U.S. patent application number 14/253219 was filed with the patent office on 2014-07-31 for methods and systems for coordinating pooled financial transactions.
This patent application is currently assigned to The Western Union Company. The applicant listed for this patent is The Western Union Company. Invention is credited to Kurt Hansen.
Application Number | 20140214659 14/253219 |
Document ID | / |
Family ID | 33029686 |
Filed Date | 2014-07-31 |
United States Patent
Application |
20140214659 |
Kind Code |
A1 |
Hansen; Kurt |
July 31, 2014 |
METHODS AND SYSTEMS FOR COORDINATING POOLED FINANCIAL
TRANSACTIONS
Abstract
Methods and systems are provided for processing a financial
transaction. A set of conditions is received that define
circumstances for execution of the financial transaction. Funds are
collected for each of a plurality of partial payments prior to
satisfaction of the set of conditions, with at least two of the
partial payments being collected from different persons. The
collected funds are accumulated for support of the financial
transaction until satisfaction or failure of the set of
conditions.
Inventors: |
Hansen; Kurt; (Castle Rock,
CO) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
The Western Union Company |
Englewood |
CO |
US |
|
|
Assignee: |
The Western Union Company
Englewood
CO
|
Family ID: |
33029686 |
Appl. No.: |
14/253219 |
Filed: |
April 15, 2014 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
|
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13958107 |
Aug 2, 2013 |
8700412 |
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14253219 |
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11685666 |
Mar 13, 2007 |
8515772 |
|
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13958107 |
|
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|
10391502 |
Mar 17, 2003 |
7225154 |
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11685666 |
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Current U.S.
Class: |
705/39 |
Current CPC
Class: |
G06Q 20/29 20130101;
G06Q 40/00 20130101; G06Q 99/00 20130101; G06Q 20/10 20130101; G06Q
20/102 20130101; G06Q 20/227 20130101; G06Q 20/405 20130101 |
Class at
Publication: |
705/39 |
International
Class: |
G06Q 20/22 20060101
G06Q020/22; G06Q 20/10 20060101 G06Q020/10 |
Claims
1. A method comprising: receiving, at a host computer system,
information that defines a beneficiary and a first condition for
execution of a financial transaction; receiving, at the host
computer system, information regarding collection of a plurality of
partial payments, wherein each of the plurality of partial payments
is prohibited from originating from a particular source; recording,
by the host computer system, an accumulation of collected funds for
support of the financial transaction; determining by the host
computer system, whether the first condition has been satisfied;
and causing, by of the host computer system, the accumulation of
collected funds to be transferred to the beneficiary upon or after
satisfaction of the first condition.
2. The method of claim 1, wherein: at least two of the partial
payments are collected from different entities.
3. The method of claim 1, wherein the first condition comprises:
the accumulation of collected funds equaling or exceeding a total
transaction amount.
4. The method of claim 1, wherein the first condition comprises: a
particular time being reached.
5. The method of claim 1, wherein at least one of the plurality of
partial payments comprises: a payment from a card account.
6. The method of claim 1, wherein the method further comprises:
receiving, at the host computer system, a second condition, wherein
the second condition represents a change in the first
condition.
7. The method of claim 1, wherein the method further comprises:
generating, by the host computer system, a notification to each
entity which provided funds for each of the plurality of partial
payments.
8. A non-transitory machine readable medium having instructions
stored thereon, the instructions executable by a processor to at
least: receive information that defines a beneficiary and a first
condition for execution of a financial transaction; receive
information regarding collection of a plurality of partial
payments, wherein each of the plurality of partial payments is
prohibited from originating from a particular source; record an
accumulation of collected funds for support of the financial
transaction; determine whether the first condition has been
satisfied; and cause the accumulation of collected funds to be
transferred to the beneficiary upon or after satisfaction of the
first condition.
9. The non-transitory machine readable medium of claim 8, wherein:
at least two of the partial payments are collected from different
entities.
10. The non-transitory machine readable medium of claim 8, wherein
the first condition comprises: the accumulation of collected funds
equaling or exceeding a total transaction amount.
11. The non-transitory machine readable medium of claim 8, wherein
the first condition comprises: a particular time being reached.
12. The non-transitory machine readable medium of claim 8, wherein
at least one of the plurality of partial payments comprises: a
payment from a card account.
13. The non-transitory machine readable medium of claim 8, wherein
the instructions are further executable by the processor to at
least: receive a second condition, wherein the second condition
represents a change in the first condition.
14. The non-transitory machine readable medium of claim 8, wherein
the instructions are further executable by the processor to at
least: generate a notification to each entity which provided funds
for each of the plurality of partial payments.
15. A system comprising: a host computer system configured to:
receive information that defines a beneficiary and a first
condition for execution of a financial transaction; receive
information regarding collection of a plurality of partial
payments, wherein each of the plurality of partial payments is
prohibited from originating from a particular source; record an
accumulation of collected funds for support of the financial
transaction; determine whether the first condition has been
satisfied; and cause the accumulation of collected funds to be
transferred to the beneficiary upon or after satisfaction of the
first condition.
16. The system claim 15, wherein: at least two of the partial
payments are collected from different entities.
17. The system claim 15, wherein the first condition comprises: the
accumulation of collected funds equaling or exceeding a total
transaction amount.
18. The system claim 15, wherein the first condition comprises: a
particular time being reached.
19. The system claim 15, wherein the host computer is further
configured to: receive a second condition, wherein the second
condition represents a change in the first condition.
20. The system claim 15, wherein the host computer is further
configured to: generate a notification to each entity which
provided funds for each of the plurality of partial payments.
Description
CROSS-REFERENCE TO RELATED APPLICATION
[0001] This application is a continuation of U.S. patent
application Ser. No. 13/958,107, filed Aug. 2, 2013, entitled
"METHODS AND SYSTEMS FOR COORDINATING POOLED FINANCIAL
TRANSACTIONS," and issued as U.S. Pat. No. 8,700,412, which is a
continuation of U.S. patent application Ser. No. 11/685,666, filed
Mar. 13, 2007, entitled "METHODS AND SYSTEMS FOR COORDINATING
POOLED FINANCIAL TRANSACTIONS," and issued as U.S. Pat. No.
8,515,772, which is a continuation of U.S. patent application Ser.
No. 10/391,502, filed Mar. 17, 2003, entitled "METHODS AND SYSTEMS
FOR COORDINATING POOLED FINANCIAL TRANSACTIONS," and issued as U.S.
Pat. No. 7,225,154. The entire disclosures of the above
applications are hereby incorporated by reference, for all
purposes, as if fully set forth herein.
BACKGROUND OF THE INVENTION
[0002] This application relates generally to financial
transactions. More specifically, this application relates to
methods and systems for coordinating pooled financial
transactions.
[0003] There are numerous applications in which it is desirable for
a group of people to pool their financial resources and to use the
pooled resources towards a financial transaction. This may be
illustrated with a specific example that is sometimes referred to
in the Detailed Description of the Invention below when describing
how certain aspects of the invention may be implemented in specific
embodiments. Consider the case of John, who has learned that his
father is terminally ill. John's father lives in a different
country than John and John would like to visit his father, but is
unable to afford the purchase of an airline ticket. There are
various relatives who would be willing to provide financial
support, but their ability to do so is complicated by the fact that
they are geographically disperse, with some living in different
countries than either John or his father. The ability of the
various relatives to pool their financial resources is thus further
inhibited by the fact that those resources are not even available
in the same currency. There is a need for a simple way to
coordinate the purchase of the airline ticket among the various
parties.
[0004] Similar needs may arise in various other circumstances in
which a group of people wish to pool their financial resources.
Accordingly, there is a general need to provide a simple mechanism
for coordination of pooled financial transactions.
BRIEF SUMMARY OF THE INVENTION
[0005] Embodiments of the invention thus provide methods and
systems for processing financial transactions that greatly simplify
pooling of financial resources among multiple people. Some
embodiments make use of an architecture that permits access to a
host system that implements methods of the invention. The
architecture, which may also be used for various other
applications, may include direct interfaces with geographically
distributed transaction devices and may include various remote
interfaces, including an Internet interface, a DTMF interface,
and/or a cable interface. Equivalent functionality is provided with
each of the interfaces, and the availability of a large number of
geographically distributed transaction devices permits diverse
interaction with the host system, even in areas or by persons
without easy access to one of the remote interfaces. The host
system maintains criteria that define when the transaction is to be
executed or aborted, and coordinates the collection of partial
payments made by different persons, thereby effecting the pooling
aspect of the transaction.
[0006] In one specific set of embodiments, a method is provided for
processing a financial transaction. A set of conditions is received
at the host system that define circumstances for execution of the
financial transaction. Funds are collected for each of a plurality
of partial payments prior to satisfaction of the set of conditions,
with at least two of the partial payments being collected from
different persons. In some cases, one of the partial payments may
be made by the person who establishes the set of conditions. The
collected funds are accumulated for support of the financial
transaction until satisfaction or failure of the set of
conditions.
[0007] There are various types of conditions that may be used. For
example, in one embodiment, the set of conditions comprises a total
transaction amount. In another embodiment, the set of conditions
comprises a time limitation. Still other types of conditions may be
imposed, including some that rely on the occurrence or
non-occurrence of an external event. There are also various ways in
which the funds may be collected, including by charging a card
account, such as from a credit card, debit card, stored value card,
and the like, and/or by receiving cash.
[0008] Upon satisfaction of the set of conditions, at least some of
the accumulated funds may be transferred to execute the financial
transaction, a process that may include performing a currency
exchange of the funds. In some instances, a notification that the
accumulated funds have been transferred may then be provided. In
addition, an excess of the accumulated funds that are unused may be
refunded in some instances. Such a refund may also be made upon
failure of the set of conditions to return unused accumulated
funds.
[0009] In another specific set of embodiments, a method is also
provided for processing a financial transaction. A set of
conditions is received at the host system that define a beneficiary
to the financial transaction and circumstances for execution of the
financial transaction. Prior to satisfaction of the set of
conditions, funds are collected for a first partial payment
initiated at a first location and for a second partial payment
initiated at a different second location. A determination is made
whether to transfer the collected funds to the beneficiary by
determining whether the set of conditions has been satisfied. The
types of conditions, methods for collecting funds, and actions
taken after satisfaction or failure of the set of conditions are
varied, and include those mentioned above.
[0010] The methods of the present invention may be embodied in a
computer-readable storage medium having a computer-readable program
embodied therein for directing operation of the host system. The
host system may include an input device, a communications system, a
processor, and a storage device. The computer-readable program
includes instructions for operating the host system to process a
financial transaction in accordance with the embodiments described
above.
BRIEF DESCRIPTION OF THE DRAWINGS
[0011] A further understanding of the nature and advantages of the
present invention may be realized by reference to the remaining
portions of the specification and the drawings wherein like
reference numerals are used throughout the several drawings to
refer to similar components. In some instances, a sublabel is
associated with a reference numeral and follows a hyphen to denote
one of multiple similar components. When reference is made to a
reference numeral without specification to an existing sublabel, it
is intended to refer to all such multiple similar components.
[0012] FIG. 1A is a block-diagram representation of a partial
architecture for implementing pooled transactions in accordance
with an embodiment of the invention;
[0013] FIG. 1B is a schematic illustration of a device that may be
used to collect and/or pay funds in accordance with embodiments of
the invention;
[0014] FIG. 2 is a flow diagram illustrating a method for
processing a financial transaction in accordance with an embodiment
of the invention;
[0015] FIGS. 3A and 3B are simplified exemplary screen diagrams
that may be displayed on a display screen while initiating a
financial transaction in accordance with an embodiment of the
invention; and
[0016] FIG. 4 is a schematic illustration of a computer system on
which methods of the invention may be embodied.
DETAILED DESCRIPTION OF THE INVENTION
[0017] Embodiments of the invention provide methods and systems for
processing pooled financial transactions. As used herein, a
"pooled" financial transaction includes contributions to the
financial transaction from at least two different persons. In some
instances, the pooling may occur over a period of time, as well as
through multiple persons. One example of such an instance is where
one of the persons makes contributions at different points in time
as that person's financial resources become available, such as
through receipt of wages or other payments. Coordination of such
pooled financial transactions is achieved in embodiments of the
invention by use of a money-transfer architecture that has the
capacity to be accessed in geographically disperse areas.
[0018] An illustration of one possible architecture that may be
used to enable such embodiments is illustrated with the schematic
diagram in FIG. 1A. Coordination of the pooled financial
transaction is effected by a host system 100, which is in
communication with one or more interfaces that may be used for
interaction. The geographical dispersion for access to the host
system 100 may be effected by using transaction devices 120 that
are geographically distributed. Each transaction device 120 may be
configured as a stand-alone device for collecting information for
defining the pooled financial transaction and the conditions under
which it is to be executed, in addition to performing other
functions. The connections between the host system 100 and the
transaction devices 120 may be maintained with any communications
protocol known to those of skill in the art, including electronic,
optical, and other communications protocols. Because of the
sensitive nature of the financial information that may be
exchanged, such communications protocols generally incorporate
strong encryption schemes.
[0019] In other instances, the system may permit collection of
relevant information by the host system 100 with an interface that
is itself accessible from geographically disperse locations.
Examples of interfaces that may be used include an Internet
interface 128, which may, for example provide a World Wide Web
interface for staging the pooled transaction. Another interface
that may be provided is a DTMF interface 132, which includes a
processor for decoding DTMF tones from a touch-tone telephone. Such
tones may be used in combination with a recorded-voice interface to
collect information for staging the pooled transaction. A further
interface that may be provided is a cable interface 136, which
includes a processor for decoding cable signals for staging the
pooled transaction.
[0020] The transaction devices 120 and other interfaces permit
direct interaction with the host system 100 by persons involved
with the pooled transaction. Indirect interaction is also possible,
such as by using a financial institution 124 as an intermediary,
but this is not required in embodiments of the invention. In such
instances, the financial institution 124 is interfaced with the
host system 100. Such an arrangement permits the financial
institution 124 to accept funds transferred from the host system
100 as part of the pooled transaction and/or to provide funds to
the host system 100 in accordance with instructions from one of the
persons involved with the pooled transaction.
[0021] Merely by way of example, the use of different components of
the architecture may be illustrated with the example of John
seeking to purchase an airline ticket outlined in the Background of
the Invention. In this example, John is a customer 104 who wishes
to make arrangements by which other family members may contribute
to his purchase of an airline ticket. Each of the family members
who makes a contribution is identified in FIG. 1A as a contributing
party 116 and the airline that is to receive the funds as part of
the transaction is identified as the beneficiary 108. In FIG. 1A,
customer John 104 stages the pooled transaction through interaction
with one of the transaction devices 120-1, although it may be
staged through any of the other interfaces with the host system
100. A first of the contributing parties 116-1 interacts with a
second of the transaction devices 120-4 to submit his contribution.
The first and second transaction devices 120-1 and 120-4 may be
geographically separate, even being in different countries and/or
on different continents. A second of the contributing parties 116-2
instead interacts with the host system 100 through the Internet
interface to submit his contribution.
[0022] Each of these contributions may be obtained in different
ways, depending on the instructions provided by the contributing
parties 116 when they make their contributions. In some instances,
their contributions may be provided by specifying financial-account
information and an amount to be debited from the account. In such
instances, the host system 100 uses an interface with one of the
financial institutions 124 to debit the amount and apply it to the
transaction. The interface with the financial institutions 124 may
also be used to execute the transaction by crediting a specified
account at a financial institution 124. This is particularly
convenient in the case of John's purchase of an airline ticket
since the beneficiary 108 is not a natural person. Rather than have
the airline send a representative to a specific location to
retrieve payment, it may be deposited directly into an account of
the airline with instructions to credit it to the specific ticket
purchase. For this reason, FIG. 1A shows the beneficiary
interacting directly with one of the financial institutions
124-3.
[0023] The specific interactions of the customer 104, contributing
parties 116, and beneficiary 108 with the system shown in FIG. 1A
are merely exemplary. Different combinations of interactions may be
more suitable for other types of pooled financial transactions, and
are intended also to be within the scope of the invention.
Furthermore, the arrangement illustrated schematically in FIG. 1A
may be viewed as a portion of a larger communications
infrastructure. Such a communications infrastructure provides
communications interconnections and protocols for exchanging data
among a variety of devices and institutions, in addition to those
identified in FIG. 1.
[0024] There are numerous different structures that may be used for
the transaction devices 120 indicated in FIG. 1A. Examples of such
systems are described in detail in copending, commonly assigned
U.S. patent applicataion Ser. No. 10/206,661, entitled "MONEY
TRANSFER SYSTEMS AND METHODS FOR TRAVELERS," filed Jul. 26, 2002
("the '661 application"), the entire disclosure of which is herein
incorporated by reference for all purposes. For example, local
terminals may be used to accept cash, credit cards, checks, debit
cards, stored value cards, smart cards, and the like as part of
initiating the pooled transaction. The transaction device may also
include payout functionality that permits it to print a check,
print a money order, credit a stored-value card, and the like. This
payout functionality may be used in instances where execution of
the pooled transaction comprises performing such a payout, with the
payout being collected at the transaction device 120. Examples of
such terminals are described in the following commonly assigned
applications, the entire disclosures of which are incorporated
herein by reference for all purposes: U.S. Prov. Pat. Appl. No.
60/147,889, entitled "INTEGRATED POINT OF SALE DEVICE," filed Aug.
9, 1999 by Randy J. Templeton et al.; U.S. patent application Ser.
No. 09/634,901, entitled "POINT OF SALE PAYMENT SYSTEM," filed Aug.
9, 2000 by Randy J. Templeton et al.; U.S. patent application Ser.
No. 10/116,689, entitled "SYSTEMS AND METHODS FOR PERFORMING
TRANSACTIONS AT A POINT-OF-SALE," filed Apr. 3, 2002 by Earney
Stoutenburg et al.; U.S. patent application Ser. No. 10/116,733,
entitled "SYSTEMS AND METHODS FOR DEPLOYING A POINT-OF-SALE
SYSTEM," filed Apr. 3, 2002 by Earney Stoutenburg et al.; U.S.
patent application Ser. No. 10/116,686, entitled "SYSTEMS AND
METHODS FOR UTILIZING A POINT-OF-SALE SYSTEM," filed Apr. 3, 2002
by Earney Stoutenburg et al.; and U.S. patent application Ser. No.
10/116,735, entitled "SYSTEMS AND METHODS FOR CONFIGURING A
POINT-OF-SALE SYSTEM," filed Apr. 3, 2002 by Earney
Stoutenburg.
[0025] One basic structure for the transaction device is shown
schematically in FIG. 1B. The components shown may form part of a
device that is operated by a clerk in accordance with instructions
from a customer, or may be part of a self-service device in which
the customer enters instructions directly. Regardless of how the
transaction device 120 is configured for operation, it may include
a controller 150 that may communicate with various component
devices such as a card reader 158, a card writer 160, a card issuer
162, a cash issuer 164, a check printer 166, and a cash receiver
168. The transaction device 120 may include some or all of these
devices.
[0026] The card reader 158 permits easy entry of customer
information when the customer 104 has a card that contains
identifying information common to many transactions, such as the
customer's name, identification number, and the like. These may be
used to populate a transaction screen 300, such as the one
described below. Similarly, such an identification card may be used
with the card reader by contributing parties 116 and/or
beneficiaries 108 to simplify providing identification for
participation in the pooled transaction. The card reader 158 may
also be used to extract information from credit cards, debit cards,
smart cards, stored value cards, and the like in embodiments where
the customer 104 or other contributing party 116 wishes to use
those instruments as a source of funds for a partial payment
towards the pooled transaction. The card writer 160 similarly
permits information to be encoded and stored on a variety of
similar types of cards. This capability permits the transaction
device to pay out funds in accordance with the pooled transaction
in some embodiments by adding value to a stored-value card, smart
card, and the like. In some cases, cards may be issued to the
customers 104, contributing parties 116, and/or beneficiaries 108
using the card issuer 162. For example, a customer card may be
issued as part of a registration process of the customer 104,
contributing party 116, or beneficiary 108, permitting that person
to use the card rather than re-enter identification information for
later transfers. The card issuer 162 may also be used to issue
cards when making payments to recipients in the form of stored
value cards, smart cards, cash cards, and the like. These may then
be used at other transaction devices 120 or ATMs to withdraw the
funds.
[0027] The cash receiver 168 may be used to receive funds from the
customer 104 and/or contributing parties 116 in accordance with
partial payments that they make. Similarly, the cash issuer 164 may
be used to dispense cash directly to the beneficiary 108 after the
identity of the beneficiary 108 has been confirmed, such as by
having an identification card read by the card reader 158 and
entering a personal identification number. Cash payouts may also be
made by using the card reader 158 and cash issuer 164 in
combination to redeem value from a card having stored value.
[0028] The transaction device 120 may also include connections for
interfacing with peripheral devices. For example, a PDA interface
170 may permit a PDA device to be coupled to the transaction device
170, allowing instructions for the pooled transaction to be made
directly from the customer's PDA, which may conveniently be
preprogrammed with various information relating to the transaction,
such as account numbers, information on the beneficiary 108, and
the like. The PDA interface 170 may similarly be used by
contributing parties 116 to provide identification and account
information for submitting a partial payment, and by beneficiaries
108 to provide identification and account information for receiving
funds in accordance with the pooled transaction. Connections for
interfacing with other types of peripheral devices may also be
included to offer as much versatility as possible to customers 104,
contributing parties 116, and beneficiaries 108 in interacting with
the system.
[0029] The functionality provided by the transaction devices 120
may in large measure be reproduced with the alternative interfaces,
i.e. through the Internet interface 128, DTMF interface 132, and
cable interface 136. In such cases, identification information from
cards, such as credit cards, debit cards, smart cards, stored-value
cards, and the like, is provided through the interface rather than
the card itself Applicable debits and credits in accordance with
the pooled transaction are performed through interfacing with the
financial institutions 124 to apply those debits and credits to
respective accounts held at the financial institutions.
[0030] Regardless of the type of interface used by the various
parties, the pooled transactions may be effected in similar ways.
Examples of transactions effected with the arrangement shown in
FIG. 1A are provided by the flow diagram shown in FIG. 2. In this
embodiment, the pooled transaction is initiated by the customer
104, who provides relevant information to define the pooled
transaction at blocks 204, 208, and 212. This information may be
provided at a transaction device 120 as indicated in FIG. 1A, or
through any of the other interfaces. Generally, at least three
pieces of information are provided in defining the pooled
transaction, including beneficiary information at block 204, a
total transaction amount at block 208, and conditions for execution
of the transaction at block 212. In an alternative embodiment, the
conditions may instead be partially or fully specified by the
beneficiary 108 instead of by the customer 104. After the
transaction information has been entered, the customer 104 may be
provided with a transaction identifier that he may then communicate
to contributing parties 116 for their use in identifying the pooled
transaction.
[0031] The beneficiary information provided at block 204 may take
the form of providing the name of the beneficiary, a known
identification number, or some other identifying information. The
use of known identification numbers may be particularly useful for
large-volume parties, such as corporations. As such, in the example
of John seeking the purchase of an airline ticket, the
identification of the beneficiary as the airline may be provided by
specifying an identification number provided by the airline. A
large beneficiary may have multiple identification numbers that
correspond to different departments, such that the specific
identification number provided permits more directed targeting of
the pooled transaction when it is executed.
[0032] The total transaction amount provided at block 208 is used
to define the amount of money to be transferred when the
transaction is executed. It is possible in some instances for more
money to be collected from contributing parties 116 than is
actually required for the transaction. This is evident, for
example, in the case of John, where multiple relatives may make
contributions, being unaware of the size of contributions made by
others. Since the airline ticket is for a fixed price, only that
amount should be transferred to the airline when sufficient funds
have been accumulated; the excess collected funds may be refunded
as described further below. In some instances, specification of the
transaction amount may include specifying the currency for the
transaction amount, particularly where partial payments may be made
in multiple currencies.
[0033] The execution conditions provided at block 212 are used to
define the circumstances under which the transaction is to be
executed and/or is to be aborted. In some instances, such as the
example of John, execution of the transaction may be desired as
soon as a minimum level of accumulated funds have been reached. In
other instances, it may be desirable to place a time limit on when
the transaction is executed, irrespective of how much money is
collected. This may be suitable, for example, in an embodiment
where the pooled transaction is to be used for a charitable
fund-raising event. In such an instance, the execution condition
serves to define a cutoff for the fund-raising period, during which
it is desired to collect as much money as possible, not to work
towards a goal of a specific level of funds. Defining circumstances
under which the transaction is to be aborted may be useful, for
example, in applications where there is some time sensitivity to
the transaction. This is also evident in the example of John, who
may wish to require that the cost of the airline ticket be reached
within two weeks, beyond which he will not travel.
[0034] In some embodiments, the execution conditions may be subject
to change to respond to evolving circumstances. For example, the
customer 104 may have the capability of changing the time limit,
changing the amount that is to be collected, changing the
designation of the beneficiary, and the like. In some instances,
the capacity of the customer 104 to change the conditions may be
subject to controls to avoid manipulation of the system to defraud
contributing parties 116 through the use of unbridled discretion by
the customer 104.
[0035] The information provided at blocks 204, 208, and 212 is not
exhaustive and additional information may also be provided in some
embodiments. For example, while in many instances contributions
towards the pooling may be accepted from anyone willing to make a
contribution, in other instances limitations may be imposed on who
acceptable contributing parties are. Such a feature could be used,
for example, where John instead wishes to raise funds to purchase a
vacation package for his mother and wants to ensure that his mother
does not contribute. The ability to specify contributing parties
may also be used to simplify making the contribution for those
parties. For example, if Mr. Smith is preidentified as a
contributing party on two different pooled transactions, he may
automatically be presented with options to contribute to those
transactions when he is identified by the host system 100. This
feature may thus avoid the need for the customer to communicate
specific transaction identifiers to contributing parties 116,
thereby reducing the possibility of errors resulting from failing
to receive the identifiers, mistranscribing them, or other such
errors.
[0036] Once the pooled transaction has been defined by the customer
104, contributions may be made and accumulated towards the
transaction. Such contributions may be made by the customer 104
himself, may be made by contributing parties 116 that have been
specifically identified by the customer 104, or may be made by any
contributing party 116 to whom the transaction identifier has been
communicated. Thus, at block 216 of FIG. 2, a check is made to
determine whether a partial payment is being made by the customer
104, and at block 224, a check is made to determine whether a
partial payment is being made by a different contributing party
116. In many instances, these checks will be performed in the same
fashion, with the customer 104 or contributing party 116 providing
information to identify the transaction and providing funds for
accumulation towards the transaction. Blocks 216 and 224 are
provided separately, however, to emphasize the possibility that a
partial payment by the customer 104 at block 216 may be integrated
with the procedure for setting up the pooled transaction, while
partial payments by a contributing party 116 at block 224 are
generally made only after the pooled transaction has been set up by
the customer 104. In particular, a field may be provided on the
interface for the customer 104 to enter partial payment information
while he is providing the transaction details collected at blocks
204, 208, and 212. An example of such a field is provided below in
the discussion of FIG. 3A.
[0037] If the customer 104 makes a partial payment at block 216,
funds for that partial payment are collected at block 220.
Similarly, if a contributing party 116 makes a partial payment at
block 224, funds for that partial payment are collected at block
228. In some embodiments, only a portion of the partial payment is
credited towards the pooled transaction, with a small amount being
retained in the form of a service fee. In some embodiments, a
receipt may be also be provided when a contribution is made, either
by the customer or by the contributing party. Such a feature may be
especially desirable where the contribution qualifies for a tax
deduction, with the receipts provided to each party making a
contribution serving as proof of the tax-deductible payment. In
addition, in some embodiments, collection of funds for a partial
payment at block 228 may prompt a notification to be sent to the
customer 104. Such a notification may help keep the customer 104
well apprised of the status of the collections, and may in some
instances identify the contribution party while in other instances
will maintain the anonymity of the contributing party. The funds
collected at blocks 220 and 228 are collected prior to satisfaction
of the conditions established at block 212. There are several
advantages to collecting the funds prior to satisfying the
conditions. For example, collection at this time ensures that the
funds are available for execution of the transaction as soon as the
conditions for execution have been met. The alternative of
collecting after the conditions have been met runs the risk that
committed funds may have become unavailable and that actual
execution of the transaction will not be possible.
[0038] A check is made at block 232 to determine whether the
conditions for execution of the pooled transaction have been met.
If so, the transaction is executed by transferring the funds
identified at block 208 to the control of the beneficiary 108 at
block 236. This may be accomplished by the host system 100
providing instructions to one of the financial institutions to
credit an identified account with the funds, or by designating the
funds as eligible for recovery by the beneficiary 108. In such
instances, the beneficiary 108 may then collect the funds by
providing suitable identification through any of the interfaces
with the host system 100, including at a transaction device 120 or
through one of the remote interfaces, and providing instructions
for payment. Such payment may include payment in cash, payment in
the form of a stored value card, issuance of a check, credit to a
specified account, etc. Often, the transfer of funds at block 236
will be accompanied by providing a notification of the transfer to
the customer 104 and/or beneficiary 108. Such notification may be
provided by any convenient method, including sending of an email
message, a recorded telephone message, a postcard, and the
like.
[0039] If the amount of the transaction is less than the amount of
funds accumulated from different sources, a refund may be provided
at block 244. In some instances, the amount refunded is less that
the excess funds to account for collection of a service charge for
the refund. Also, the refund may be made to different parties
according to a default protocol or according to a protocol
established by the customer 104 when the pooled transaction was
initiated. For example, the excess funds may be refunded entirely
to the customer 104, may be refunded to another specifically
designated person, may be refunded to each of the contributing
parties 116 in proportion to their contributions, etc.
[0040] A check is made at block 240 to determine whether specified
failure conditions for the pooled transaction have been met, such
as would require that the transaction be aborted in accordance with
instructions specified by the customer 104 at block 212. If those
conditions have been met, such as by passage of a predetermined
period of time, without the conditions for execution having been
met, the collected funds may be refunded at block 248. Similarly to
the refund provided at block 244, the amount returned may be less
than the full amount collected to account for collection of a
service charge. Also, the parties to whom the refund is made may
differ according either to a default protocol or a protocol
established by the customer 104. The funds may be refunded entirely
to the customer 104, may be refunded entirely to another
specifically designated person, may be refunded to each of the
contributing parties 116 in proportion to their contributions,
etc.
[0041] The method continues over time to await partial payments
from the customer 104 and/or other contributing party 116. Each
time a partial payment is made, at least some of the collected
funds are accumulated for support of the financial transaction.
This continues until either the conditions for execution or the
conditions for failure of the transaction have been met. The fact
that the method proceeds over time also highlights the fact that
pooling of resources may arise both by pooling resources from a
plurality of persons, and by pooling resources from a single person
over time. The pooling by a single person over time permits partial
payments to be made by that person at different points in time as
funds become available, such as through periodic wage receipts.
Such pooling over time may thus be used to provide a layaway or
similar type of savings program for that person. In some
embodiments, the time pooling by a single person is performed in
combination with pooling by a plurality of persons.
[0042] In some embodiments, the pooling capabilities provided
according to embodiments of the invention may be combined with a
variety of other financial-services capabilities, such as with the
money-transfer capabilities discussed in the '661 application. For
example, the combination of such systems could be used by a
traveler to coordinate the use of funds while traveling through
different countries. For example, a European traveler could use the
system to replenish an account with unused funds in British pounds
while traveling in the United Kingdom, and later extract funds in
euro when traveling in other parts of Europe.
[0043] Implementation of the method described with respect to FIG.
2 may be illustrated with the screen shots shown in FIG. 3A and
FIG. 3B. These screen shots are examples of what may be shown on a
transaction screen 300 that forms part of a transaction device or
may be shown on a local monitor for the customer 104 when the
customer 104 uses one of the remote interfaces. FIG. 3A provides an
example of a screen that may be used by the customer 104 to enter
information defining the pooled transaction. For purposes of
illustration, the screen is shown in simplified form, and the
specific fields shown are not intended to be exhaustive, but rather
to illustrate how information regarding the pooled transaction may
be received. In embodiments that use other interfaces that do not
provide visual screens, such as with a DTMF interface 132,
equivalent information may be conveyed through a menu of recorded
voice messages, with DTMF responses by the customer 104 being used
to collect the desired information.
[0044] The screen is shown in two parts. The top part provides
fields for entering particulars of the transaction and the bottom
part provides fields for entering conditions upon which the
transaction is to be executed or aborted. In the top portion, the
total amount of the transaction may be entered at field 304. As
previously mentioned, this specifies the amount of money actually
to be transferred. In cases where there is no predetermined amount,
so that all of the accumulated funds will be transferred,
instructions may be provided to enter "ALL" or some equivalent
designation. Provision for specifying the currency in which the
amount to be transferred is expressed may be provided with a
drop-down menu 306 such as shown, or with an equivalent feature. A
field 308 is also provided for identification of the beneficiary
108, which may be provided in terms of a name or known
identification number as previously described.
[0045] Some of the fields may comprise optional fields, which may
be selected in the illustrated embodiment by activating a check box
301. Other fields may provide alternatives to be selected, as
indicated through the use of radio buttons 302 in the illustration.
An example of an optional field is field 310, which permits entry
of a partial payment amount by the customer 104, such as discussed
in connection with block 216 of FIG. 2. The partial payment amount
may be accompanied by field 312 for identifying the source to be
used for collecting the partial payment amount, as at block 220 of
FIG. 2. In many instances, this source will specify an account,
such as by providing routing and account numbers to identify a
specific account at a financial institution 124. In other
instances, provision may be included for indicating that cash will
be provided, such as through a cash receiver 168 at a transaction
device 120, that a credit, debit, stored-value, or other type of
card will be provided to a card reader 158 at a transaction device
120, or that some other mechanism accepted by the system for
payment will be provided.
[0046] An example of a field that includes alternatives to be
chosen is shown for the identification of where funds are to be
transferred upon satisfaction of the transaction conditions. It is
possible to select from a predetermined list 314 of
transaction-device locations, as shown with a drop-down menu, or to
enter a different destination in field 311. The alternative
destination specified in field 311 may identify an account, such as
by providing routing and account numbers. In some instances, this
field 311 may be populated automatically by the system upon
identification of the beneficiary 108, particularly where the
beneficiary 108 is a person registered with the system and has
previously provided account information.
[0047] An optional field 316 may also be provided for text that the
customer 104 wishes to accompany the transaction when it is
executed. In the example of John seeking to purchase an airline
ticket, this field may be used to specify a ticket number provided
by the airline to which the funds are to be applied when they are
received.
[0048] The examples of fields in FIG. 3A is not intended to be
exhaustive and other limitations on the transaction may be
specified in some embodiments. For example, provision could be made
to limit the amounts provided with each separate contribution by a
contributing party. Such limits could specify a minimum amount that
must be provided to make a contribution and/or could specify a
maximum amount that would be accepted as a contribution.
[0049] The fields in the bottom portion of the screen 300
illustrate different types of conditions that may be implemented,
but the illustrations of them are not intended to be exhaustive and
other types of conditions may be imposed in alternative
embodiments. Each of the conditions is optional, and may thus be
selected with respective check boxes 301. A first type of condition
that may be implemented is a time-based condition. Such a
time-based condition may be implemented by requiring that funds be
collected prior to a specified date, as indicated with field 318,
or that they be collected within a certain specified time period. A
second type of condition that may be implemented is a funds-based
condition. Such a funds-based condition may be implemented by
requiring that a certain level of funds be collected, as indicated
with field 320. Usually, a funds-based condition will specify the
currency in which the condition is to be applied, such as by
providing a drop-down menu 322 for specification of the currency.
In other embodiments, a funds-based condition may be more specific,
requiring, for example, that certain levels of funds be collected
from specific contributing parties 116. Still other types of
conditions may be imposed in other embodiments, some of which may
be based on the occurrence of external events. For example, in an
embodiment, the pooled transaction may be intended for the purchase
of a home and a condition may be imposed for execution of the
transaction that a relevant interest rate be below a certain value
at the time the required funds are collected. Still other external
events may be used to provide conditions, such as stock indices,
and the like.
[0050] Field 324 provides an example of a failure condition, the
occurrence of which may trigger abortion of the transaction at
block 240 of FIG. 2. In the illustrated example, the failure
condition is satisfied when the required funds level has not been
reached by a specified date. It is, thus, an example of a
time-based failure condition. Other failure conditions may include
funds-based failure conditions, as well as failure conditions that
are dependent on the occurrence or non-occurrence of external
events. The screen 300 includes an indication that there may be a
service charge imposed if satisfaction of the failure condition
results in a refund to the customer 104 and/or contributing parties
116.
[0051] Once the customer has completed the fields on the screen 300
to define the pooled transaction and conditions for its execution
and/or failure, a submission button 326 may be activated to convey
the information to the host system 100. The host system 100 may
then generate a receipt 350 for presentation on the display, such
as shown in FIG. 3B. The receipt 350 not only summarizes the
transaction and the execution and failure conditions, but also
provides a transaction identifier. The transaction identifier may
be provided by the customer to various persons by the customer 104,
with a request that they act as contributing parties 116. This
identifier may then be requested by the host system through an
interface with the contributing parties 116 to direct their
contributions appropriately to the pooled transaction. In addition,
in instances where the customer 104 has provided a contribution at
the time of initiation, the receipt may include a specific
acknowledgment of the amount received and an instruction to print
the receipt for possible tax-filing purposes. A print button 352
may be provided to print a copy of the receipt when the pooled
transaction is initiated at a transaction device, or may be printed
by the customer 104 locally when a remote interface is used.
[0052] FIG. 4 provides a schematic illustration of a structure that
may be used to implement the host system 100. FIG. 4 broadly
illustrates how individual system elements may be implemented in a
separated or more integrated manner. The host system 100 is shown
comprised of hardware elements that are electrically coupled via
bus 426, including a processor 402, an input device 404, an output
device 406, a storage device 408, a computer-readable storage media
reader 410a, a communications system 414, a processing acceleration
unit 416 such as a DSP or special-purpose processor, and a memory
418. The computer-readable storage media reader 410a is further
connected to a computer-readable storage medium 410b, the
combination comprehensively representing remote, local, fixed,
and/or removable storage devices plus storage media for temporarily
and/or more permanently containing computer-readable information.
The communications system 414 may comprise a wired, wireless,
modem, and/or other type of interfacing connection and permits data
to be exchanged with the transaction devices 120, the Internet
interface 128, the DTMF interface 132, the cable interface 136, and
the financial institutions 124 to implement embodiments as
described above.
[0053] The host system 100 also comprises software elements, shown
as being currently located within working memory 420, including an
operating system 424 and other code 422, such as a program designed
to implement methods of the invention. It will be apparent to those
skilled in the art that substantial variations may be made in
accordance with specific requirements. For example, customized
hardware might also be used and/or particular elements might be
implemented in hardware, software (including portable software,
such as applets), or both. Further, connection to other computing
devices such as network input/output devices may be employed.
[0054] Thus, having described several embodiments, it will be
recognized by those of skill in the art that various modifications,
alternative constructions, and equivalents may be used without
departing from the spirit of the invention. Accordingly, the above
description should not be taken as limiting the scope of the
invention, which is defined in the following claims.
* * * * *