Method and system for transferring funds from an account to an individual

US10719814B1 · kind B1 · utility

Assignee

• CITICORP CREDIT SERVICES, INC. (USA) · US

Inventors

• Netty Meiroff · El Segundo, US
• Gordon Zahorik · Branchville, US

Key dates

• Filing date: Apr 10, 2007
• Grant date: Jul 21, 2020
• Expiry date: Apr 10, 2027

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/02
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Methods and system for transferring funds supports funds transfers from a source account to a cash access file which can be accessed virtually twenty-four hours a day by both customers and non-customers. Cash may be transferred across international borders and dispensed in a currency different than that of the sender's source account and is made available to a recipient virtually as soon as the requested transfer is approved and confirmed by the sender. A subset of payees that is uniquely associated with the sender and includes a payee and a destination account for the payee is presented in a payee list database. Thereafter, a payee list is displayed for the sender at a terminal in response to entry of a request by the sender for a transfer of funds, and upon selection by the sender of a payee from the payee list and entry of a requested transfer amount, the requested amount is transferred e.g. to a branch of the sender's bank located in a different country via the network switch and, for example, thereafter routed to the payee's destination account in a different bank for withdrawal by the payee.