Patent ID: 9619790
Date: 2017-04-11
CPC Classifications: G06Q

Claim:
1. A method for facilitating a money transfer, said method comprising: receiving money transfer transaction information from a sending party by a money transfer service at a time of the transaction; determining whether the money transfer transaction will be unfunded at the time of the transaction, wherein the money transfer transaction being unfunded includes transferring funds from the sending party to a receiving party prior to the money transfer service receiving the funds from the sending party; compiling, by at least one processing device, reliability data with respect to the sending party from the money transfer service and a third party reliability server, the reliability data including data probative of the ability of the sending party to provide funding for the transaction at a time later than the time of the transaction; wherein the reliability data from the money transfer service comprises data from a loyalty account of the sending party maintained by a database of the money transfer service, the data from the loyalty account comprising at least previous money transfer activities of the sending party; determining, by said at least one processing device, based on the complied reliability data, whether the sending party is eligible to establish an unfunded money transfer transaction, the unfunded money transaction being a transaction without funding being received prior to transferring the funds in the transaction; providing, by said at least one processing device, an indication to an agent device indicating that the sending party is eligible to establish an unfunded money transfer transaction; sending, by the agent device, based on the indication, funds to the receiving party pursuant to the money transfer transaction without receiving the funds from the sending party at the time of the transaction; establishing, by the at least one processing device, a payment plan for the unfunded money transfer transaction; and creating, by said at least one processing device, a plurality of withdrawal transactions that are configured to automatically withdraw payments from a user account at a later point in time according to the established payment plan.