2012-09-28 2014-01-07 Fiserv, Inc. Facilitating presentation of content relating to a financial transaction
US9449346B1 (en) 2014-05-21 2016-09-20 Plaid Technologies, Inc. System and method for programmatically accessing financial data
US9595023B1 (en) 2014-05-21 2017-03-14 Plaid Technologies, Inc. System and method for facilitating programmatic verification of transactions
US10003591B2 (en) 2015-09-08 2018-06-19 Plaid Technologies, Inc. Secure permissioning of access to user accounts, including secure deauthorization of access to user accounts
US10185946B2 (en) 2014-12-31 2019-01-22 Fiserv, Inc. Facilitating presentation of content relating to a financial transaction
US10268635B2 (en) 2016-06-17 2019-04-23 Bank Of America Corporation System for data rotation through tokenization
US10380589B2 (en) 2015-10-02 2019-08-13 Chicago Mercantile Exchange Inc. Virtual payment processing system
US10387881B2 (en) 2015-10-02 2019-08-20 Chicago Mercantile Exchange Inc. Virtual payment processing system

Citations (19)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US5825003A (en) * 1995-07-24 1998-10-20 Citicorp Development Center Customer-directed, automated process for transferring funds between accounts using a holding account and local processing
US20020152176A1 (en) * 2000-07-11 2002-10-17 First Data Corporation Automated group payment
US20030046224A1 (en) * 2001-08-30 2003-03-06 Mujtaba M. Shahid Method and apparatus for handling monetary transactions
US20030126075A1 (en) * 2001-11-15 2003-07-03 First Data Corporation Online funds transfer method
US20030163425A1 (en) * 2002-02-26 2003-08-28 Cannon Thomas Calvin System for executing high-volume electronic bill payments
US20030167237A1 (en) * 2002-03-04 2003-09-04 First Data Corporation Money transfer evaluation systems and methods
US6796492B1 (en) * 1995-04-13 2004-09-28 James G. Gatto Electronic fund transfer or transaction system
US20070179885A1 (en) * 2006-01-30 2007-08-02 Cpni Inc. Method and system for authorizing a funds transfer or payment using a phone number
US20080040275A1 (en) * 2006-04-25 2008-02-14 Uc Group Limited Systems and methods for identifying potentially fraudulent financial transactions and compulsive spending behavior
US20080070593A1 (en) * 2006-06-01 2008-03-20 Altman Samuel H Secure and private location sharing for location-aware mobile communication devices
US20080189209A1 (en) * 2007-02-05 2008-08-07 First Data Corporation Real-Time Funds Transfer
US20100114764A1 (en) * 2000-11-06 2010-05-06 Cataline Glen R System and Method for Selectable Funding of Electronic Transactions
US7805352B2 (en) * 2006-03-23 2010-09-28 Hartford Fire Insurance Company System and method for managing and administering a lifetime income share plan
US20100250436A1 (en) * 2007-10-17 2010-09-30 The Western Union Company Mobile customer service centers with a mobile pickup model
US20110137796A1 (en) * 2009-12-08 2011-06-09 John Tullis Payment message routing using geo-location
US20110238568A1 (en) * 2008-11-14 2011-09-29 Bank Of America Corporation Enhanced Optimized Routing With Volume Controls
US8032452B2 (en) * 2002-11-06 2011-10-04 The Western Union Company Multiple-entity transaction systems and methods
US8083141B1 (en) * 2009-07-17 2011-12-27 United Services Automobile Association (Usaa) Systems and methods for transactions with a headless automated teller machine or point of sale device
US20120030098A1 (en) * 2010-07-28 2012-02-02 The Western Union Company Receiver driven money transfer alert system

Family Cites Families (45)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US4321672A (en) 1979-11-26 1982-03-23 Braun Edward L Financial data processing system
US5822737A (en) 1996-02-05 1998-10-13 Ogram; Mark E. Financial transaction system
US6311170B1 (en) * 1996-12-04 2001-10-30 Mark C. Embrey Method and apparatus for making payments and delivering payment information
US5903878A (en) 1997-08-20 1999-05-11 Talati; Kirit K. Method and apparatus for electronic commerce
WO2000067177A2 (en) 1999-04-30 2000-11-09 X.Com Corporation System and method for electronically exchanging value among distributed users
AU3126001A (en) 2000-02-14 2001-08-27 Bpass Inc Accessing information for multiple financial accounts via the internet
US6999943B1 (en) * 2000-03-10 2006-02-14 Doublecredit.Com, Inc. Routing methods and systems for increasing payment transaction volume and profitability
US7536336B1 (en) 2000-05-19 2009-05-19 Paypal, Inc. Multi-party electronic transactions
US7376587B1 (en) 2000-07-11 2008-05-20 Western Union Financial Services, Inc. Method for enabling transfer of funds through a computer network
US7797207B1 (en) * 2000-07-24 2010-09-14 Cashedge, Inc. Method and apparatus for analyzing financial data
US7031939B1 (en) 2000-08-15 2006-04-18 Yahoo! Inc. Systems and methods for implementing person-to-person money exchange
GB2372616A (en) 2001-02-23 2002-08-28 Hewlett Packard Co Transaction method and apparatus using two part tokens
US7249094B2 (en) 2001-02-26 2007-07-24 Paypal, Inc. System and method for depicting on-line transactions
WO2002079939A2 (en) 2001-03-31 2002-10-10 First Data Corporation Electronic identifier payment system and methods
US8050997B1 (en) 2001-08-23 2011-11-01 Paypal Inc. Instant availability of electronically transferred funds
US7191151B1 (en) 2001-08-23 2007-03-13 Paypal, Inc. Instant availability of electronically transferred funds
US20030046094A1 (en) * 2001-08-29 2003-03-06 Manmeet Singh Method using telecommunications device to make payments via an automatic electronic funds transfer network
US9076134B2 (en) * 2001-10-15 2015-07-07 Chequepoint Franchise Corporation Computerized money transfer system and method
US7092913B2 (en) * 2002-02-26 2006-08-15 Cannon Jr Thomas Calvin System for inexpensively executing online purchases
WO2005024577A2 (en) * 2003-09-03 2005-03-17 Allcard Financial Services, Lp Method for depositing funds to a stored value card
US20050144128A1 (en) * 2003-12-30 2005-06-30 Mccoppin Phillip A. Mechanism and process for processing financial transactions
US20070150414A1 (en) * 2004-01-07 2007-06-28 Precash, Inc. System and method for facilitating payment transactions
US7617128B2 (en) * 2004-06-15 2009-11-10 Revolutionary E-Commerce Systems, Inc. Online transaction hosting apparatus and system
EP1817729A4 (en) 2004-06-25 2010-11-03 Ian Charles Ogilvy A transaction processing method, apparatus and system
US7324976B2 (en) 2004-07-19 2008-01-29 Amazon Technologies, Inc. Automatic authorization of programmatic transactions
US7383231B2 (en) 2004-07-19 2008-06-03 Amazon Technologies, Inc. Performing automatically authorized programmatic transactions
US20070255652A1 (en) 2006-03-30 2007-11-01 Obopay Inc. Mobile Person-to-Person Payment System
US20070282739A1 (en) * 2006-05-30 2007-12-06 Jacob Thomsen Computer implemented method and system for rapid verification and administration of fund transfers and a computer program for performing said method
US20080126245A1 (en) * 2006-11-28 2008-05-29 Robert Rosenberg System and method for centralized banking
US8190518B2 (en) * 2006-12-18 2012-05-29 Pitney Bowes Inc. Method and system for performing monetary transactions from multiple source accounts
US7752107B1 (en) * 2007-02-28 2010-07-06 Island Intellectual Property Llc System and method for managing aggregated accounts
US20090076934A1 (en) * 2007-09-19 2009-03-19 Hamed Shahbazi Personalized customer transaction system
US7766244B1 (en) * 2007-12-31 2010-08-03 Jpmorgan Chase Bank, N.A. System and method for processing transactions using a multi-account transactions device
US20100030687A1 (en) * 2008-01-18 2010-02-04 Cashedge, Inc. Real-Time Settlement of Financial Transactions Using Electronic Fund Transfer Networks
US8412624B2 (en) 2008-07-17 2013-04-02 Toshiba Global Commerce Solutions Holdings Corporation Multiple financial account transaction processing
US20100063926A1 (en) * 2008-09-09 2010-03-11 Damon Charles Hougland Payment application framework
CA2739926A1 (en) * 2008-10-09 2010-04-15 Dynatax Solutions, Ltd. Flexible and adaptive accrual method and apparatus for calculating and facilitating compliance with taxes and other obligations
US8407121B2 (en) * 2008-12-30 2013-03-26 The Western Union Company Location-based money transfer
US20110166989A1 (en) * 2010-01-04 2011-07-07 Bank Of America Corporation Offsetting liabilities and attributing rewards
US8880425B2 (en) * 2010-04-07 2014-11-04 The Western Union Company Mobile agent point-of-sale (POS)
US20140089188A1 (en) * 2011-10-20 2014-03-27 Bindu Rama Rao System for funds transfer using source atm and delivering atm
US20140019341A1 (en) * 2012-04-10 2014-01-16 Kabbage, Inc. Method, apparatus and computer readable storage to effectuate an instantaneous monetary transfer
US20140164224A1 (en) * 2012-12-12 2014-06-12 Bank Of America Corporation Targeting banking center customers for channel migration with banking center representative-personalized alerts
US9886036B2 (en) * 2014-02-10 2018-02-06 John Bean Technologies Corporation Routing of automated guided vehicles
CN103942675B (en) * 2014-04-29 2018-10-12 联想(北京)有限公司 A kind of information processing method and electronic equipment

Patent Citations (19)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US6796492B1 (en) * 1995-04-13 2004-09-28 James G. Gatto Electronic fund transfer or transaction system
US5825003A (en) * 1995-07-24 1998-10-20 Citicorp Development Center Customer-directed, automated process for transferring funds between accounts using a holding account and local processing
US20020152176A1 (en) * 2000-07-11 2002-10-17 First Data Corporation Automated group payment
US20100114764A1 (en) * 2000-11-06 2010-05-06 Cataline Glen R System and Method for Selectable Funding of Electronic Transactions
US20030046224A1 (en) * 2001-08-30 2003-03-06 Mujtaba M. Shahid Method and apparatus for handling monetary transactions
US20030126075A1 (en) * 2001-11-15 2003-07-03 First Data Corporation Online funds transfer method
US20030163425A1 (en) * 2002-02-26 2003-08-28 Cannon Thomas Calvin System for executing high-volume electronic bill payments
US20030167237A1 (en) * 2002-03-04 2003-09-04 First Data Corporation Money transfer evaluation systems and methods
US8032452B2 (en) * 2002-11-06 2011-10-04 The Western Union Company Multiple-entity transaction systems and methods
US20070179885A1 (en) * 2006-01-30 2007-08-02 Cpni Inc. Method and system for authorizing a funds transfer or payment using a phone number
US7805352B2 (en) * 2006-03-23 2010-09-28 Hartford Fire Insurance Company System and method for managing and administering a lifetime income share plan
US20080040275A1 (en) * 2006-04-25 2008-02-14 Uc Group Limited Systems and methods for identifying potentially fraudulent financial transactions and compulsive spending behavior
US20080070593A1 (en) * 2006-06-01 2008-03-20 Altman Samuel H Secure and private location sharing for location-aware mobile communication devices
US20080189209A1 (en) * 2007-02-05 2008-08-07 First Data Corporation Real-Time Funds Transfer
US20100250436A1 (en) * 2007-10-17 2010-09-30 The Western Union Company Mobile customer service centers with a mobile pickup model
US20110238568A1 (en) * 2008-11-14 2011-09-29 Bank Of America Corporation Enhanced Optimized Routing With Volume Controls
US8083141B1 (en) * 2009-07-17 2011-12-27 United Services Automobile Association (Usaa) Systems and methods for transactions with a headless automated teller machine or point of sale device
US20110137796A1 (en) * 2009-12-08 2011-06-09 John Tullis Payment message routing using geo-location
US20120030098A1 (en) * 2010-07-28 2012-02-02 The Western Union Company Receiver driven money transfer alert system

Non-Patent Citations (2)

* Cited by examiner, † Cited by third party
Title
Blum, A. (1996, Dec 21). Quick and easy money transfers? where there's a wire, there's a way. International Herald Tribune Retrieved 19 June 2014 *
Jason DeParle New York Times,News Service. (2007, Nov 23). Sending money home gives western union a major migrant role. Deseret News Retrieved 19 June 2014 *

Cited By (10)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US8626659B1 (en) 2012-09-28 2014-01-07 Fiserv, Inc. Facilitating presentation of content relating to a financial transaction
US9449346B1 (en) 2014-05-21 2016-09-20 Plaid Technologies, Inc. System and method for programmatically accessing financial data
US9595023B1 (en) 2014-05-21 2017-03-14 Plaid Technologies, Inc. System and method for facilitating programmatic verification of transactions
US10319029B1 (en) 2014-05-21 2019-06-11 Plaid Technologies, Inc. System and method for programmatically accessing financial data
US10185946B2 (en) 2014-12-31 2019-01-22 Fiserv, Inc. Facilitating presentation of content relating to a financial transaction
US10003591B2 (en) 2015-09-08 2018-06-19 Plaid Technologies, Inc. Secure permissioning of access to user accounts, including secure deauthorization of access to user accounts
US10104059B2 (en) 2015-09-08 2018-10-16 Plaid Technologies, Inc. Secure permissioning of access to user accounts, including secure deauthorization of access to user accounts
US10380589B2 (en) 2015-10-02 2019-08-13 Chicago Mercantile Exchange Inc. Virtual payment processing system
US10387881B2 (en) 2015-10-02 2019-08-20 Chicago Mercantile Exchange Inc. Virtual payment processing system
US10268635B2 (en) 2016-06-17 2019-04-23 Bank Of America Corporation System for data rotation through tokenization

Also Published As

Publication number Publication date
US9582788B2 (en) 2017-02-28
US20150262147A1 (en) 2015-09-17

Similar Documents

Publication Publication Date Title
US7383223B1 (en) Method and apparatus for managing multiple accounts
US7426492B1 (en) Systems and methods for facilitating commercial transactions between parties residing at remote locations
US7606787B2 (en) Propagating data to facilitate electronic payments to payees
US8942997B2 (en) Payment system
US8762275B2 (en) Systems and methods providing multiple account holder functionality
US8442914B2 (en) Virtual wallet account with automatic-loading
KR101314381B1 (en) Methods and apparatus for funds remittances to non-payment card accounts using payment card system
US8814039B2 (en) Methods for processing a payment authorization request utilizing a network of point of sale devices
US5913202A (en) Financial information intermediary system
US7693783B2 (en) Universal merchant platform for payment authentication
US8015085B2 (en) System for distributing funds
US20100312695A1 (en) Multi currency exchanges between participants of a network-based transaction facility
US20060277147A1 (en) Credit card supported electronic payments
US8875990B2 (en) Systems and methods for allocating a payment authorization request to a payment processor
US20090182664A1 (en) Integrating social networking with financial services
US20030208440A1 (en) International payment system and method
EP2958066A1 (en) System and method for location based mobile commerce
US20030216996A1 (en) Methods and systems for providing financial payment services
US8271385B2 (en) Method, device, and system for completing on-line financial transactions
US7899712B2 (en) Method and apparatus for facilitating online payment transactions in a network-based transaction facility
AU2012394424B2 (en) Using card image to extract bank account information
US8596527B2 (en) Methods for locating a payment system utilizing a point of sale device
US20040098335A1 (en) Multiple-entity transaction systems and methods
US8255325B2 (en) Method and apparatus for facilitating online payment transactions in a network-based transaction facility using multiple payment instruments
US20030105688A1 (en) Secure digital escrow account transactions system and method

Legal Events

Date Code Title Description
AS Assignment

Owner name: DWOLLA, INC, IOWA

Free format text: ASSIGNMENT OF ASSIGNORS INTEREST;ASSIGNOR:MILNE, BENJAMIN P;REEL/FRAME:032320/0977

Effective date: 20140227

STCB Information on status: application discontinuation

Free format text: ABANDONED -- FAILURE TO RESPOND TO AN OFFICE ACTION