Systems and methods for transferring funds to a pre-paid account

US10504074B2 · kind B2 · utility

Assignee

• The Western Union Company · US

Inventors

• Chris Cochran · Highlands Ranch, US
• Gary Jeffords · Centennial, US
• Rodrigo Sada · Lone Tree, US

Key dates

• Filing date: Oct 10, 2013
• Grant date: Dec 10, 2019
• Expiry date: May 25, 2037

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/28
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

According to the invention, a method for transferring funds from a sender to a pre-paid account to be assigned to a recipient is disclosed. The method may include receiving a request to perform a funds transfer, including an amount and a recipient, and determining whether to approve the request. Upon approval, the method may include selecting a first and second money transfer control number (MTCN). The method may include recording an association of the amount and the recipient with the first MTCN, and an association of the two MTCN's. The method may include sending the second MTCN out and later receiving a request to redeem which includes the second MTCN. The method may include determining the first MTCN based on the second MTCN, and whether to approve the request. Upon approval, an indication may be sent that the amount is available for funding of the pre-paid account of the recipient.