Registers – Systems controlled by data bearing records – Banking systems
Reexamination Certificate
1999-12-17
2003-01-07
Lee, Michael G. (Department: 2876)
Registers
Systems controlled by data bearing records
Banking systems
C235S382000, C902S005000
Reexamination Certificate
active
06502747
ABSTRACT:
TECHNICAL FIELD
The invention relates to a system and method for performing a money transfer transaction with a financial services institution using the Transmission Control Protocol/Internet Protocol suite (TCP/IP).
BACKGROUND ART
Money transfer transactions performed with a financial services institution include send transactions and receive transactions. Under a send transaction, a sender sends or “wires” money to a recipient through the financial services institution. Under a receive transaction, the recipient receives money through the financial services institution. Many such transactions are also facilitated by other businesses, companies or organizations that act as agents of the financial services institution. Furthermore, both the sender and the recipient may be referred to as customers of the financial services institution and/or the agent.
A prior method of performing a send transaction involves a sender completing a transaction form and providing the form to an agent. The transaction form includes such information as the desired amount of money to be sent, sender information, and recipient information. The agent then enters the information from the transaction form into a computer that is in communication with a central data base of the financial services institution. Alternatively, the agent may read the information to a representative of the financial services institution, and the representative may provide additional information to the agent that is added to the transaction form. Next, the agent collects from the sender the desired amount of money to be sent plus any applicable fees and/or taxes.
Because this method requires the sender to complete the transaction form, and further requires the agent to either input all information included on the transaction form into the computer, or convey the information to a representative of the financial services institution, the method is time-consuming and error prone. Furthermore, the method does not account for language barriers that may arise should the sender speak a different language than the agent.
Another method of performing a send transaction involves providing a telephone at an agent location with which a sender can access an operator of a financial services institution. The sender then provides information to the operator, such as recipient name, desired amount of money to be sent, and agent location. Next, the operator transmits a transaction form, which includes the information provided by the sender, to an agent at the agent location via a facsimile transmittal machine. The sender then signs the transaction form. Next, the agent collects from the sender the desired amount of money to be sent plus any applicable fees and/or taxes. The agent then signs the transaction form and transmits the form back to the operator. Next, the operator enters the information from the transaction form into a central data base of the financial services institution.
Still another method of performing a send transaction includes providing a sender an access card that is used to access a central data base of a financial services institution. The sender provides the access card to an agent, and the agent retrieves from the central data base a list of potential recipient names previously identified by the sender. After the list has been retrieved, the sender selects a desired recipient from the list, and provides a desired amount of money to be sent to the selected recipient. Next, the agent collects from the sender the desired amount of money to be sent plus any applicable fees and/or taxes.
A prior method of performing a receive transaction involves a sender providing a recipient a money transfer control number (MTCN), which represents a unique key to transaction information stored in a data base. The MTCN is then provided to an agent by the recipient. Next, the agent accesses the data base and obtains a receive amount that corresponds to the MTCN. The agent then issues a check, money order, or cash to the recipient for the receive amount.
A prior method of transmitting data regarding a particular money transfer transaction involves utilizing dedicated computer systems that communicate via a dial-up connection using modems. Furthermore, the dedicated computer systems have proprietary software of a particular financial services institution installed thereon in order to facilitate transmission of data. Such dedicated computer systems and proprietary software, however, are costly to provide. In addition, dial-up connections are slow to establish and provide low data transmission rates between the computer systems.
DISCLOSURE OF INVENTION
The present invention overcomes the shortcomings of the prior art with respect to transmitting data by providing an improved method and system for performing money transfer transactions using the Transmission Control Protocol/Internet Protocol suite (TCP/IP). The method and system of the invention reduce total transaction time and cost compared with prior art methods and systems.
Under the invention, a method of performing a money transfer transaction through a financial services institution includes receiving information regarding the transaction on a first computer of the financial services institution from a first electronic device using TCP/IP. The first electronic device may be any suitable device such as a computer, kiosk, or terminal.
Preferably, the method further includes establishing a T1 connection between the first computer and the first electronic device. More specifically, the method may include establishing a T1 connection between the first computer and a first Internet service provider, wherein receiving information comprises receiving information regarding the transaction on the first computer from the first electronic device via the Internet.
The method may also include transmitting additional information regarding the transaction from the first computer to the first electronic device using TCP/IP. Furthermore, the method may include receiving a desired amount of money to be sent from the first electronic device, establishing a code corresponding to the desired amount of money to be sent, and transmitting the code to a second electronic device using TCP/IP. It is to be understood that the first and second electronic devices may be the same or different.
More specifically, a method according to the invention of performing a send money transfer transaction through a financial services institution includes receiving transaction details on a first computer of the financial services institution using TCP/IP, wherein the transaction details include a desired amount of money to be sent; establishing a code that corresponds to the transaction details; and transmitting the code from the first computer to an electronic transaction staging device using TCP/IP.
Further under the invention, a system for performing a money transfer transaction includes a first computer adapted to communicate with an electronic device using TCP/IP, wherein the first computer is configured to receive information regarding the transaction from the electronic device.
More specifically, a system according to the invention for performing a send money transfer transaction includes a transaction staging device configured to transmit transaction details using TCP/IP, and a first computer in communication with the transaction staging device for receiving the transaction details using TCP/IP. The first computer is further configured to store the transaction details and to establish a code that corresponds to the transaction details. The system also includes an electronic transaction fulfillment device in communication with the first computer. The transaction fulfillment device is configured to receive the code as an input thereto, and to retrieve the transaction details from the first computer based on the code using TCP/IP.
These and other objects, features and advantages of the invention are readily apparent from the following detailed description of the best modes for carrying out the invention when taken in conjuncti
Seifert Dean A.
Stoutenburg Earney E.
Brooks & Kushman P.C.
Cyr Daniel St.
First Data Corporation
Lee Michael G.
LandOfFree
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