FIELD OF THE INVENTION

The present invention relates to a computerized money transfer method and system.

BACKGROUND OF THE INVENTION

There are many services available for the transfer of money from a sender to a receiver. One method offered by money transfer companies requires a sender to enter an office of the company in order to request the sending of money to a receiver, e.g. overseas. One office local to the receiver is identified and the money is transferred to that office. When the money reaches the office, the receiver can go to the office and withdraw the money, e.g. as cash or a cheque. The problem with this system is that there is a considerable time delay between the ordering of the transfer of the money and the actual receipt of the money. This method does however have the advantage of not requiring a sender to have an account with the institution through which the money is being transferred.

Another method by which money can be transferred is by transfer of funds between accounts, e.g. between bank accounts. Whilst this method of transferring funds can be fast, it requires a sender and a receiver to have an account with the financial organization involved in the transfer.

SUMMARY OF THE INVENTION

It is thus an object of the present invention to provide a simplified and efficient money transfer system and method.

The first aspect of the present invention provides a computerized money transfer system and method for implementing a money transfer service for transferring money from a sending entity such as an individual or company to at least one receiving entity such as a person or company. A plurality of agent terminals are provided which are operated by agents of the money transfer service. The agent terminals are interconnected by a communications network which can comprise any conventional communications network, e.g. a wired network such as the Internet, or a wireless network. Connected to the network is a money transfer controller for controlling the implementation of the money transfer service. Agents are registered with the money transfer controller plus account data for each agent is stored in the money transfer controller. A transaction data store is also provided to store transaction data for transactions by agents implementing money transfers from senders to receivers.

In order to initiate a money transfer, an agent terminal is used by an agent to input data which identifies the sender, the or each receiver, the sending agent and at least one receiving agent. The data will also indicate the amount of money to be transferred. The input data is received by the money transfer controller and a transaction data record is stored in the transaction data store. Also as a result of the transaction the agent account data for the sending agent is updated based on the transaction.

Thus in accordance with this embodiment of the present invention, a money transfer system is provided which does not require the sending entity or receiving entity to have an account. The sending entity can simply instruct an agent of the money transfer service to make the transfer which is reflected in the agent's account. Thus the money transfer system is based on a network of agents each of which register with the service and have accounts for the service. All transactions implemented by an agent accrues to their account, thus in this way a convenient money transfer service is provided having a network of agents enabling entities to transfer money therebetween without having a relationship with the money transfer service or between themselves.

In one embodiment, the money transfer system can enable the transfer of money to be currency independent. A sending currency need not be the same as the receiving currency. In this embodiment the money transfer controller includes exchange rate data enabling the conversion of currencies. This enables not only the sending currency and receiving currency to be different, based on the exchange rate, but also it enables the agent's account data to be in the agent's local currency based on the exchange rate data involved in accumulated transactions. The currency exchange can be direct or indirect via at least one intermediate currency.

In another embodiment of the present invention the money transfer controller includes a transaction monitor for monitoring transactions. This enables transactions that fit a predetermined criteria, e.g. comprise suspicious or irregular transactions, to require further information from the sender. The requirement for further information for suspicious or irregular transactions is a function of money laundering compliance regulations. The provision of additional information by the sender helps money laundering regulation officers to detect potential money laundering operations. On the basis of the input of further information, the money transfer controller can block the transaction automatically if it is determined that stored money laundering compliance regulations are contravened.

In addition to or instead of the monitoring and use of further data, a transaction can be monitored against predetermined criteria to determine whether to allow the transaction. For example, the transaction can be compared with money laundering compliance regulations to determine whether they are contravened and if so to block the transaction. Alternatively, or in addition, the transactions can be monitored and used in conjunction with the agent's account data in order to determine whether the transaction should proceed. For example, if the transaction would cause a change in the agents account data outside predetermined criteria, the transaction can be blocked. This provides for automatic credit control, for example allowing the blocking of transactions until the agent's account is improved, e.g. by payment of some of the outstanding debt incurred as a result of previous transactions.

In one embodiment of the present invention, because the agents account data and transaction data is stored centrally, this enables the netting off of agents' accounts for agents against other agents. Agents have access to their accounts and can monitor and control their accounts.

In one embodiment of the present invention a money transfer controller provides an interface to allow agents to register as master agents and to register other agents as sub-agents. When an agent registers sub-agents, they accept responsibility for the transactions of those sub-agents. Thus the account data for these sub-agents is linked to the account data of the master agent and in this way all transactions by sub-agents are to some extent controlled by the master agent. The organization of sub-agents and master agents can be hierarchical and thus sub-agents themselves can be master agents for their own sub-agents. However, if s master agent is also a sub-agent, then the financial activities of the sub-agents of a master agents who is also a sub-agent are the responsibility of the master agent at the top of the hierarchical tree.

In one embodiment, where a master agent has registered sub-agents, the transfer terminal operated by the master agent can include a domain money transfer controller to control the implementation of the money transfer service between agents in a set of agent terminals operated by agents registered as sub-agents of the master agent. The domain money transfer controller also includes domain agent account data for the set of agents and domain transaction data for transactions between agents in the set of agents. This embodiment of the present invention provides for a hub- and spoke-type money transfer system in which sub-agents can transfer money to other sub-agents of the same master agent or the master agent using the domain money transfer controller implemented on the agent terminal operated by the master agent. Thus money transfers between sub-agents and the master agent can take place on a local basis without need to refer to the main hub money transfer controller.

In one embodiment of the present invention, the input transaction data from an agent terminal identifies a sender and a plurality of receivers. In other words the data represents a combined transaction aimed at a number of recipients. This enables a sender to make a single request to an agent to send different amounts in different currencies to different recipients in a single transaction with the agent. This simplifies the transaction with the agent and within the money transfer controller, the transaction data can be stored as a single sending transaction indexed for the sending entity and/or as a plurality of receiving transactions indexed for each receiving entity. Alternatively, or in addition, the transaction data for the transaction can comprise a single sending transaction indexed for the sending agent and a plurality of receiving transactions indexed for each receiving agent.

In a preferred embodiment of the present invention, the money transfer system comprises a web-based service implemented over an Internet Protocol (IP) network such as the Internet. The money transfer controller comprises a web server system accessible by the agent terminals using a web interface. The agent terminals comprise computers implementing web browser application to enable access to the web interface of the server system.

In one embodiment of the present invention, to avoid the need for senders who use the money transfer service regularly from having to repeatedly enter personal data, a sender can be provided with a device such as a smartcard or other data storage device which can be read at an agent terminal to automatically input data identifying the sender.

In accordance with another aspect of the present invention, there is provided a computerized money transfer system and method implementing a money transfer service for transferring money from a sender to a plurality of receivers in which a plurality of terminals are interconnected by a communications network. A money transfer controller is connected to the communications network for controlling the implementation of the money transfer service. The money transfer controller includes a transaction data store storing transaction data for transactions implementing money transfers from a sender to the receivers. Data is input at a terminal to instigate a money transfer from a sender to at least one receiver. The data is transmitted from the terminal to the money transfer controller. The data identifies the sender and the receivers and the money transfer controller records the data in the transaction data store as a transaction from a sender to the plurality of receivers. The money transfer controller also apportions the transaction to each receiver and sends data identifying the apportionment for respective receivers to at least one terminal to enable the completion of the money transfer to the respective receivers.

Thus in accordance with this aspect of the present invention, a sender is able to complete a single transaction at a terminal of the money transfer system in which the transaction requires the transfer of money to more than one receiver who can be located at more than one terminal. Thus although the money transfer controller can store a single transaction for the sender, this must be apportioned appropriately for each receiver to ensure that the money aimed at the receiver is sent to a terminal to enable the completion of the money transfer.

In this embodiment of the present invention, the terminals can be operated by the senders and receivers to provide a simple method of transferring funds simultaneously from one sender to multiple receivers in one transaction.

In another embodiment of the present invention, the terminals are operated by agents of the money transfer service. The agents are registered with the service and have accounts against which the transactions are recorded. The senders therefore contact agents and make arrangements for payment of agents to send money to receivers. Receiving agents are identified for receivers and the money is made available immediately by the or each receiving agent operating agent terminals for collection by the receivers.

In one embodiment the money transfer controller stores the input data as a single transaction indexed by the sender.

In another embodiment of the present invention, the money transfer controller is adapted to store the input data as a plurality of associated transactions associated by the sender and indexed by the receiver.

Another aspect of the present invention provides a computerized hub and spoke money transfer system implementing a money transfer service for transferring money from a sender to at least one receiver. The system comprises a plurality of agent terminals that are operable by agents of the money transfer service. The agent terminals are interconnected by a communications network to which is connected a hub money transfer controller for controlling the implementation of the money transfer service between unrelated agents. Related agents comprise daughters of a common parent agent. The hub money transfer control system also includes a transaction data store storing transaction data for transactions between unrelated agents implementing money transfers from a sending to at least one receiver, and an agent data store containing agent relationships identifying a hierarchy of parent and daughter agents.

At least one agent terminal operable by a parent agent comprises a spoke money transfer controller for controlling the implementation of the money transfer service for money transfers between related agents. The spoke money transfer controller also comprises a local transaction data store storing transaction data for transactions between related agents implementing money transfers from a sender to at least one receiver, and an agent data store storing agent relationships identifying a hierarchy of parent and daughter agents.

When data is input at a terminal by a sending agent instigating a money transfer at the request of a sender to at least one receiver, the data input identifies the sender and receiver, the sending agent, and at least one receiving agent that is to remit the money transferred thereto to the or each receiver. The input data is transmitted to either the hub money transfer controller or the spoke money transfer controller. The data is transmitted to the hub money transfer controller if a receiving agent identified in the data is not related to the sending agent. The hub money transfer controller records the input data in the transaction data store as a transaction from a sending agent to at least one receiving agent for a sender and at least one receiver, and transmits information on all transactions to the or each agent terminal operated by the or each receiving agent.

If the data is sent to the spoke money transfer controller, the spoke money transfer controller records the input data in the local transaction data store as a transaction from a sending agent to at least one receiving agent for a sender and at least one receiver, and transmits information on the transaction to the or each agent terminal operated by the or each receiving agent.

Thus in accordance with this aspect of the present invention, it is possible for spoke money transfer controllers to handle money transfers between related agents who are either the agent operating the spoke money transfer controller, or sub-agents thereof. This provides for more distributed processing of money transfers and enables transfers within a domain to be handled locally without having to utilize a central hub money transfer controller.

In accordance with this aspect of the present invention, it is possible for transactions to be handled locally by the spoke money transfer controller because the agent operating the spoke money transfer controller has control over the sub-agents within the domain and the operator of the spoke money transfer controller takes ultimate responsibility for the financial transactions between its sub-agents.

In one embodiment of the present invention, to ensure that the hub money transfer controller contains a complete picture of all transactions taking place within the money transfer control service, the hub money transfer controller includes transaction data synchronization means for synchronizing the transaction data in the transaction data store in the hub money transfer controller with the transaction data store in the spoke money transfer controller.

Another aspect of the present invention provides A hub and spoke money transfer system implementing a money transfer service for transferring money from a sender to at least one receiver, the system comprising: a plurality of money transfer agent terminals operable by money transfer agents; a hub money transfer controller for controlling the transfer of money between unrelated agents; at least one spoke money transfer controller for controlling the transfer of money between related agents; wherein the agent terminals, the spoke money transfer controller and the hub money transfer controller communicate over a communications network.

The present invention can be implemented using dedicated processing equipment, or programmable processing equipment such as suitably programmed general purpose computers. Further, the present invention can be implemented by a single processing apparatus or a number of networked processing apparatuses networked by any conventional communications network. The present invention can thus be implemented by suitably programming a computer. Therefore, the present invention encompasses computer program code for controlling a processing apparatus to implement the method of the present invention. The computer program can be embodied on any suitable carrier medium supplied to a processing apparatus such as a transient carrier medium, e.g. an electrical, optical, microwave, rf, or acoustic signal (an example being a TCP/IP signal carrying computer code over an IP network such as the Internet), or a storage medium such as a floppy disk, hard disk, tape device, CD-ROM, or solid state memory device.

