Method and system for cash remittances using a two country banking structure

US7996309B2 · kind B2 · utility

Assignee

• Bank of America Corporation · US

Inventors

• Thomas D. Avazian · Miami, US
• Miguel Cintron · Kendall, US
• Marcos Rosenberg · San Antonio, US
• Claudia Tabacinic · Hollywood, US
• Faith A. Tucker · Wichita, US
• Eduardo J. Vergara · Charlotte, US

Key dates

• Filing date: Jul 23, 2010
• Grant date: Aug 9, 2011
• Expiry date: Jul 23, 2030

Classification

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

Abstract

A bank customer of a first bank in a first country has a bank account. The bank provides a banking service whereby customer is able to send cash to a recipient in a second country via a commingled bank account belonging to a second bank. The cash is provided to the recipient in the currency of the second country by a third party payment agent. To effect a transfer, the bank customer in the first country instructs the first bank to debit his or her account and send cash to a designated recipient. In response, the first bank debits the customer's account, sends first payment instructions to the second bank, and transfers funds to a commingled account at the second bank. Funds from this commingled account are used to pay for the cash provided to the recipient. The banking service may be provided free of charge to a banking customer of the first bank.