FIELD OF THE INVENTION

The present disclosure relates generally to financial services systems, and relates, more particularly, to transferring funds.

BACKGROUND

The financial services industry provides a plethora of financial services to consumers for managing their finances and engaging in financial transactions with retailers and service providers. Consumers may hold funds within many different types of accounts at many different types of financial institutions. Consumers may access the funds held in the accounts using many different types of cards, including credit cards, debit cards, gift cards, and other types of cards based on the particular type of account associated with the card. The cards may be issued from financial institutions, such as banks, credit unions, savings & loans, and brokerage institutions.

A payment processor is a company that handles transactions for one or more financial institutions. Many payment processors have connections to various card associations and supply authorization and settlement services to the financial institutions. Several payment processors facilitate the movement of funds between payment processors and financial institutions. Payment processors can verify aspects of proposed transactions. Once the payment processor has received confirmation or denial of the verification, the information can be relayed to the financial institution that can then complete or invalidate the payment transaction accordingly.

SUMMARY OF THE INVENTION

Turning now to the drawings, systems and methods for securely transferring funds in accordance with embodiments of the invention are illustrated. In one embodiment, a method for conducting peer-to-peer transfers includes obtaining a cash-out request data using a fund transfer server system, wherein the cash-out request data includes target account data and fund data, the target account data includes metadata identifying a consumer account and specifies an account to which funds will be provided, the fund data describes the funds to be provided in response to redeeming the cash-out request, and the fund transfer server system includes a processor and a memory connected to the processor, generating a cash-out code based on cash-out request data using the fund transfer server system, providing the cash-out code using the fund transfer server system, obtaining cash-out code redemption data using the fund transfer server system, wherein the cash-out code redemption data identifies the provided cash-out code, and transmitting a request to provide the funds described by the fund data using the fund transfer server system.

In an additional embodiment of the invention, the method further includes obtaining cash-in request data using the fund transfer server system, where the cash-in request data includes metadata identifying a target account and fund data describing the funds associated with the cash-in request, transmitting the funds to an internal funding account using the fund transfer server system, and generating the cash-out request data based on the cash-in request data using the fund transfer server system.

In another embodiment of the invention, the method further includes verifying the cash-out request data by obtaining verification data using the fund transfer server system, wherein verification data includes a set of verification factors, generating a set of scores based on the set of verification factors using the fund transfer server system, and verifying the cash-out request data based on the set of scores using the fund transfer server system.

In yet another additional embodiment of the invention, the method further includes performing fraud detection by obtaining verification data using the fund transfer server system, wherein the verification data includes a set of fraud detection factors, generating a set of scores based on the set of fraud detection factors using the fund transfer server system, calculating a fraud score based on the set of scores using the fund transfer server system, and determining if the cash-in code is fraudulent by comparing the fraud score to a threshold score using the fund transfer server system.

In still another additional embodiment of the invention, the method further includes identifying the target account by querying a generated code database based on the cash-out code using the fund transfer server system, retrieving metadata associated with the cash-out code from a generated code database using the fund transfer server system, and comparing the retrieved metadata with the cash-out code redemption data using the fund transfer server system.

In yet still another additional embodiment of the invention, the method further includes transmitting notification data to a client device using the fund transfer server system, wherein the notification data can be utilized to display details regarding the cash-out request data using the client device.

In yet another embodiment of the invention, the client device is associated with the identified consumer account.

In still another embodiment of the invention, the method further includes displaying the cash-out code using a client device associated with the consumer account.

In yet still another embodiment of the invention, the displayed cash-out code is provided to a point of sale terminal using the client device and the cash-out code causes the point of sale terminal to provide the funds identified in the cash-out code to be provided by the point of sale terminal in response to the presentation of the cash-out code.

In yet another additional embodiment of the invention, the cash-out code further includes metadata identifying when the cash-out code is displayed and a time period in which the cash-out code is valid and when the cash-out code is provided to the point of sale terminal within the time period, providing the funds using the point of sale terminal.

Still another embodiment of the invention includes a fund transfer server system, including a processor and a memory connected to the processor and storing a fund transfer application, wherein the fund transfer application directs the processor to obtain a cash-out request data, wherein the cash-out request data includes target account data and fund data, the target account data includes metadata identifying a consumer account and specifies an account to which funds will be provided, and the fund data describes the funds to be provided in response to redeeming the cash-out request, generate a cash-out code based on cash-out request data, provide the cash-out code, obtain cash-out code redemption data identifying the provided cash-out code, and transmit a request to provide the funds described by the fund data.

In yet another additional embodiment of the invention, the fund transfer application further directs the processor to obtain cash-in request data including metadata identifying a target account and fund data describing the funds associated with the cash-in request, transmit the funds to an internal funding account, and generate the cash-out request data based on the cash-in request data.

In still another additional embodiment of the invention, the fund transfer application further directs the processor to verify the cash-out request data by obtaining verification data including a set of verification factors, generating a set of scores based on the set of verification factors, and verifying the cash-out request data based on the set of scores.

In yet still another additional embodiment of the invention, the fund transfer application further directs the processor to perform fraud detection by obtaining verification data including a set of fraud detection factors, generating a set of scores based on the set of fraud detection factors, calculating a fraud score based on the set of score, and determining if the cash-in code is fraudulent by comparing the fraud score to a threshold score.

In yet another embodiment of the invention, the fund transfer application further directs the processor to identify the target account by querying a generated code database based on the cash-out code, retrieving metadata associated with the cash-out code from a generated code database, and comparing the retrieved metadata with the cash-out code redemption data.

In still another embodiment of the invention, the fund transfer application further directs the processor to transmit notification data to a client device and the notification data can be utilized to display details regarding the cash-out request data using the client device.

In yet still another embodiment of the invention, the client device is associated with the identified consumer account.

In yet another additional embodiment of the invention, the fund transfer application further directs the processor to display the cash-out code using a client device associated with the consumer account.

In still another additional embodiment of the invention, the displayed cash-out code is provided to a point of sale terminal using the client device and the cash-out code causes the point of sale terminal to provide the funds identified in the cash-out code to be provided by the point of sale terminal in response to the presentation of the cash-out code.

In yet still another additional embodiment of the invention, the cash-out code further includes metadata identifying when the cash-out code is displayed and a time period in which the cash-out code is valid and when the cash-out code is provided to the point of sale terminal within the time period, providing the funds using the point of sale terminal.

