A technique for transferring money between a customer and a beneficiary comprises a money-transfer company, and a plurality of selling agents and paying agents. The money-transfer company maintains a server, a database, and a communications interface for communicating, via a telephone network and/or the Internet, with data terminals located at the selling and paying agents' sites. Customer transaction cards are distributed to customers. These cards have a visible card number and a corresponding alphanumeric card code stored in, e.g., a magnetic strip. In response to a customer's request, the money-transfer company activates the customer's transaction card by loading customer and beneficiary information into a corresponding transaction card record stored in the database. A selling agent initiates a money-transfer request from a data terminal. Specifically, the selling agent enters a monetary amount and swipes the customer's card in a magnetic strip reader located on the data terminal. Upon receiving the money amount and the customer's card code, the company creates a corresponding and unique transaction record associating the customer, his (her) card and the beneficiary, in the database and returns a fund pick-up ("folio") number to the customer. The customer discloses the folio number to the beneficiary, who, with this number and appropriate personal identification, collects the transferred money from a paying agent. The customer can use the same transaction card to make subsequent money transfers, in any amount, to the same beneficiary.
PRIORITY CLAIM
This application claims priority of co-pending United States provisional patent application entitled "MONEY TRANSFER TECHNIQUES", filed Jan. 5, 2000, and assigned Ser. No. 60/174,646, which is incorporated by reference herein.
An apparatus and method for transferring money or value, using a wide range of interfaces to initiate a transfer and a wide range of options for receiving the transfer, including receiving the transferred sum directly to the communication device/account of the receiver. The receiver can use the transferred sum as an airtime credit, to obtain cash or to pay for other goods or services.
A system and method for establishing fraud detection rules system includes a first transaction card through which access to monetary funds is extended and a database associating said transaction card with one or more fraud detection rules governing access to said monetary funds by said transaction card. The system also includes a computing system programmed to permit an individual owning said transaction card to specify said fraud detection rules governing access to said monetary funds by said transaction card.
